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In this section we will introduce you to basic concepts and rules of insurance of immovable property.The specificity of the real estate is the ability to use it only in a more or less permanent location on a particular area, and for objects that are not connected with the land and intended to move people and goods, a special condition is the place to use them - it's water, air or space .
Currently, the concept of property is given in Art. 130 of the Civil Code . To the immovables (real estate, real estate) include, in particular, land, subsoil, isolated water bodies and all that is firmly connected with the land, that is, objects that moved without disproportionate damage to their destination is not possible, including forests, perennial plants, buildings, structures, etc. Thus, the distinctive features of the real estate is its close connection with the land (in this case on their own plots of land are also considered as a real estate), which in turn implies its significant cost. It should be noted that the Civil Code, considering the subsoil, and isolated water bodies as real estate, puts them on par with the land and makes it independent of the latter. However, it is obvious that neither the subsoil, or bodies of water out of touch with the earth can not exist. Out of touch with the land immovable property lose normal function and accordingly lowered the price. So, are not considered as property trees are grown in special nurseries or at home, intended for demolition.
However, the law refers to the real estate and facilities, which by their physical nature, are movable. This is subject to state registration of aircraft and sea vessels, inland vessels, space objects (satellites, spacecraft, etc.).
Law to the real things can be attributed, and other property.
Property insurance is carried by a contract of property insurance. According to § 1 of Art. 929 of the Civil Code under this contract, one party (the insurer) is obligated by the contract for a fee (premium) upon the occurrence of events specified in the contract (the insured event) to reimburse the other party (the insured) or other person in whose favor the contract (beneficiary), caused as a result of this event and to the insured property losses or damages in connection with other property interests of the insured (to pay the indemnity) within a defined contract sum (sum insured).
In particular, the object of insurance in this case is the risk of loss (death), shortage or damage to real property.
The insurance contract must be entered into real estate, in writing, failure of which shall entail its invalidity. It can be concluded by drawing up a document or presentation of the policyholder by the insurer. On the basis of a written or oral statements of the insurance policy (certificate, certificate, receipt) signed by the insurer. If the application of the insured was written, there is a contract in writing through the exchange of documents. In an oral statement of the insured agreed to conclude an agreement on the terms proposed by the insurer confirms acceptance of the insurer's insurance policy (certificate, certificate, etc.). The presence of the insurer confirms that the relevant documents of the contract of insurance.
At the conclusion of the contract the insurer is entitled to apply to them or developed by an association of insurers standard forms of contract (insurance policy) for certain types of insurance (§ 3 of Art. 940 PS RF).
The insurance policy (certificate, certificate, receipt) - issued by an insurer of evidence of insurance contract. Details of the policy include the name of the document - "insurance policy", the name, address and bank details of the insurer, name, first name or the name of the insured's name and address and, in addition, data on the insured person (beneficiary), if any, indication of the insurance risk, the insurance premium (fee), as well as the timing and order of their introduction, the term of the contract, etc.
The conditions under which a contract of insurance may be contained not only in a single document signed by the parties or in the insurance policy issued by an insurer and approved by the insurer, but the standard rules of the relevant type of insurance.
Regulation of insurance is a document adopted, approved or authorized by the insurer or by an association of insurers. Conditions contained in the rules of insurance and are not included in the text of the insurance contract (insurance policy) must be insured (the beneficiary), if the contract (insurance policy) is directly indicated on the application of such rules and the rules themselves are contained in one document with the contract (insurance policy ) or on the reverse side or attached to it. In the latter case, the presentation of the insured under a contract of insurance rules must be certified in writing the contract. At the conclusion of the insurance contract the parties may agree to amend or delete certain provisions of the rules of insurance and the addition of rules (Article 943 CC RF).
Policyholder (or beneficiary) is entitled to invoke the protection of their interests to the rules of the relevant type of insurance, which is referenced in the contract of insurance (insurance policy). The insurance contract is concluded, if the parties reached agreement on all essential terms. With respect to insurance of immovable property is first and foremost, the definition of real property, which is the object of insurance. Thus, not only zastrahovanymogut such varieties of real estate as an apartment or house, but their interior walls with or without them. Insured may be, in particular, such as a variety of real estate gardens. The owners of the land can insure all structures located within its boundaries, baths, swimming pools, wells, fences, etc. In some cases, the foundation of the house is not insured. This is due to the fact that it is least susceptible to collapse.
An essential condition of any contract of insurance is property and determine the nature of the event in case of occurrence of which is covered by insurance (insurance case).
The risks of which can be insured real estate is very diverse. The most common are fires, but the property can also be insured in case of:
- Accidents of internal drainage, plumbing, heating and sewer systems, including those occurring outside the insured premises, and the adverse effects of legal actions for their elimination;
- The explosion;
- The penetration of water as a result of legal actions for fire suppression;
- False alarm automatic fire extinguishing systems;
- Natural disaster (these include flood, earthquake, storm, hurricane, tornado, tsunami, storm, hail, landslide, landslide, flood, mudflow, the yield of groundwater, snow blockage);
-Lightning;
- The fall of aircraft and their fragments;
- A collision of self-propelled vehicle;
- Wrongful acts of third parties: arson, robbery, etc.
Due to recent developments in the North Caucasus individual insurers are included in the number of insurance risk death or property damage from terrorist acts.
The choice of insurance risk depends primarily on the type of real estate. Thus, with respect to real estate located outside the city, spread insurance risk are wrongful acts of third persons, while for city apartments is the most common risk - Bay flats.
Among the essential conditions of the contract of insurance includes property and contract duration and size of the sum insured.
The sum insured - is the amount which the insurer agrees to pay the indemnity under the insurance contract. According to Art. 947 of the Civil Code, it is determined by agreement of the insured with the insurer. Importantly, however, bear in mind that the property insurance if the insurance contract provides otherwise, the insured amount should not exceed its actual value (insured value). This value for real estate is considered to be its actual value at its location on the day of the insurance contract.
In the case where the contract of property insurance the insured amount is set below the cost of insurance, the insurer when the insured event shall reimburse the insured (or beneficiary) of the losses incurred by the latter proportional to the ratio of the sum insured to the insurable value (Art. 949 Civil Code).
If the property is insured only part of the insured value, the insured (or beneficiary) is entitled to carry out additional insurance, including with another insurer, but the fact that the total insured amount for all contracts should not exceed the insured value.
A partial (proportional) insurance applies when it comes to risks that do not lead to the complete destruction of insured property (as an example is the Gulf of flats). In determining the sum insured uses the concept of the franchise, which means the maximum amount of damage for which insurance reimbursement is not made.
Thus, when the insured event, the representative of the insurer in conjunction with the insurer determines the amount of damage. If it does not exceed the sum insured, pre-specified in the contract (usually set to the minimum wage), the indemnity is paid.
Importantly, however, bear in mind that the property insurance if the insurance contract provides otherwise, the insured amount should not exceed its actual value (insured value). This value for real estate is considered to be its actual value at its location on the day of the insurance contract.
Civil Code of the Russian Federation has established the consequences of insurance in excess of the insured value. Thus, according to Art. 951 if the sum insured specified in the contract of property insurance exceeds the insured value, the contract is void to the extent of the sum insured that exceeds the insured value. In this part of the overpaid insurance premium is not refundable. If under the contract of insurance premium is paid in installments and at the time of the obligation to pay the insurance compensation is not fully introduced, the remaining premiums must be paid in the amount reduced proportionately reducing the size of the sum insured.
The size of the sum insured depends on the size of the premium (the premium), which means the charges for insurance, introduced by the insured to the insurer in the manner and terms established by the insurance contract.
Property insurance is a general rule, voluntary. Compulsory insurance of property for real estate entities may be established by law only in respect of immovable property which is the state or municipal property (section Z. 935 Civil Code).
In addition, property insurance is actually required for mortgage lending. Banks and other lending institutions providing loans to buy real estate, are interested in the preservation of the acquired property, which is the subject of a pledge that ensures delivery of the credit. Therefore, in the mortgage contract usually contains a condition under which the borrower is obliged at his own expense to insure the mortgaged property. When an atom is a contract of insurance for the duration of the loan agreement.
The insurance amount that is paid when the insured event, depends on the size of the premium (the premium). The insurance premium can be paid in whole or in installments. In the latter case, the contract shall be established by the consequences of failure to pay on time the next assessment. If the insured event occurred during the period of delay in payment of the next payment, the insurer may offset the amount of the fee for insurance claims. Insurance rates are often determined as a percentage of the sum insured, which is useful in calculating the fee when the insured value.
Insurer by the general rule may be to determine insurance rates. However, it follows from § 2 of Art. 954 of the Civil Code, in cases prescribed by law the insurance premium is determined in accordance with insurance rates, fixed or adjustable by the state insurance supervision. It should be noted that to date any tariff regulation in the voluntary property insurance is not carried out. Insurance rates for property insurance depends not only on the specific insurance risk, but also on other factors. These include the economic purpose of the object of insurance, type of structure, year of construction, the materials from which made the object of insurance, etc.
To determine the premium rate taking into account all these factors, the insurer determines the actual value of the property. Valuation of the property is usually carried out by qualified experts. However, this possibility is not always present, so the property can be assessed from the words of the insured, which often leads to an overestimation of the property. In a situation where over-the sum insured in the insurance contract was the result of fraud by the insured, the insurer may require that the contract null and void and compensation of these damages in excess of the amount received from policyholder premiums.
The same rule applies if the sum insured exceeds the insurable value of insurance as a result of the same object from two or more insurers - so-called double insurance. In this case, the amount of insurance compensation to be paid by each insurer shall be reduced proportionately reduce the sum insured under the relevant contract of insurance (Article 952 CC RF).
The insurer is naturally interested in the active assistance of the insured to reduce the amount of damage. The law requires that property insurance policyholder took reasonable steps available to it to reduce the size of potential losses, and expenses incurred while the insurer is obliged to compensate, even if the total payments exceed the sum insured (Art. 962 Civil Code). Therefore, a contract of insurance of immovable property may include the obligation of the insured to take necessary actions to save the property when the insured event: a timely challenge to the emergency services and law enforcement agencies, timely notification of the insurer, the use of local resources at hand, etc.
Real estate can be insured under a contract of insurance in favor of the person (the insured or the beneficiary), which has based on the law, other legal act or contract interest in preserving the insured property (section 1 of Art. 930 Civil Code).
As is evident from this formulation, the interest is only in the preservation of the property, but not getting any benefits and advantages associated with ownership, use or disposal of this property. Not insured and the interest associated with the possible costs for loss of or damage to the property. In other words, under a contract of insurance of immovable property shall be compensated only one component of the loss - the loss of or damage to property. It is also important that as the property damage here is the loss of ability to perform certain functions, for the interest in the preservation of the property lies in the fact that the property was in the same state, not only in terms of physical safety, but also from the standpoint of its functionality.
Person having an interest in preserving the property insured, is, above all, the owner, as a general rule, it bears the risk of loss or damage. However, the risk of loss or damage to property may be vested by law or contract to another person. For example, in the lease of immovable property may contain a condition that the risk of accidental loss of or damage to the leased property rests with the tenant. This view is reflected in the jurisprudence.
These are the basic concepts and rules for insurance of immovable property.
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