Liability insurance is an independent area of insurance activity. In this type of insurance, the object is the liability of the insured person (insured) under the law, as well as by virtue of obligations under the contract for harming other persons (damage means damage to a specific person, as well as property of third parties). Based on the arising insurance relations, the insurer assumes the risks prescribed in the insurance contract related to liability for obligations that arise as a result of damage to property, health or life of third parties by the insured. As the insured can act both individuals and legal entities.
Civil liability to third parties is of a property nature, since the person who caused the damage to the third party is obliged to fully compensate his losses. Using liability insurance, the obligation to compensate for the damage caused by the policyholder is transferred to the insurer. Causing damage to other persons by the insured may entail administrative or criminal liability, however, property damage caused to a third party and its compensation is transferred to the insurer.
liability insurance can appear in two forms:
- Voluntary insurance, for example, civil liability insurance of apartment owners;
- Compulsory insurance, for example, liability insurance for car owners (CTP).
Liability insurance of apartment owners is a voluntary type of insurance, but at the same time it is a quite relevant and demanded service of insurance companies, shifting to your shoulders your responsibility to your neighbors for unintentionally caused damage that occurred when using the apartment. Possible risks are prescribed in the contract, and the policyholder has the right to independently determine the maximum insurance amount, under which the insurer is obliged to compensate the damage caused to third parties by the policyholder, for example, in case of fire or flooding. An insurance risk is a presumed event upon the occurrence of which, in accordance with an insurance contract, an obligation arises to indemnify the damage caused by the insurer, i.e. the insurer pays to third parties affected by the actions or omissions of the policyholder.
The insurance contract of civil defense is concluded in case of damage to property, damage to health, life of third parties as a result of events that occurred at a specific address determined by the existing insurance contract - this is the insurance territory.
Civil liability insurance of self-regulatory organizations (self-regulatory organizations) has become necessary due to the fact that the construction industry has switched to self-regulation. The Ministry of Regional Development has developed specific recommendations on insurance of SRO SRO and its members in order to ensure the real safety of the construction organization and its members and is aimed at strengthening their financial stability, since compensation for damage caused is compensated by the insurance amount under the insurance contract and allows not to spend the SRO Compensation Fund .
SRO civil liability insurance is concluded in the form of an agreement regarding the following risks of liability of the insured person (or policyholder) for causing harm:
• the health or lives of third parties as a result of deficiencies in the insured work;
• property of third parties as a result of deficiencies in the insured work;
• the environment as a result of deficiencies in the insured work;
Insurance is the guarantee of your safety and financial stability.