Article 18. Determination of the insured event and the amount of the insurance benefit Chapter 4. Insured event and insurance benefit The Law on Compulsory Insurance of Civil Liability of Private Notaries

Home / RLA / Article 18. Determination of the insured event and the amount of the insurance benefit Chapter 4. Insured event and insurance benefit The Law on Compulsory Insurance of Civil Liability of Private Notaries

Article 18. Determination of the insured event and the amount of the insurance benefit Chapter 4. Insured event and insurance benefit The Law on Compulsory Insurance of Civil Liability of Private Notaries

1. An insured event under the contract of compulsory liability insurance of private notaries is recognized as the occurrence of civil liability of the policyholder for compensation of damage caused to the property interests of third parties as a result of notarial acts performed by a private notary.

2. An insured event is considered to have occurred from the date of entry into force of a court decision on compensation for damage caused by the policyholder, or recognition by the policyholder of the claims of third parties for compensation for damage as justified and the consent of the insurer with the recognition of the claims of the policyholder.

3. The amount of the insurance payment is determined by the insurer based on the amount of claims of third parties or a court decision on compensation for damage that has entered into force, taking into account the provisions of paragraph 2 of Article 8 of this Law.

4. Expenses incurred by the policyholder in order to prevent or reduce losses shall be reimbursed by the insurer if such expenses were necessary or were incurred to comply with the instructions of the insurer, even if the appropriate measures were unsuccessful.

Such expenses are reimbursed in actual amounts, however, in order that the total amount of the insurance payment and compensation for expenses does not exceed the insured amount stipulated in the contract of compulsory liability insurance of private notaries, if the expenses arose as a result of the policyholder's fulfillment of the insurer's instructions, they are reimbursed in full, regardless of the insured amount.

5. The amount of the deductible for each insured event is established by agreement of the parties, but it should not exceed five percent of the insured amount specified in the contract of compulsory liability insurance of private notaries.

In cases where the amount of damage caused exceeds the established deductible amount, the insurance payment is carried out in full.

The Law of the Republic of Kazakhstan dated June 11, 2003 No. 435.

This Law regulates public relations arising in connection with compulsory insurance of civil liability of private notaries, and establishes the legal, economic and organizational basis for its implementation.

President

Republic of Kazakhstan

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