Contract law. Property insurance contract (most important)

Lecture notes, cheat sheets
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Contract law. Property insurance contract (most important)

Lecture notes, cheat sheets

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61. PROPERTY INSURANCE CONTRACT

On property insurance contract the insurer, in return for the payment of the insurance premium by the insured, undertakes, upon the occurrence of an insured event, to compensate the insured or the beneficiary for the losses caused as a result of this event in the insured property or losses in connection with other property interests of the insured (to pay insurance indemnity) within the sum insured.

The contract is:

1) real - the contract comes into force at the moment of payment of the insurance premium or its first installment;

2) compensated - the insured pays the insurance premium, and the insurer bears the risk of an insured event and, if the latter occurs, makes an insurance payment;

3) mutual;

4) aleatory (risk) - the emergence, change or termination of certain rights and obligations depends on the occurrence of objectively random circumstances (events) for the parties themselves.

Parties to the agreement:

1) policyholder - any person entering into an insurance contract; on the side of the policyholder, in addition to himself, there may be third parties - beneficiaries;

2) insurer - a legal entity that has a permit (license) to carry out property insurance.

The subject of property insurance is a property interest:

1) the risk of loss (destruction), shortage or damage to certain property;

2) the risk of liability for obligations arising from causing harm to life, health or property of other persons, and in cases provided for by law, also liability under contracts - the risk of civil liability;

3) the risk of losses from business activities due to violation of their obligations by the entrepreneur’s counterparties or changes in the conditions of this activity, including business risk.

Form of contract - written.

Essential terms of the contract:

1) insurable interest;

2) insurance risk;

3) sum insured;

4) term of the contract.

Rights and obligations of the insurer:

1) is obliged, upon the occurrence of an insured event, to make an insurance payment within the established period;

2) is obliged to reimburse the expenses incurred by the insured in the event of an insured event in order to reduce losses;

3) have the right to independently ascertain the causes and circumstances of the insured event.

Rights and obligations of the insured:

1) is obliged to pay the second and subsequent insurance premiums;

2) is obliged to report on the circumstances that are essential for determining the likelihood of an insured event and the amount of possible losses from its occurrence;

3) have the right to demand an insurance payment upon the occurrence of an insured event.

Author: Rezepova V.E.

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