Insurance of Liability for Damage to Third Parties

Activities of most companies often involve their liability to their partners and customers, and also to third parties. Any accidental error or omission of the personnel may lead to considerable financial losses due to the liability of indemnifying the affected party for damage.

Such indemnities may be paid by the insurance company if a Third Party Liability Insurance Agreement is executed in due time with London-Almaty Insurance Company.

The third party liability insurance means reinstatement of violated rights, indemnification for damage to property, and enforcement of contractual obligations. Decisions on respective remedies are made by common-law courts, courts of arbitration and arbitration tribunals in a special procedural order.

What can be insured?

The object insured is the proprietary interests of the Insured compliant with the effective laws of the Republic of Kazakhstan related to its liability to reimburse for damage caused to life, health and/or property of third parties, that occurred in the course of the insured activities of the Insured.

Our third party liability insurance policy covers liability of companies under the following insurance classes:

• Third party liability insurance for damage caused in any activity;
• Vendors’ Professional Liability Insurance;
• Manufacturers’ third party liability insurance for the quality of their products.

What risks can be insured?

With our third party liability insurance policy you are insured against the following risks:

• Damage caused to life or health of third parties;
• Damage caused to property of third parties;
• Environmental pollution

Pricing Policy

Insurance value will be determined on the basis of the completed Questionnaire.

Factors affecting the insurance rate include:

• Type of professional activity of the Insured;
• Number and experience of the employees involved in the professional activity;
• Nature of the product;
• History of losses of the Insured;
• Period of insurance; and others.

Sum Insured means the amount of money covering the Insurable Object, which is a maximum limit of the Insurer’s liability in case of an event insured. The Sum Insured is determined as agreed by the parties.

Sums Insured are established for:

• Property damage;
• Physical damage;
• Damage related to environmental pollution.

What is the indemnification procedure?

• Property damage will be indemnified for to the extent of actual damage subject to the deductible;
• Physical damage will be indemnified for based on a pre-determined scale of indemnities or on a court decision;
• Damage due to environmental pollution will indemnified, to the extent required to clean up the sites, depending on the real damage and subject to the deductible.

London-Almaty Insurance Company does its best to make its insurance coverage reliable and pay indemnities out as soon as possible.

This is important to know

A deductible will be established at execution of an insurance agreement.

Deductible means a portion of expenses to be paid by the Insured to cover the losses, that is, the Insurer will not be liable for any damage not exceeding the amount specified in the respective agreement. Deductible can be expressed as both a currency amount and certain percentage of the sum insured.

The deductible will be established given the damage to property and the environment. No deductible will be established, as a rule, for physical damage.

Getting insured your third party liability in London-Almaty Insurance Company you will avoid a lot of problems.