Property insurance (except for the cases provided for by paragraphs 5-9 of Article 6 of the Law of Ukraine "On Insurance") Property insurance (except for the cases provided for in paragraphs 5-9 of Article 6 of the Law of Ukraine "On Insurance") is a type of insurance where the subject of the insurance contract are property rights that do not contradict the law on ownership, use and disposal of property specified in the regulations and the insurance contract (except for rail, land, air, water (inland and other types of water transport), cargo and baggage, agricultural products). This type of insurance provides for the Insurer's obligation to pay indemnity in accordance with the insurance policy by reimbursing the Insured or another person designated by the Insured in the insurance policy (beneficiary) for the loss incurred by them in connection with damage, destruction (loss) or loss of the insured property for the fee (insurance premium, insurance payment, ...
Showing posts from February, 2023
Insurance against risks of fire and natural disasters
Insurance against the risks of fire and natural disasters Fire and natural catastrophe insurance is a type of insurance where the subject of the insurance contract are property rights that do not conflict with the law on ownership, use and disposal of property specified in the regulations and the insurance contract (except for rail, land and air transportation, water transportation (inland navigation and other types of water transportation), cargo and baggage (cargo and baggage), agricultural products). This type of insurance provides for the Insurer's obligation to pay indemnity in accordance with the terms and conditions of the Insurance Contract by reimbursing the Insured or another person (beneficiary) designated by the Insured in the Insurance Contract for the loss incurred by the Insured in connection with damage, destruction (loss) or loss of the insured property or a part thereof as a result of fire risks and/or natural disasters. The terms and conditions of voluntary ...
Cargo and Luggage Insurance Cargo and baggage insurance is a type of insurance under which the subject of the insurance contract are property interests not in conflict with the law on possession, use and disposal of cargo and baggage (cargo) transported by any means of transportation. This type of insurance provides for the Insurer's obligation to pay indemnity in accordance with the terms of the Insurance Contract by compensating the Insured or another person designated by the Insured in the Insurance Contract (the Beneficiary) for the loss incurred by them as a result of damage, destruction (loss) or loss of the insured cargo and baggage (cargo) or a part thereof during transportation by any means of transportation and, if provided for by the regulations and the Insurance Contract, during its temporary storage. The terms and conditions of voluntary insurance of cargo and baggage (cargo baggage) may provide for insurance against risks of fire and natural disasters. Marine in...
Marine Insurance (Maritime, inland and other water transportation) Insurance of water transport (inland water transport and other types of water transport) is a type of insurance where the subject of the insurance contract are property interests, not contrary to the law, related to ownership, use and disposal of water transport facilities, their machinery and equipment. This type of insurance provides for the Insurer's obligation to pay indemnity in accordance with the terms and conditions of the insurance contract (insurance premium, insurance payment, insurance premium) by compensating the Policyholder or another person designated by the Policyholder in the insurance contract (beneficiary) for the loss incurred as a result of damage, destruction or loss of the insured water transport vehicle and, if provided for in the insurance contract and the insurance terms and conditions, the following The terms and conditions of voluntary water transport insurance (marine, inland water...
Aviation Insurance Aviation insurance is a type of insurance where the subject of the contract are property rights, not contrary to law, related to ownership, use and disposal of an aircraft. Under this type of insurance, the Insurer is obliged to pay indemnification in the amount specified in the insurance policy (insurance premium, indemnification) in accordance with the terms and conditions of the insurance policy, indemnifying the policyholder or another person designated by the policyholder in the insurance policy (beneficiary) for losses incurred as a result of damage to, destruction or loss of the insured aircraft and, if provided for in the insurance policy, additional expenses. The terms and conditions of voluntary air transport insurance may provide for insurance against risks and risks of force majeure. This type of insurance does not include insurance of property, including cargo and luggage (cargo-luggage) transported by aircraft, as well as insurance of loss of inco...
Popular Posts
How do insurers decide whether to total my car?
How do insurers decide whether to total my car? A car insurance company's decision to total a car depends on the extent of the damage following an accident. Car insurance companies take into account several factors when deciding whether to total your car, including: Repair estimates List value Salvage value State laws, if applicable While each car insurance company approaches the decision differently, many insurers declare the vehicle a total loss if the estimated cost of repairs plus the salvage value equals or exceeds the car's actual cash value. The actual cash value is a car's fair market value – or, replacement cost less depreciation. Adjusters typically determine a car's actual cash value by looking to their company's proprietary database of values. Some insurers total the car if repair costs exceed a certain percentage of the car's actual cash value. Common thresholds for totaling a vehicle are 51 percent or 80 percent of the value, at...
How and why are insurance classified?
How and why are insurance classified? The classification of insurance allows to establish differences and similarities of forms and types of insurance, to reduce them to a certain number of groups and thus facilitate their study and practical use. The classification of insurance divides the whole set of insurance relationships into interdependent links (in the sphere of activity, industry, sub-sector and types) that are in each other in a certain subordination, in such a way that each subsequent link of the classification is part of the previous one. It is also important for understanding the internal structure of insurance, in developing methodological approaches to its assessment, as well as in its theoretical study. By objects of insurance Objects of insurance are the main feature of the classification of insurance: property insurance – a set of types of insurance, the object of which is the property of legal entities and individuals, for example, insurance of land transpo...
What in the insurance policy can be considered influenza?
Insurance against a runny nose: What in the policy can be considered "flu"? As winter approaches, many of us catch colds and start sneezing and coughing. Some insurers offer special voluntary medical insurance programs for those who get the flu or acute respiratory diseases every winter. Can such a policy protect its holder from seasonal illnesses? Insurance companies engaged in voluntary health insurance (VHI) have not yet developed a general approach to protecting against the flu. Some have offered citizens vaccinations followed by insurance against the disease itself. For example, about a month ago, GUTA Insurance announced a VHI program called "Protection from Influenza." This program provides mandatory vaccination against influenza using vaccines recommended by the WHO and pays compensation in case of illness or complications within a year after vaccination. In other words, the vaccine's effectiveness is assumed to last a year. The policy, which has an i...
Investment Insurance Investment insurance is a type of insurance where the subject of the insurance contract are property interests, not in conflict with the law, related to investment activities of the insured or another person designated by the insured in the insurance contract. This type of insurance provides for the insurer's obligation to pay indemnification in accordance with the insurance policy by compensating the insured or another person designated by the insured in the insurance policy (the beneficiary) for the loss incurred in the course of investment activities as a result of the loss of investments or a part thereof, failure to receive investment income for reasons specified in the regulations and the insurance policy. Loan Insurance (Liability for Loan Default) Loan insurance (including borrower's liability for loan default) is a type of insurance where the subject of the insurance contract are property interests that do not contradict the law and are rela...
Liability insurance of car owners
Civil liability insurance for owners of land transport (including carrier's liability) Motor vehicle liability insurance (including carrier liability) is a type of insurance under which the subject of the insurance contract are property interests not inconsistent with the law on compensation for damage caused by the Insured or another person whose civil liability is insured to life, health, working capacity, property of third parties, including owners of cargo and baggage (cargo), during operation of a motor vehicle and transportation or forwarding. This type of insurance provides for the Insurer's obligation to pay indemnification in accordance with the insurance policy for the amount (premium, insurance payment, insurance premium) established by the insurance policy for damage caused to life, health, working capacity and/or property of third parties by a person whose civil liability is insured while operating the land vehicle specified in the insurance policy and performi...