The concept of "property insurance" includes the legal definition of insurance of interests of legal entities and individuals. Insurers form a certain cash account, which goes to pay for certain insurance cases. Today, the circle of insurers has expanded, the concept of "property insurance" has changed. What does it mean now?
The new version of the Law of Insurance provides for property insurance of individuals related to their interests in the use, possession and disposal of property.
When an insurance company enters into an insurance contract with citizens, it undertakes to indemnify them for damage caused to this property. Civil liability has several characteristics:
- property law;
- civil law, which includes the responsibility of two participants who entered into civil law relations with each other;
- the amount of liability depending on the size of the loss or harm caused.
Property insurance can be carried out in two forms: compulsory and voluntary.
In case of voluntary property insurance, an agreement is drawn up between the insurer and the policyholder or insurance rules are established on the basis of current legislation. All conditions must be specified in these documents.
If this is compulsory property insurance , then civil liability should be defined by law . Therefore, this type of insurance must be notarized.
Property insurance is one of the industries. In it, property and property interests act as insurance relations. From an economic point of view, property insurance is compensation for damage that occurs as a result of an insured event.
The policyholder may insure his own property, as well as property that is in his possession, disposal and use. This can be land and air transport, transported goods, buildings and structures, animals, equipment, crops, a farm and much more.
Insurance objects are divided into home furnishings, buildings, vehicles and animals. When animals are insured in case of death, forced slaughter from natural disaster, infectious diseases or fire, they are insured based on the book value of 70%. Small farm animals are allowed to be insured voluntarily. They are insured with full value along with the building and household property. This is done by separate property insurance in the compound.
If property insurance covers homes, garages or outbuildings, then compulsory insurance provides for 40% of their value according to state estimates, and for voluntary insurance - 60%.
It should be noted that banknotes, documents, manuscripts, securities, precious metals and antiques are not subject to insurance.