Court Administrators’ Professional Liability Insurance

The court administrator (temporary manager, recovery manager, external manager, liquidator) is a person appointed by the economic court to conduct bankruptcy proceedings.

The insurance event is:

occurrence of the insured’s liability for compensation of damage to the Beneficiary resulted from failure to perform or improper performance of  the duties of court administrator assigned to him in accordance with Article 19 of the Law “On Bankruptcy”  of the Republic of Uzbekistan.

The procedure for insurance indemnity payment:

 

In case of the Company’s acceptance of insurance event, the amount of insurance indemnity to be paid which is specified in settlement agreement or court decision is determined. The Company shall pay insurance indemnity within 15 (fifteen) days from the date of signing the Act on Insurance Event.