Showing posts from March, 2023

Insurance of issued guarantees (sureties) and accepted guarantees

Insurance of issued guarantees (sureties) and accepted guarantees Insurance of issued and accepted guarantees (sureties) is a type of insurance where the subject of the insurance contract are property interests that are not contrary to the law and are related to losses Losses incurred by the creditor as a result of non-fulfillment (improper fulfillment) of obligations by the guarantor (surety) in the amount and within the terms specified in the guarantee (surety agreement); Losses incurred by the guarantor (surety) as a result of non-performance (improper performance) by the debtor of its obligations to the creditor to the extent and within the terms specified in the agreement. This type of insurance provides for the insurer's obligation to pay the insurance indemnity in accordance with the terms of the insurance contract for the fee (insurance premium, insurance payment, insurance premium) established by the insurance contract by indemnifying the Insured, if the Insured ...

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Legal expenses insurance

Legal expenses insurance Legal expenses insurance is a type of insurance where the subject of the insurance contract are property interests that do not conflict with the law and are related to losses incurred by the insured or another person designated by the insured in the insurance contract (beneficiary), legal expenses. This type of insurance provides for the Insurer's obligation to pay indemnification in accordance with the terms of the Insurance Contract, indemnifying the Insured or another person designated by the Insured in the Insurance Contract (the Beneficiary) for the loss incurred by them in connection with unforeseen legal expenses against payment of the fee (insurance premium, insurance payment, insurance premium) established by the Insurance Contract. Financial risk insurance Financial risk insurance is a type of insurance where the subject of the insurance contract are property interests, not in conflict with the law, related to financial (material) losses as...

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Financial risk insurance

Financial Risk Insurance Financial risk insurance is a type of insurance where the subject of the insurance contract are property interests, not in conflict with the law, related to financial (material) losses as a result of breach of contractual obligations to the insured or events stipulated in the insurance contract. This type of insurance provides for the insurer's obligation to pay indemnity in accordance with the terms of the insurance contract by reimbursing the insured or another person designated by the insured in the insurance contract (beneficiary) for losses incurred as a result of business interruption, breach of contractual obligations (non-performance or improper performance by the counterparty of contractual obligations to the insured) or other events stipulated in the insurance contract. The terms and conditions of voluntary financial risk insurance may provide for insurance against damage to the insured or another person specified in the insurance policy (ben...

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Investment insurance

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...

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Loan Insurance (Liability for Loan Default)

Loan insurance (including the borrower's 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 related to Losses incurred by the Insured (Lender) as a result of non-repayment or incomplete repayment of the loan and/or interest accrued thereon by the Borrower Liability of the Insured (Borrower) to the Lender for non-payment or incomplete repayment of the Loan and/or interest accrued thereon in accordance with the Loan Agreement. 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 compensating the Lender or another person designated by the Insured in the Insurance Contract (Beneficiary) for the losses incurred by them as a result of the Borrower's failure to repay or incomplete repayment of the Loan Am...

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Liability Insurance

Liability insurance Civil liability insurance (other than that provided for in paragraphs 12-14 of Article 6 of the Law of Ukraine "On Insurance") is a type of insurance other than civil liability insurance of owners of land, air and water transport (including carrier's liability), where the subject of the insurance contract are property interests that do not contradict the law on compensation for damage caused by the insured or another person whose civil liability is insured to life, health, ability to work or property of third parties. This type of insurance provides for the Insurer's obligation to pay indemnification in accordance with the terms of the insurance policy for damage caused to the life, health, working capacity and/or property of a third party by the person whose civil liability is insured as a result of his/her activities as specified in the insurance regulations and the insurance policy. Watercraft Owners' Liability Insurance (including Carr...

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Watercraft Owners' Liability Insurance (including Carrier's Liability)

Watercraft Owners' Liability Insurance (including Carrier's Liability) Watercraft Owners' Liability Insurance (including Carrier's Liability) is a type of insurance under which the subject of the insurance contract are property interests that do not contradict the law on compensation of 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 watercraft and transportation or forwarding. This type of insurance provides for the Insurer's obligation to pay indemnity in accordance with the terms of the Insurance Contract for the payment (insurance premium, insurance payment, insurance premium) established by the Insurance Contract for damage caused to the life, health, working capacity and/or property of a third party by a person whose civil liability is insured as a result of a maritime event (accident) during the...

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Aircraft Owner's Liability Insurance

Air owner's liability insurance (including carrier's liability) Aircraft Owner's Liability Insurance (including Carrier's Liability) is a type of insurance under which the subject of the insurance contract are property interests not inconsistent with the law relating to 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 an aircraft and transportation or forwarding of cargo. This type of insurance provides for the Insurer's obligation to pay the insurance indemnity in accordance with the insurance policy for the payment (insurance premium, insurance payment, insurance premium) established by the insurance policy for the damage caused to life, health, working capacity and/or property of third parties by the person whose civil liability is insured as a result of an aviation event (aviation acc...

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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...

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Popular Posts

Car insurance for young drivers - the key facts

Car insurance for young drivers – the key facts Young drivers’ car insurance is likely to be very expensive and as a new driver it’s good to know about different coverage levels and what affects how much you pay. Here you can find out everything you need to know about new driver car insurance, how to get the best deal and reduce your premiums. Young driver insurance tips So you’ve passed your test, you’ve chosen a car, and now all you need is insurance! If you’re driving without car insurance then you’re breaking the law. You could have your vehicle confiscated, be issued a penalty fine, and have to pay to have your car released. What’s more, if you’re uninsured and have an accident, you’ll be liable for the cost of everyone else’s injuries, their damages, compensation and repairs, even if the accident wasn’t your fault. You will lose your licence and may lose your job because of this. So whilst your car insurance may seem expensive to begin with, it’s nothing com...

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Complaints of car owners against insurers and what MTIBU does

Why car owners complain about insurers and what MTIBU does How well do MTPL insurers fulfill their obligations, to whom can you complain about them, and will these complaints make a difference? These are the questions that car owners face when choosing an insurer and in case of problems with payments. Volodymyr Shevchenko, Director General of MTIBU, helped us to understand these topics. How to assess the quality of work and reliability of the insurer The MTIBU website publishes a quarterly traffic light graphic. Using a simple color display, it shows an integrated assessment of each insurer based on three main indicators: "overall performance assessment", "quality of settlement", and "level of complaints". The MTIBU also prepares detailed information on the performance of each MTPL insurer on a quarterly basis (number of contracts, amount of premiums, number and amount of claims, average payment period, number and level of complaints, etc.) This data...

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Insurers and fraudsters - the confrontation continues

Insurers and fraudsters - the confrontation continues, the formats are changing How are strategies and tactics in the fight against insurance fraud changing? What threats and dangers await insurers and the insurance market in the "digital future"? These and other questions will be answered by Igor Fatyanov, Chairman of the Insurance Fraud Control Committee of the All-Union Insurance Association. How will insurance fraud and abuse of rights in automobile insurance change in connection with the development of information technology? Does digitalization work to the advantage of insurers or fraudsters? Are there examples of "high-tech" fraud that have been detected or prevented? Of course, fraudsters are mastering the digital space. The most common cases (which are now more or less dealt with) are fake websites issuing fake CMTPL policies and the use of Internet sales for fraud. I don't take cyber-risks yet, because they are not so often realized in Russia. On t...

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What is insurance?

What is insurance? In simple words, insurance is a monetary compensation that is paid by an insurance company to a person or enterprise, organization or institution of losses from a certain event that is incidental, subject to the conclusion of an agreement with the insurance company. If to speak officially, then - in accordance with Article 1 of the Law of Ukraine "On Insurance" of March 7, 1996, № 85/96-ВР, insurance – a type of civil law relations to protect the property interests of individuals and legal entities in case of occurrence of certain events (insurance cases), determined insurance contract or current legislation, at the expense of money funds, which are formed by payment of insurance payments (insurance premiums) by individuals and legal entities and income from the placement of funds of these funds; - in accordance with Article 979 of the Civil Code of Ukraine (through the definition of an insurance contract), one party (the insurer) under the insurance ...

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How much are overpaying for policies?

Generosity of insurers: how much do people overpay for policies? Services for the sale of policies to insurers themselves cost 241.4 billion rubles in the first nine months of 2019. Banks earned more than others, whose commissions reached 150.5 billion rubles - the same amount as for the whole of 2018. And they were ultimately paid by insurance buyers. Consumers have a choice: they can buy a policy in the office of the insurer, on its website, from an agent or from a bank. The only difference is the price, which is made up of the basic cost of the policy and the commission of the agent selling it. It is higher with banks. For example, an accident policy with a payout in case of death of the insured of 750 thousand rubles can be bought from the insurer for 3.9 thousand rubles, while in the bank it will cost 4.9 thousand rubles. Nevertheless, Russians often buy insurance in banks. First, because banks are trusted by 88% of the population, while insurance companies are trusted by only...

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