Financial risk insurance is a combination of insurance includes the obligation of the insurer for insurance payments in the amount of full or partial compensation for loss of income (no additional cost) of the insured person, the following events:suspension of production or reduction in production as a result of specified events;
loss of work (for individuals);
bankruptcy;
contingencies;
failure (inadequate performance) contractual counterparty insured person who is a creditor of the transaction;
incurred by the insured to legal costs;
other events.
Under the insurance of financial risks can be insured only the risks insured and only for him.
Insurance receivables.
Today, many companies feel the need to expand its business, business growth, "traditional" customers can no longer provide adequate demand, and there is a need to attract new ones. The process of expanding its client portfolio is always risky, and any company interested in the timely return of their funds. Although not always possible to be sure of the integrity and solvency of each new customer, excessive caution can severely hamper progress.
A similar dilemma is resolved through financial insurance, which allows companies to confidently plan the development of their business.
Default insurance contracts.
For this type of policy provides coverage for insured property interests related to the total or partial loss of their income due to failure (inadequate performance) of contractual obligations by the Contractor of the Insured. Insurer's liability is limited to the amount of covered losses that policyholder, may be expected to be incurred when the insured event.
Insurance contract only if there is documented contractual obligations between the insured and its counterparties.
Insured event will be the failure (inadequate performance) Counterparty Insured its contractual obligations to him, the order and delivery dates are provided in the contract and reflected in:
non-payment of the delivered goods, work or services rendered;
non-delivery of paid goods, failure to paid work, lack of paid services;
total or partial loss of income insured, additional costs, legal costs, loss or damage of property (real damage) at the time and place of performance;
bankruptcy proceedings in the case and after the court decision to declare the debtor bankrupt.
Insurance risk of loss of ownership (title insurance).
Due to poorly developed knowledge base and gaps in the law is almost impossible to guarantee the purity of the buyer on previous transactions of the acquired property. Real estate agencies, of course, to take on the contract of guarantee obligations for the transaction. However, the declared payment of warranty real estate agent can only be made from the net profit of the company. If such payments a few? Indemnity payment is made from the client to special reserve funds of the insurance company.
Thus, insurance risk of loss of home ownership (title insurance) is today, in fact, the only full-fledged tool for protecting the rights of bona fide purchaser apartment. Abroad, this type of insurance is very developed, each purchase and sale of an apartment or house is accompanied by such a treaty.
Title insurance mechanism is simple enough: participants in the transaction provide a package of necessary documents requested, our partners - insurers identify risks, give them a rating. If they are willing to take the risk for the insurance, the rates are determined.
Insurance of financial risks in the event of non-fulfillment of contractual obligations
In accordance with the legislation of the Russian Federation (RF) insurance company (insurer) conducts insurance of financial risks in the event of default (inadequate performance) counterparty obligations of the Insured arising out of contracts (agreements) for the supply (sale) of goods, services, and other similar transactions.
PROPERTY INSURANCE
The objects of financial risks are not have illegal property interests of the Insured related to total or partial loss of the amount of the contract price and the amount of the expected return from it as a result of bankruptcy or unintentional failure (inadequate performance) contractual counterparty (the debtor).
Insurance claims and all liabilities
Insurance event occurred event is provided by the insurance contract - namely, the loss of value of the contract amount and / or the amount of the expected income from it, the occurrence of which the Insurer is obliged to make insurance payment in the amount of full or partial compensation for lost funds due to:
debtor's bankruptcy (the bankruptcy is taking place after the recognition of insolvency by arbitration in accordance with the laws of the Russian Federation);
unintentional failure (inadequate performance) Insured debtor of its obligations under the contract (non-payment of goods, works or services, or non-delivery of products, failure to work, etc.) due to force majeure (earthquake, volcanic eruption or activity underground fire, landslide, landslide, storm, tornado, hurricane, flood, hail, rain or floods, etc.).
Insurance contract
The contract of insurance of financial risks is based on a written statement by the Insured to the insurer in the form of two copies.
After the conclusion of the insurance contract application is an integral part.
Sum insured (limit of liability)
The sum insured is the amount of money in which the insurer is liable for the performance of its obligations under the contract of insurance (liability limit) and on the basis of which, the amount of insurance premium and the insurance money.
The sum insured specified in the insurance contract is a maximum amount the insurance claim.
The sum insured is established by agreement between the insured and the insurer in an amount not exceeding the insured value of the contract (contract) at the time the contract of insurance of financial risks and the amount of revenue that the Insured may be expected to be received in the performance of the contract.
Contract of insurance of financial risks can be set limiting the amount of insurance benefits (limits of liability) separately for the risk of loss of value of the contract and the risk of non-receipt of income.
The cost of insurance
The insurance premium is the fee for insurance that the insured must pay the insurer under the contract of insurance.
The insurance premium is calculated based on the sum insured, and insurance rates.
The insurance rate is the rate of the insurance premium as a percentage of the sum insured, or in rubles per unit of sum insured.
Size of the base of the insurance rate
IN CASE OF DEFAULT (improper fulfillment) CONTRACT
/ Term Insurance - 1 year /
Insurance risk insurance rate
(In% of the sum insured or Rs. From 100 rubles. Sum insured)
Financial risk in the event of default (inadequate performance) contractual obligations
6.50
Payment of insurance compensation (Security)
The value of the losses incurred by the Insured shall be determined in accordance with the procedure provided for under the Civil laws.
Losses mean costs that are insured, whose right is violated, made or must make to restore the violated rights, namely, the real damage - the loss of the amount of the insured value of the contract, and the revenues that that person would have received under ordinary business conditions, if his right had not been violated (lost profits).
In the insurance case the size of the loss is measured by the Insurer on the basis of the documents received from the Insured:
a) actual damages - up to a maximum value of the contract for the supply of goods is determined by a court, law enforcement bodies and special oversight and control (fire, emergency services and other services), and the documents submitted by the Insured;
b) loss of income - on the basis of materials and calculations presented by the Insured, court decisions, official documents of the local administration, reports and payment of legal, consulting, auditing and other professional companies (with state license).
While all of these events could lead to financial losses to the actual financial risks are currency, credit and investment risks.
To protect against credit and financial risks typically use special credit insurance - business loans, loans for capital goods and consumer goods, export credits.
Proper financial investment transactions are speculative in order to get income. The risks of these transactions is usually the investor, and practically the only secure your reputation and guarantee of the borrower. In some cases, additional protection may serve as insurance in case of non-performance or improper performance of the contractual obligations of debtors, but insurance companies rarely take such risks.
Investments in specific projects (real investment) can be protected by insurance in the event of bankruptcy of the counterparty and the associated legal costs of the investor or insurance delkrede. Along with this you can use financial guarantee insurance, which is a special form of guarantee. Civil Code divides the contracts of guarantee and bank guarantees. Under the contract guarantor undertakes to the creditor of another person responsible for the fulfillment of its obligations last full or in part. According to the agreement of the bank guarantee by a guarantor makes the request of another person (the principal) the obligation to pay the principal lender (beneficiary) the agreed sum of money to the beneficiary upon presentation of the claim. In Russian practice guarantee insurers are used to protect business risks in customs operations.
Insurance contract from interruption provides reimbursement loss of profit due to interruption or reduction of the normal amount of business if they occurred as a result of damage caused to the property of the company. In addition, it may also mean compensation costs required to restore the normal functioning of the enterprise. These losses - a direct result of damage to the means of production, property of the company. Therefore, this type of insurance is sold in a package with property insurance: damage production facilities always involves a break in production.
Often losses from interruption in times greater than damage to property as a result of an insured event. For example, the repair of damaged production line can cost up to 100,000 dollars. But if the repair is delayed for a couple of months, the plant not only produce and sells its products and, therefore, does not receive the expected income, but pay wages serving this line staff as well as interest on credit, fees, taxes, etc. . As a result, losses may result in the amount of tens of times higher than the cost of restoration of the pipeline.
This insurance is important for all "live" business - no matter what kind of work it does. It is especially in demand by large and small companies, because, due to the scale of business in the event of downtime calculated their losses large sums. Interruption insurance - an integral component of the risk management system of the enterprise. This is a practice adopted throughout the world.
The probability of loss due to business interruption - the same as the probability of the risks that could cause these breaks. But these losses are usually always higher than the cost of property damage. Therefore, the average rate for this type of insurance is about 30% higher than the rate for property programs with traditional risk of fire, the Gulf, natural disasters, acts of third parties.
