The rights and obligations of the parties under the insurance contract

Insured

Has the right:

1. for reimbursement in the amount of damages or to damages caused to third parties (for liability insurance), within the sum insured and the specific conditions of the contract of insurance;

2. change the conditions for insurance of change of the sum insured or the amount of liability, unless otherwise stated in specific rules of insurance;

3. for early termination of the insurance contract in the manner stipulated by the insurance rules.

Bear responsibilities:

1. timely pay the premiums;

2. when concluding the contract of insurance the insurer to report all known hazards of relevance to risk assessment, as well as all the concluded insurance contracts unrelated to the insured object of insurance;

3. take the necessary measures aiming to minimize risk or suppress it and notify the insurer of an insurance case, in terms specified in the contract of insurance;

4. insurance contract may provide for other obligations of the insured.

Insurer

Bear responsibilities:

1. inform the insured to the rules of insurance

2. In the case of insured events reduces the risk insured and the amount of damage the insured property, or in cases of increase in its real value to renegotiate the request of an insurance contract in the circumstances;

3. at an insurance case to make insurance payments on the law within the prescribed period;

4. reimburse expenses incurred by insured in an insurance case to prevent or minimize damage to insured property, if provided the insurance rules;

5. not to disclose information about the insured and his property position except in cases stipulated by legislation of Russia;

6. insurance contract may provide for other obligations of the insurer.

Has the right:

1. check the status of the insured object, as well as correspondence communicated to him by the insured information about the object of insurance, real circumstances, regardless of whether or not the changed conditions of insurance;

2. in liability insurance the insurer is entitled to represent the insured in negotiations and agreements on compensation for damage to third parties;

3. participate in the rescue and preservation of the insured object;

4. after payment of insurance compensation in full for the insured object to abandon (ie failure of the insured of his rights to the property insured in favor of the insurer to obtain from him the sum insured in full);

5. refuse to fulfill contractual obligations, or change the terms of such compensation or payment of the sum insured:

Ø If the insured reported incorrect information on the circumstances relevant for judging the degree of risk;

Ø If the insured did not notify the insurer of any material changes of risk;

Ø If the insured did not notify the insurer in the prescribed manner of the insured event or impeded, the representatives of the insurer in determining the circumstances, the nature and extent of damage;

Ø if the policyholder has failed to provide documents necessary to determine the amount of damage;

Ø if the policyholder has not taken measures to prevent or minimize damage, which resulted in damage or increase its size.

Termination of insurance

Upon the termination of the insurance contract should be established to distinguish as they cope with it in the future and the reasons for which he is considered invalid from the outset

The insurance contract is not valid for the future if:

1. expired contract of insurance;

2. performed by the insurer to the policyholder obligations in full under the contract of insurance;

3. neuplacheny policyholder premiums in due under the insurance contract terms;

4. there was a liquidation of the insured is a legal entity or death of the insured is an individual, unless the insured was replaced by another person;

5. there was a liquidation of the insurer in the manner prescribed by law;

6. court recognized that the insurance contract is invalid;

7. in other cases stipulated by legislative acts of the RF;

8. insurance contract can be terminated by mutual agreement of both parties.

The insurance contract is not valid since the conclusion if:

1. insurance contract concluded after the accident;

2. the object of insurance is property subject to confiscation;

3. court recognized that the insurance contract is invalid.

Renewal of the insurance contract in days of grace

Most of the policies is for 1 year and before the end of the contract the insurer typically sends a letter to the insured “notice on the resumption.

Insured as the object of insurance

In property insurance, these relationships may take the form:

- Ownership;

- The right to lease the property;

- Responsibility for another person’s property to be leased for temporary storage, processing, repair.

In property insurance, insurable interest is always limited by the value of property.

In life insurance, insurable interest is not limited to, everyone has an unlimited interest in life insurance, so it can insure it for any amount, but on condition that he could pay the premiums. The principle of insurable interest may be limited: in many countries may not insure other persons (children, relatives, etc.). There are types of life insurance with a limited insurable interest, so the creditor acquires a limited insurable interest in the life of his debtor.

The principle of the highest integrity. Therefore, the principle should ideally be carried out in the CE business operations, ie This means there is no deceit and his intentions. In insurance, the policyholder only know all the facts about what is being insured under a contract of insurance the insured must be communicated to all relevant facts, ie, facts that may affect the insurer’s decision on the adoption of risk insurance.

The principle of redress, four ways of redress:

- Monetary compensation;

- Repair;

- Replacement;

- Recovery.

The principle of regression. When the insurer pays the loss incurred by the insured to a third party, then transferred to the insurer all rights of the insured at the request for compensation from the perpetrator.

The principle underlying causes. The reason which led to the damage should be an event specified in the contract of insurance.

The principle of indemnity. (See property insurance)

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