Property insurance, property insurance - the insurance industry, which according to the Russian Federation adopted the regulations include various types of insurance, where the object of insurance serves the property interest that is associated with the ownership, use and disposal of property. Also, for property insurance types is liability insurance. Carried out mainly in the form of voluntary insurance, except for state property, the leased. Policyholders are the all businesses and organizations of various organizational and legal forms, as well as individuals. [1]Content
[Remove]
1 Conclusion of the contract of property insurance
1.1 Double insurance
2 Coverage
3 The procedure for compensation
4 Return of property
5 Types of property insurance
6 Notes
[Edit] Conclusion of the contract of property insurance
On contracts of property insurance can be insured by any part of the (group) of the property. Legal and natural persons may insure the property as a full assessment of it, that is, on the real, real value, and in particular share. When insuring property insurance amount can not exceed its actual value at the time of the contract. Under the intrinsic value of the property often means reducing (book) value. The parties can not challenge the insurance value of property as defined in the insurance contract, unless the insurer proves that he was deliberately misled by the insured. If the insurance amount determined by the contract of insurance exceeds the insured value of the property, the contract is null and void by operation of law in that part of the sum insured that exceeds the actual value of the property at the time of the contract. [1]
Property insurance contract may be concluded for one year and for an indefinite period with the annual recalculation of the value of the property and the amount of annual payments. The contract concluded for an indefinite period, shall be deemed extended for the next year, subject to before the end of this year, a certain part (20-25%), insurance payments, calculated in the following year.[Edit] Double insurance
Under the double (sometimes called multiple) insurance means insurance of the same property from different insurers in excess of its actual value. The law (Art. 951 Civil Code) provides for the insurance contract null and void in that part which exceeds the insured value. This provision is common to all types of property insurance. [1]
With respect to double insurance, the following rules: If the policyholder insures the insured property is in the other insurance companies, he shall forthwith in writing notify the insurer for other insurers and the insured amount.[Edit] Coverage
In terms of insurance provides a list of insurance risks that define different types of property insurance. Define list of insurance claims made on the basis of two approaches (methods) [1]:
Elimination method, which assumes that the general conditions and rules of a particular type of insurance provides a list of insurance claims, upon the occurrence of which the insurer is not liable, that indemnity is paid. In all other cases of death and / or property damage insurance compensation is paid.
The method of inclusion, which implies that the terms and conditions of insurance provides a full range of insurance cases, upon the occurrence of which the indemnity is paid. In all other cases, the insurer is not liable for damages.
One of the conditions of property insurance is often the definition of a franchise - an unpaid part of the damage. Approximately equal to the deductible expenses of the insurer in determining the amount of damage. Franchise can be conditional and unconditional. Defines a conditional franchise unpaid portion of the damage in the event that the damage is less than its value. If the damage exceeds the amount of the conditional franchise, it is not considered when determining the amount of damage. Unconditional franchise defines the unpaid portion of the damage, regardless of its size. The deductible is set at a percentage of the insured amount or in absolute terms. [1][Edit] The procedure for compensation
In the case of property insurance in the insurance contract at less than full value of the property there are two systems of compensation: a system of proportional compensation system and the first risk.
Under a system of proportional indemnity insurer reimbursed the entire amount of damages is not, but only so much interest in how the property is insured. For example, if the insured property at 60% rather than the full cost, the amount of damage is refundable only within 60%. The limit of liability insurance is limited to the sum insured. This system is more common.
When the first risk system provides for full compensation, but not exceeding the sum insured specified in the contract of insurance (within the full value of the property). If the amount of damage was greater than the sum insured, then the difference is not refundable. In this case the damage within the insured amount is called the first (refundable) risk, and in excess of the sum insured - the second (non-refundable) risk.
[Edit] Return of property
If the insurer discovers the location of lost property, he shall immediately notify the insurer in writing. If the policyholder returns in his possession any property lost earlier, after he received a refund for the full amount of the value of the property, the insurer shall return the reimbursement or grant at the disposal of assets of the insurer. If the policyholder must provide the insurer received back the property, he shall give the insurer the right of possession, ownership and other rights arising in respect of the property. [1]
If the contract of insurance by the insured in obtaining insurance reimbursement provided for abandonment, the return of property becomes the property of the insurer.[Edit] Types of property insurance
Property insurance companies and organizations
Insurance houses and buildings belonging to the citizens
Contents Insurance
Cargo insurance
Casco insurance
Insurance losses caused by the stoppage of production
Insurance Space
Insurance of cash in the transport
Investment insurance
Export credit insurance
Electronic Equipment Insurance
[Edit] Notes
↑ 1 2 3 4 5 6 Kazantsev, SK Fundamentals of Insurance: A Tutorial - Ekaterinburg: Vol. PKI USTU, 1998
[Remove]
1 Conclusion of the contract of property insurance
1.1 Double insurance
2 Coverage
3 The procedure for compensation
4 Return of property
5 Types of property insurance
6 Notes
[Edit] Conclusion of the contract of property insurance
On contracts of property insurance can be insured by any part of the (group) of the property. Legal and natural persons may insure the property as a full assessment of it, that is, on the real, real value, and in particular share. When insuring property insurance amount can not exceed its actual value at the time of the contract. Under the intrinsic value of the property often means reducing (book) value. The parties can not challenge the insurance value of property as defined in the insurance contract, unless the insurer proves that he was deliberately misled by the insured. If the insurance amount determined by the contract of insurance exceeds the insured value of the property, the contract is null and void by operation of law in that part of the sum insured that exceeds the actual value of the property at the time of the contract. [1]
Property insurance contract may be concluded for one year and for an indefinite period with the annual recalculation of the value of the property and the amount of annual payments. The contract concluded for an indefinite period, shall be deemed extended for the next year, subject to before the end of this year, a certain part (20-25%), insurance payments, calculated in the following year.[Edit] Double insurance
Under the double (sometimes called multiple) insurance means insurance of the same property from different insurers in excess of its actual value. The law (Art. 951 Civil Code) provides for the insurance contract null and void in that part which exceeds the insured value. This provision is common to all types of property insurance. [1]
With respect to double insurance, the following rules: If the policyholder insures the insured property is in the other insurance companies, he shall forthwith in writing notify the insurer for other insurers and the insured amount.[Edit] Coverage
In terms of insurance provides a list of insurance risks that define different types of property insurance. Define list of insurance claims made on the basis of two approaches (methods) [1]:
Elimination method, which assumes that the general conditions and rules of a particular type of insurance provides a list of insurance claims, upon the occurrence of which the insurer is not liable, that indemnity is paid. In all other cases of death and / or property damage insurance compensation is paid.
The method of inclusion, which implies that the terms and conditions of insurance provides a full range of insurance cases, upon the occurrence of which the indemnity is paid. In all other cases, the insurer is not liable for damages.
One of the conditions of property insurance is often the definition of a franchise - an unpaid part of the damage. Approximately equal to the deductible expenses of the insurer in determining the amount of damage. Franchise can be conditional and unconditional. Defines a conditional franchise unpaid portion of the damage in the event that the damage is less than its value. If the damage exceeds the amount of the conditional franchise, it is not considered when determining the amount of damage. Unconditional franchise defines the unpaid portion of the damage, regardless of its size. The deductible is set at a percentage of the insured amount or in absolute terms. [1][Edit] The procedure for compensation
In the case of property insurance in the insurance contract at less than full value of the property there are two systems of compensation: a system of proportional compensation system and the first risk.
Under a system of proportional indemnity insurer reimbursed the entire amount of damages is not, but only so much interest in how the property is insured. For example, if the insured property at 60% rather than the full cost, the amount of damage is refundable only within 60%. The limit of liability insurance is limited to the sum insured. This system is more common.
When the first risk system provides for full compensation, but not exceeding the sum insured specified in the contract of insurance (within the full value of the property). If the amount of damage was greater than the sum insured, then the difference is not refundable. In this case the damage within the insured amount is called the first (refundable) risk, and in excess of the sum insured - the second (non-refundable) risk.
[Edit] Return of property
If the insurer discovers the location of lost property, he shall immediately notify the insurer in writing. If the policyholder returns in his possession any property lost earlier, after he received a refund for the full amount of the value of the property, the insurer shall return the reimbursement or grant at the disposal of assets of the insurer. If the policyholder must provide the insurer received back the property, he shall give the insurer the right of possession, ownership and other rights arising in respect of the property. [1]
If the contract of insurance by the insured in obtaining insurance reimbursement provided for abandonment, the return of property becomes the property of the insurer.[Edit] Types of property insurance
Property insurance companies and organizations
Insurance houses and buildings belonging to the citizens
Contents Insurance
Cargo insurance
Casco insurance
Insurance losses caused by the stoppage of production
Insurance Space
Insurance of cash in the transport
Investment insurance
Export credit insurance
Electronic Equipment Insurance
[Edit] Notes
↑ 1 2 3 4 5 6 Kazantsev, SK Fundamentals of Insurance: A Tutorial - Ekaterinburg: Vol. PKI USTU, 1998
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