Insurance coverage is Concept, rules and exceptions

2024 Author: Howard Calhoun | [email protected]. Last modified: 2024-01-07 20:55

Insurance coverage is a set of events stipulated by the company's conditions that can lead to damage and the organization's obligation to make the corresponding payment. Such an incident can be, for example, harm to persons as a result of the activities of an enterprise that is insured in connection with the loss or damage to cargo during its transportation due to a shipwreck, etc. This concept is especially common in the auto insurance system.

Concept

In short, insurance coverage is the direct obligation of the company to compensate the client for loss or damage resulting from the actual occurrence of an insured event.

Such coverage is a certain amount of liability, or a list of certain risks that the company takes on, pledging to pay the required amount as part of the compensation in case of their occurrence. Insurance coverage reflects the extent to which the company satisfies the interests of the client. This term is used to designate the amounts provided for reimbursement and to determine the list of risks against which the object is insured.

CASCO coverage: rules

What is CASCO insurance coverage? In order to receive prompt compensation for the damage caused, it is required to submit an application as soon as possible. That is, to report the fact of the occurrence of an insured event. The deadline is three days, and one worker at theft of the vehicle. After an accident, you should call the number listed on the policy for further instructions from your personal agent.

A complete list of documents that are necessary for the payment of insurance damage under CASCO in the event of an accident is always presented on the official website of each company. Next, let's talk about the established time periods that must be respected as part of the refund to customers.

Payment terms

This information is always indicated in the contract. The countdown is from the date of submission of the last document. The time span of CASCO insurance coverage is given to the company in order to carry out two actions. Firstly, to evaluate the very basis for receiving financial compensation for damage in the event of an insured event. Second, determine its size.

Modern insurance companies have all the necessary technical base for high-quality and fast carrying out of many required examinations. Which significantly reduces the time for receiving payments, savingcustomer time.

What does an exclusion from coverage mean? When can a firm refuse?

When coverage is not available

There are a number of cases when recovery of compensation under CASCO is not carried out:

1. The policy was overdue.
2. The owner deliberately harmed his own car.
3. In the event that the conditions of operation of the car specified in the contract did not correspond, then the occurrence of the insured event is invalidated.
4. The car was driven by a person who does not have the right to do so (including the owners themselves in a state of drug or alcohol intoxication).

There may also be other reasons for refusal, which must be prescribed in the contract without fail.

Amount of insurance payments and damage assessment

The amount of compensation directly depends on many different factors. For example, on the type of insurance, the use of additional options. In order to determine the exact amount of insurance coverage, companies resort to the services of an independent and objective examination.

It is worth emphasizing that the protection of he alth and life is not provided for in all voluntary insurance programs. But, if CASCO does not provide for recovery of compensation for this type of damage, the client can always count on receiving money at the expense of OSAGO of the person responsible for the accident. Provided that he himself is not.

Indemnification

InsuranceCASCO coverage, as a rule, is of two types:

1. In the form of monetary compensation.
2. As part of sending the vehicle to a service station for repair.

Having completed the documents according to the rules and following all the required manipulations, customers can count on maximum CASCO payments.

What needs to be done to get paid

To do this, it is recommended to meet the following conditions:

1. Immediately call the police to the scene of the accident.
2. Never move or touch the vehicle.
3. It is not advisable to negotiate with the rest of the participants in the incident, thereby bypassing government agencies.
4. After the fact that the protocol has been drawn up, it is required to carefully study it.
5. It is recommended that you contact your insurance company as soon as possible.
6. Providing the entire package of documents that is installed and required by the insurer.

What documents are required

In some situations, the company has the right to require an additional package of documentation, which, in the opinion of the employees of the organization, is necessary to restore the full picture of the incident. But mostly clients are required to provide the following set of papers:

1. Providing an identity card by a citizen.
2. Providing the original and copy of the driver's license along with the registrationmachine documentation.
3. Having a CASCO policy.
4. Presentation of an accident scheme certified by the traffic police.
5. In case of theft, they provide the alarm key fobs left from the car along with chips, keys.
6. Among other things, when stealing, you must provide a copy of the initiation of a criminal case.

You need to remember that the list of documents may vary and change depending on the specific case.

Thus, specialized companies include a variety of risks in insurance coverage, which are stipulated by the rules. Clients can choose for themselves only the most relevant of them and the type of corresponding coverage. Liability under the policy may be extended (subject to the occurrence of any of the specified risks, except for cases stipulated in advance in the agreement) and limited (with a specific list). Within CASCO and auto insurance, the set of incidents includes an accident along with theft, acts of third parties, natural disasters and the like.

We considered that this is insurance coverage.