"Azərsığorta" offers "compulsory insurance of auditor’s professional liability" to individual and corporate entities.
For failure to conclude a compulsory insurance contract with the insurer by auditors - individuals are fined AZN 30.00, officials AZN 80.00 and legal entities AZN 200.00
Auditors' professional liability is insured in the following cases.
1) Violation of the requirements of normative legal acts, standards, and rules adopted in the field of auditor service failure to detect;
2) failure to detect distorted information and errors in financial and tax reports;
3) failure to provide right recommendations for the elimination of detected errors and distortions;
4) poor quality of work and (or) failure to comply with the period of execution;
5) violation of the principle of confidentiality;
If any of the 5 cases occur, an individual entrepreneur or a legal entity that has suffered damage and has a contract for the provision of auditor services has the right to receive an insurance payment.
If 5 cases occur as a result of non-fulfillment of the duties provided for in the contract concluded with the auditor, not by the auditor, but by a individuals or legal entities who is a party to the contract, in this case, the professional liability of the auditor does not arise and the insurance payment is not paid
INSURANCE PREMIUM AND SUM INSURED
The amount of auditors' professional liability insurance should not be less than the following amounts:
The amount of the insurance premium is determined taking into account the sum insured, under the condition that it does not exceed 5% of the sum insured, and it is paid in full in a lump sum.
10% of the insurance premium paid by the auditor is returned to him if no event occurs during the insurance contract period and no insurance payment is made by the insurance company.
To get this insurance product, you may contact customer service centers of "Azərsığorta" and call the number *1200.
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