Depending on the insured value of the property, the amount of the contribution and reimbursement will be calculated. But obligatory species already have their own base of prices.
When signing a policy, it is important to know in advance: how much the company requires from a client and whether it corresponds to market realities.
Types of insurance
Insurance today is a separate area of the economy. The client of the company pays for the fact that the latter undertakes to assume its risks. Then the policyholder can sleep peacefully and not worry about possible troubles.
You can insure anything:
- the property;
- jewelry;
- cars;
- life and health;
- entrepreneurial and financial risks;
- travel insurance;
- intangible values (works of art);
- land, other.
The policyholder and his client have a mutual benefit from the transaction. And if a company complies with the “rules of the game” in its market, more and more customers will invest in it. The main thing is to reach a consensus between both parties regarding the amount of compensation. In order to calculate it correctly, it is necessary to assess the property, that is, determine the insurance value.
The concepts of insured value and insurance amount. Differences
According to the legislation of the Russian Federation, in the event of an accident specified in the policy, the insurer is obliged to issue a certain amount to the client. This amount is the key moment of concluding the contract, it is calculated by the company and, after agreement with the client, fits into the contract of personal or property insurance. This is the amount of insurance.
However, the insured amount and the insured value are not identical concepts. The insured value may be equal to the amount, however, in practice, the amount of money that the client can get on hand is less than the real market value of the object. The amount of insurance cannot exceed the cost, which is established by paragraph 2 of Art. 10 of the Law on the organization of insurance business, since insurance is designed to compensate for damage, and not to contribute to an increase in capital.
What is the insured value? It is determined after the assessment of property or risk assessment, which assumes the insurance company. Most often this is the market value.
It should be noted that only with voluntary insurance the amount of compensation is negotiable. In the event that the signing of the policy is mandatory, the amount will be established by legislative norms.
The amount of insurance sometimes has a fixed size. And sometimes, it is set based on a certain percentage of the cost.
Types of insurance cost
The most common insurance is property insurance. The cost of property insurance, as already mentioned, is calculated according to different methods. Based on the choice of this method, the following types of insurance value are distinguished:
- Full insurance. The cost of the insurance object is equal to the reimbursement.
- Proportional.
- Replacing the object with a new and working one. It is used in the sale of household appliances.
- Replacement cost. The amount that is needed to repair the facility is refunded.
Depending on the features of the calculation of the tariff, individual insurance risk and mass are allocated. Mass risk refers to insurance against natural disasters. The insured value here is calculated at separate rates.
Insurance cost calculation
To determine the cost of insurance, you must first choose the method of assessing the insurance object. It can be comparative, profitable or expense. In most cases, a comparative method is used. The value is derived from an analysis of previous transactions and the market situation. After that, the amount of compensation is determined.
The formula for calculating insurance compensation when using a proportional calculation system is the same everywhere. Only the tariff changes.
The formula is as follows: Q = T · S / W.
To calculate the insured value, we substitute the initial numbers in this formula:
- S is the amount of insurance;
- W is the real value of the property;
- T is the coefficient selected for this type of risk.
The cost of property insurance. The risks
Valuation of real estate is usually carried out in the department of the Russian Technical Inventory or in any private licensed property-valuing company.
Several factors influence the cost estimate:
- risk category;
- real value;
- insurance duration;
- type of object to be insured.
A very important point is the risk category. The insurance company will not operate at a loss. All risks associated with the conclusion of the transaction are checked by the highest professionals - underwriters. These are the people who are responsible for the insurance portfolio. They classify the types of risks and decide which ones to accept and which to reject. The main risk categories are as follows:
- theft of property;
- damage to property by intruders;
- accidents of various nature;
- natural disasters (floods, landslides, other).
In this regard, many parameters are analyzed. If real estate is insured, then the location, the degree of wear of this building are checked. When calculating the insurance value, the appraiser will also analyze the inventory and cadastral value of real estate.
Enterprise Insurance Assessment
When a legal entity is insured, the tariff is selected based on the size of the enterprise. For medium-sized enterprises, one tariff applies; for large enterprises, different. During the cost assessment, everything is taken into account: fixed assets, working capital, stocks, and even the cost of those buildings that are unfinished.
When analyzing risks, all available information is used, since the amounts in this type of insurance are large. Be sure to take into account all the statistics available from other companies.
In Russia , business risk insurance is not very common. The unstable state of the economy makes it unattractive.
Can I change the cost after signing the policy?
After signing the policy, its terms cannot be changed. But there are some nuances. The insurance amount may be disputed by the company itself or by the tax if there are doubts about the correctness of the calculation of the insured value. And when, in court, the insurer succeeds in proving that he was deceived, he has the right to lower the amount of compensation.
Another nuance is the acceptance - an internal audit in the insurance organization. If during the inspection it was found that the amount of compensation is overstated, the insurer reports the acceptance to the client and the contract will be rewritten and renegotiated.
Undoubtedly, there are advantages to concluding a policy. The insured individual or organization receives a guarantee of reimbursement of funds. But the calculation principles are too confused, and most policyholders cannot figure out this system. Therefore, insurance must control the state.