S.L. 55.7 ст. 3Compulsory insurance.

(1) Without prejudice to the other provisions of these regulations, with effect from 1 January 2013, every notary shall be at all times adequately covered by a policy in terms of article 10A of the Act for a minimum sum of two hundred and fifty thousand euro (€250,000) or such other sum as may be determined by the Minister from time to time (such limit is hereafter referred to as the "indemnity limit"), against any breach, committed by the notary and, or the notary’s employees in a policy year. The indemnity limit shall be applicable to any one claim or to the aggregate of all claims made against the notary in any policy year.

For the purposes of this regulation, judicial and legal costs of whatever nature including those to defend a claim, and legal costs of whatever nature including, but not limited to, those relating to a compromise, shall be at the charge of the insurance provider and shall be deemed to be included in the indemnity limit:

Provided that nothing in this regulation shall preclude a notary from being insured for a higher sum than the indemnity limit, or for one or more "higher value transactions", under such terms and conditions agreed upon between the notary and the insurance provider:

Provided further that a policy shall not extend to any breach caused by a notary and, or the notary’s employees, which is otherwise insured.

(2) The indemnity limit shall be exclusive of the sum that may be agreed upon as excess to be paid by the notary on each and every claim under the terms of the policy: Provided that for one or more claims against the policy in any policy year, a notary shall not accept to pay an excess that exceeds, with regard to each such claim, one point five per centum (1.5%) of the indemnity limit established in the policy: Provided further that an insurance provider shall not demand the payment of an excess as a condition to effect payment of damages to a claimant, nor shall the insurance provider be entitled to deduct such excess from any payment made to a claimant.

(3) (a) The notary shall disclose to the insurance provider his annual income from the exercise of his profession in the year immediately preceding the policy year. The insurance provider shall provide a policy based on such annual income: Provided that where a notary is unable to disclose to the insurance provider his exact annual income for the year immediately preceding the policy year in view of the fact that such preceding year has not yet ended, a reasonable estimate shall suffice.

(b) Where the notary’s annual income for the year immediately preceding the policy year does not exceed twenty-five thousand euro (€25,000) or such other sum as may be established by the Minister from time to time, the annual income for such preceding year shall be deemed to be twenty-five thousand euro (€25,000) or such other sum as may be established by the Minister from time to time.