Insurance premium and types of insurance
The insurance premium is a fee for insurance (Article 954 of the Civil Code of the Russian Federation), which the policyholder (a legal entity or individual who decides to insure life, health, property, liability or risks) pays to the insurer (a legal entity authorized to conduct insurance activities) upon concluding an agreement insurance.
Insurance occurs in relation to the occurrence of any specific cases, can be carried out both in the interests of the policyholder himself and in favor of third parties and can be either mandatory (provided for by one of the laws of the Russian Federation) or voluntary.
The amount of the insurance premium is indicated in the insurance contract and is determined according to the tariffs developed by the insurer itself or the insurance supervisory authorities.
There are many types of insurance:
- personal - related to life and health;
- property, designed to reduce losses from loss, shortage or damage to any property;
- various types of risks - such as, for example, technical, financial (including those associated with non-receipt of payment from buyers or goods from suppliers), legal;
- liability - for example, civil, professional, developer, borrower.
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Payers of premiums under an insurance contract
The insurance premium is paid by the person who entered into an agreement with the insurer. This person may be:
- employer - in relation to contracts of compulsory or voluntary personal insurance of employees;
- owner of property or a person disposing of it with the right of operational management (economic management);
- the person responsible for the safety of the property, including the tenant or carrier;
- a person who may face risks of certain losses due to circumstances beyond his control;
- a person who, due to his actions or, conversely, inaction, can cause damage to third parties.
In relation to the same item, insurance contracts with different insured parties may be in place at the same time: for example, the seller who dispatches it to the buyer and the carrier who carries out the actual delivery can insure property liability in relation to the same consignment of goods.
Property actually used under a lease agreement may be insured:
- Voluntarily: for example, by the tenant or landlord of the property. It is advisable to include a clause about who will insure the property in the text of the lease agreement. This will be important, for example, for payers of the simplified tax system working with the object “income minus expenses”, who will not be able to take into account the costs of voluntary insurance in expenses when calculating the single tax (subclause 7, paragraph 1, article 346.16 of the Tax Code of the Russian Federation, letter from the Ministry of Finance of the Russian Federation dated May 20, 2009 No. 03-11-09/179).
- Mandatory: for example, in relation to rented (leasing) vehicles, when the transport is registered in the name of the lessee (lessee) for the duration of the contract. The presence of an MTPL policy issued for this vehicle by the insured is mandatory when registering the vehicle with the State Traffic Safety Inspectorate.
Accounting for insurance costs
Voluntary vehicle insurance
Conclusion of an insurance contract
Vehicle insurance is carried out on a voluntary basis and before concluding a vehicle insurance agreement with an insurance company, you must familiarize yourself with its license, since insurance is a licensed activity. Particular attention should be paid to what specific type of insurance the insurer is entitled to provide.
For some types of insurance, including vehicle insurance, insurers issue standard insurance rules containing basic insurance conditions, which should also be read before concluding an insurance contract.
When concluding an insurance contract, you should seek the help of qualified lawyers, since the insurance rules developed by insurers may have provisions that contradict the law.
