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 is a creditor, or another person designated by the Insured in the Insurance Contract (the Beneficiary), for losses incurred by them as a result of the Guarantor's (Surety's) failure to perform or improper performance of its obligations to the extent and within the terms stipulated in its guarantee or surety agreement, due to circumstances specified in the Regulations and the Insurance Contract;
- or indemnification of the Insured, if the Insured is a guarantor (surety) or another person designated by the Insured in the insurance contract (beneficiary), for losses incurred by them in connection with the debtor's failure to perform or improper performance of its obligations to the extent and within the time limits specified in its contract, due to circumstances specified in the regulations and the insurance contract.
The terms of voluntary insurance of issued guarantees (sureties) and accepted guarantees may provide for insurance of financial guarantees issued by independent financial intermediaries providing financial guarantee services in accordance with the procedure and under the conditions established by the Customs Code of Ukraine in case of non-performance of obligations to pay customs duties secured by such guarantees.
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