Professional liability insurance (notaries)
These rules apply to all EU citizens in Austria.
All notaries and substitute notaries must take out professional liability insurance before starting to practice their profession and must maintain that insurance for the duration of their professional activity.
- The minimum insured sum amounts to 400,000 Euro for each insured event.
- If the trust framework of a monetary trust subject to registration is higher than the notary’s insured sum, he/she must apply for supplementary insurance up to a maximum of 10 million Euro upon entry in the Register of Trustees.
Notaries are also required to take out appropriate professional liability insurance under the European Code of Notarial Professional Ethics.
Details on professional liability insurance can be found in the guidelines of the Austrian Chamber of Notaries (→ ÖNK)German text.
Responsible for the content: Austrian Chamber of Civil-Law Notaries