Types of property insurance include: Voluntary property insurance and its types

The property of individuals and legal entities is often exposed to various risks, as a result of which it is damaged or becomes unsuitable for further use.

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Real estate owners may be in danger even at the stage of a purchase and sale transaction, as they may suffer from the criminal actions of intruders.

A timely issued insurance policy, which can be purchased from any Russian insurance company, will help minimize the likelihood of financial losses from property damage.

What it is

Property insurance is quite complex system relationships arising between an individual or legal entity with an insurance company. Close interaction between the insurer and the insured person begins at the moment of signing the relevant contract.

This document sets out the main objectives of the insurance company, which are to protect all property rights individuals or legal entities from various risks.

Property insurance covers not only the process of selling and purchasing property, but also all the interests of its owners associated with its operation, possession and disposal.

Economic essence property insurance is as follows:

• receiving timely insurance premiums from insured persons;
• payment of monetary compensation to victims upon the occurrence of insured event specified in the contract.

Currently the Federal Russian legislation allows individuals and legal entities to insure their property interests against any risks.

Most often, insurance policies indicate the following risks resulting in property damage:

• any type of damage;
• a loss;
• theft;
• shortage;
• intentional damage;
• damage to property as a result of entrepreneurial activity etc.

When an insured event occurs, the following payments are made under the insurance policy:

• the full value of the property of an individual or legal entity that was damaged as a result of an insured event specified in the policy (in some cases, insurers pay the insured persons cash to carry out all necessary restoration measures, after which the property will become suitable for further use);
• the amount of lost income by legal entities or individual entrepreneurs as a result of property damage (related to the insured event).

What types are there, their features

In the territory Russian Federation V last years The following types of property insurance are very popular:

• from commercial risks;
• from fire;
• from losses caused by interruptions in production;
• transport insurance;
• from risks new technology and technologies;
• other types.

Today in Russia, insurance participants can take out a policy that will protect the following property interests:

• , cottages, garages, unfinished objects, outbuildings, industrial and commercial buildings, etc.;
• and industrial premises;
• furniture, Appliances and other items used in everyday life by every person;
• private automobile transport and motor vehicles;
• art objects;
• harvest;
• livestock;
• pets (cats, dogs, exotic animals, etc.);
• various equipment powered by electrical network, is insured against damage caused by voltage surges;
• property involved by Russian citizens in their business activities, etc.

The following property cannot be included in insurance:

• stored in premises in disrepair;
• is faulty or has any other external signs of emergency;
• does not belong to the person who decides to take part in property insurance.

On special conditions Agreements may be concluded between insurance companies and legal entities and individuals for the insurance of the following types of property:

• Money;
• valuable papers;
• any documents and manuscripts;
• indoor plants;
• birds, etc.

Fire

Most often, Russian citizens, as well as leaders commercial organizations, insure their property against fire. This is explained by the fact that the majority of insured persons face precisely this type of risk.

By purchasing an insurance policy, individuals and legal entities provide comprehensive protection to their property:

• from fire (spontaneous combustion, intentional arson, malfunction electrical wiring etc.);
• from a lightning strike;
• from an explosion, etc.

Insurance companies offer Russian citizens and representatives of small and medium-sized businesses to include additional risks in their insurance policies that could cause damage to their property:

• any methods of theft;
• natural disasters;
• accidents in communication systems that caused property damage;
• traffic accidents, etc.

Transport

In recent years, car owners Vehicle as well as entrepreneurs and commercial companies who regularly organize the transportation of their products to their counterparties, actively participate in transport insurance.

This is due to the fact that various troubles can happen along the way with any car, truck, air, rail or river transport. If the owner of the cargo has an insurance policy, the insurer will reimburse him for all losses incurred.

Two types of policies may be involved in transport insurance:

• CASCO, this type of insurance includes: motor vehicles and motor vehicles;
• CARGO, this type of insurance policy is issued when transporting goods.

Legal entities and individuals who wish to take part in transport insurance should take into account that the cargo insurance procedure can be carried out under certain conditions:

• the insurer bears full responsibility for all risks;
• the insurer compensates for damage to the owner of the cargo only in the event of a private accident;
• The insurer is liable only in the event of a vehicle crash.

From losses due to interruptions in production

Many Russian businessmen often suffer large losses caused by production stops. Today they have a real opportunity to protect themselves from this type of risk. Thanks to participation in property insurance, the damage they suffer will be compensated by the insurance company.

Legal entities and individual entrepreneurs need to take into account one very important nuance. Magnitude monetary compensation, paid under the insurance policy, will directly depend on the downtime of production.

This nuance is necessarily discussed by the insurance company with each client and is specified in the relevant contract. Maximum term permissible downtime is 12 months (it can be reduced at the request of the policyholder).

In this case, to calculate insurance rate the total cost of gross output produced at the insured's enterprise will be taken into account.

Insurance payment rates are set as a percentage of total cost gross output produced. Depending on the subjective conditions of the production cycle, the insured is allowed to differentiate insurance premium(tariff).

Commercial risks

Beginning commercial activities, Russian businessmen must be prepared for any surprises and risks.

By taking part in property insurance, representatives of medium and small businesses can protect financial losses that arise in the following cases:

• in case of unfavorable conditions in the domestic market;
• deterioration of conditions for the development of economic and investment activities;
• influence financial crisis for the policyholder's business, etc.

Other types

Individuals and representatives of medium and small businesses also participate in other types of property insurance:

• cash at the time of transportation;
• construction of residential and industrial facilities;
• cash deposits placed in domestic financial institutions;
• water transport, etc.

IN Lately Another type of property insurance – against political risks – has become very popular.

Property insurance obligations

Each insurance company has certain obligations to the insured person that must be fulfilled upon the occurrence of any of the insured events specified in the contract.

Any property of Russian citizens and representatives of medium and small businesses can be the object of insurance.

The procedure for conducting settlements between insurers and policyholders is regulated by the legislation in force on the territory of the Russian Federation.

Upon the occurrence of an insured event, the insurer, after appropriate verification and registration, will have to carry out compensation payment the owner of the damaged property.

Types of agreement

Between the parties participating in property insurance, in mandatory an agreement is concluded that defines their rights and obligations.

According to requirements Civil Code of the Russian Federation to obtain property insurance, insurance companies can enter into the following agreements with legal entities and individuals:

1. Property insurance contract.
2. Civil liability insurance contract.
3. Business risk insurance agreement.

Property insurance provides an opportunity for individuals and legal entities to protect their property from various risks. Depending on the specific insurance cases, several types of insurance can be used simultaneously. A property insurance contract involves covering such basic risks as loss, death, threat to life and health.

This list also includes financial risk insurance. The choice of a specific type of insurance directly depends on the property interests of the policyholder. The amount of payments in each specific case depends on the estimated value of the insured property.

What it is

Property insurance is a specific industry, the main object of which is property or property interests. Property interest in this case may be associated with the possession, use or disposal of material assets.

The scope of property insurance also includes civil liability, business and financial risks.

On the territory of the Russian Federation, any individual or legal entity can enter into a property insurance agreement. Upon the occurrence of an insured event, the insurer compensates for damage caused as a result of loss, loss or any other insured risk agreed in advance. The insurer is obliged to compensate the beneficiary for losses in the amount of the established insured amount.

Kinds

The following main types of property insurance are distinguished:

• transport;
• from fire;
• prevention of commercial risks;
• losses from business interruptions;
• new equipment or technologies.

There are also types of insurance related to the protection of real estate, pets and other property. Specific types of insurance also include insurance:

• construction;
• cash (for the duration of transportation in transport);
• from theft;
• deposit protection;
• railway transport;
• air transport;
• sea ​​vessels;
• other property.

You can find out more about the types of property insurance for individuals and legal entities.

All types of property insurance are inextricably linked with the right to own, dispose and use property.

Classifications

All cases of insurance risks are divided into 3 main categories:

• loss of ownership of property;
• related to the insured property;
• responsibility to other persons.

Any individual or legal entity has the right to insure its property against one or several risks at once.

Property insurance objects

Beneficiaries in the case of property insurance can be individuals, as well as industrial or agricultural enterprises. Property insurance objects for individuals are:

• apartment (insured events include flooding by neighbors, theft or robbery, fire);
• house (owners of private houses mainly choose such insurance risks, like fire and theft);
• dacha or country cottage(most often this is a fire, theft, natural disaster, collision with a vehicle, objects falling on a house and outbuildings);
• valuable items (antiques, securities, tomes, jewelry, family heirlooms).

On plot of land You can also insure a garage, a bathhouse, unfinished house and other objects. Property insurance objects for enterprises include:

• various buildings and utility structures;
• unfinished construction projects;
• cars and special equipment;
• property that has been accepted for processing, commission appraisal or safekeeping.

For agricultural enterprises, the objects of insurance are additionally animals and crops, including those not yet harvested.

Until 1998, there was a law requiring insurance countryside real estate by 40% of its value. Today, real estate insurance is voluntary.

Fire

Provides property insurance against fire and other factors causing fire. Provides full insurance in the event of the following insured events:

• lightning strike;
• fire;
• explosion;
• arson.

Together with fire insurance, the list includes the following insured events:

• natural disasters (hail, hurricane, severe storm, snowfall, landslide);
• accident at engineering structures;
• smoke.

When insuring against fire, the contract must specify the risks for which payments are not made.

Transport

Transport insurance includes a complex of various types allowing you to reliably insure any vehicle. There are 3 main principles of an insurance policy:

• (required);
• (voluntary);
• CARGO (cargo insurance).

By agreement of the parties, the list of insured events may additionally include risks that were not previously taken into account in the contract.

From losses due to suspension of production

This type will be useful to owners of various enterprises to prevent the risk of damage during forced downtime. The amount of payments directly depends on the duration of the downtime. This type is most often an addition to the insurance contract for the main, as well as revolving funds enterprises. Insurance payment rates are calculated taking into account the turnover value of products.

The maximum period for which the contract is concluded is 1 year. At the initiative of the policyholder, this period can be reduced. At the same time, the amount of insurance payments is reduced.

Commercial risks

The main object is . This is the most complex type of voluntary insurance. The insurance risks in this case are:

• financial losses resulting from unexpected changes in market conditions;
• deterioration investment conditions due to external circumstances.

Read about financial risk insurance.

Insurance payments for such risks allow you to compensate for financial losses.

Insurance obligations

All possible obligations for property insurance are necessarily fixed in the contract. According to it, the insurer undertakes to pay the insured, in the event of a risk risk, compensation for losses incurred. Obligations apply to the following types of insurance:

• property;
• entrepreneurial risk;
• civil liability.

Insurer's obligations:

• familiarization of the policyholder with the terms of the contract;
• consider the application for the occurrence of an insured event within the established time frame;
• pay compensation in a timely manner upon the occurrence of an insured event;
• compensate for expenses incurred by the policyholder.

In some cases, at the request of the policyholder, additional reduction of the insurance risk is carried out.

Responsibilities of the policyholder:

• provide the insurer with exclusively truthful information when concluding a contract;
• pay insurance premiums on time;
• take measures to reduce losses;
• notify of the occurrence of an insured event within the period specified in the contract.

The policyholder is also obliged to notify the insurance company of other concluded contracts.

Types of contracts

The property insurance contract can be drawn up in any form.

Forms

There are the following main forms of property insurance:

• voluntary;
• mandatory;
• Mandatory state.

In the first case, the policyholder himself decides on the need to conclude a contract. In the other two, according to Articles 269 and 235 of the Civil Code of the Russian Federation, property owners are required to insure it and obtain a policy.

Read what real estate title insurance is.

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conclusions

is a broad industry that includes the protection of property of individuals as well as legal entities. It is issued voluntarily, at the initiative of the insurer. In some cases, the legislation of the Russian Federation provides compulsory insurance some types of property. For example, in car insurance this is a compulsory motor liability insurance policy. What is OSAGO in simple language can be read. The object of insurance can also be commercial, financial and political risks.

Types of insurance are the areas in which insurance companies operate in the insurance market.

All types of insurance are divided by insurance objects.

In accordance with the law of the Russian Federation “On the organization of insurance business in the Russian Federation” identify the main types of insurance:

property

business risk insurance

liability Insurance

This is the official separation insurance market used in Russia by statistical authorities when preparing reports.

Due to insurance relations do not stand still and are constantly developing? new types of insurance have appeared. We will look at them below.

Personal insurance

In personal insurance, the objects of insurance are life, health, ability to work and pension provision the policyholder or the insured person.

In accordance with the Conditions for licensing insurance activities on the territory of the Russian Federation, personal insurance includes:

Is life insurance a guarantee of payment to the insured? upon the occurrence of an insured event or reaching of a certain age, determined by the insurance contract for the amount of money.

In addition, a life insurance policy is a good investment tool that allows you to increase your savings.

Endowment life insurance got its name because by the time the program ends, you will have accumulated a significant amount, in addition, it is a tool for investing money.

In other words, the insurer invests your money in stock market and a percentage of the profit determined by the agreement is transferred to your account.

Accident insurance - the object of insurance is the interests of the insured person in the event of loss of health or death as a result of an accident.

In this type of insurance, insured events are:

injuries and other bodily harm;

burns, poisoning, hypothermia and frostbite;

disability and death of the insured.

Medical insurance guarantees medical care both at the expense of voluntary accumulation of VHI, and at the expense of the state - compulsory medical insurance

Medical insurance in the Russian Federation is represented by two types:

Compulsory health insurance;

Voluntary health insurance.

Compulsory health insurance (CHI) is a type social insurance, produced on a mandatory basis, designed to provide citizens with the occurrence of an insured event with a minimum of free medical care provided at the expense of the budget and off-budget funds, according to the approved program of mandatory health insurance and within the limits established by federal legislation.

The purpose of voluntary health insurance (VHI) is to provide citizens with additional medical services that are not included in the list of mandatory medical services guaranteed by the state under the compulsory health insurance policy.

Children's insurance . Its essence is to compensate for the costs of restoring the child’s health after an illness, accident or disability.

Policyholders can be parents, close relatives, guardians or trustees. There are no strict restrictions on the period of insurance and the age of the insured.

Pension insurance - under this type of payment, payments are made only upon reaching retirement age.

Pension insurance is divided into compulsory and voluntary.

Mandatory pension insurance carried out by the state, payments are made from the federal budget.

Compulsory pension insurance of citizens is carried out in cases of retirement:

old age;

when developing work experience;

on disability.

Voluntary pension insurance is carried out by non-state pension funds(NPF) or insurance companies.

Insurance is carried out at the expense of citizens or contributions from wages(6%) produced by the employer. Usually it comes as an addition to compulsory pension insurance.

Passenger insurance is mandatory and is carried out on automobile, air and aquatic species transport. Its purpose is to cover the costs of treatment or cash payment in case of loss of working capacity or death of the insured.

The amount of insurance payment varies depending on the type of transport. The insurance fee is already included in the ticket price. For example, insurance for passengers on the metro, trains, when flying on airplanes, etc.

Employee insurance is carried out by the employer and aims to insure the life and (or) health of the employee. Basically it is mandatory (insurance for employees of the Ministry of Internal Affairs, Ministry of Emergency Situations, Medical institutions).

Property insurance

In property insurance, the object of insurance is the property that we own, use and dispose of. Movable and immovable property, personal belongings.

The insurance market in this segment is developing in two directions: insurance of property of citizens and insurance of property of legal entities.

Property insurance includes:

Insurance real estate allows you to insure buildings, structures, premises, including houses and apartments and everything engineering equipment located inside the facility (heating, water supply, sewerage, etc.).

An insurance contract can be concluded without an agent visiting the property; in this case, the cost of the policy will be lower, but the amount of insurance payment will also be limited.

When the agent visits the property, a more detailed inspection of the property is carried out. In this case, there are practically no restrictions on the terms and amount of the insurance contract.

Vehicle insurance(land, air, water) is carried out in case of complete loss of the insured object (both actual and structural - when the cost of repair exceeds the cost of the object itself) or damage to the hull, mechanisms, equipment that occurred during the operation and storage of the vehicle as a result of:

natural disasters, explosion, fire, capsizing, running aground, collision with other ships and objects;

breakdowns of mechanisms and equipment;

hijacking a ship or stealing its parts.

Cargo insurance- the risks of damage or loss of cargo during transportation, loading/unloading, and storage are insured.

You can insure the entire cargo or part of it. Accordingly, the insurance payment will be made either in full for the cargo or in part of the lost cargo.

Liability Insurance

In liability insurance, the object of insurance is property interests associated with compensation by the insured for harm caused to the person or property of an individual, as well as harm caused to a legal entity.

Liability insurance includes:

Civil liability insurance for vehicle owners (MTPL) is a tool that guarantees insurance payment participants in a traffic accident. In this type of insurance, the state sets rates and insurance rules.

Carrier civil liability insurance - all organizations (regardless of ownership) and individual entrepreneurs are required to insure their liability to passengers.

The compulsory insurance policy guarantees passengers compensation for damage caused to their life, health or property during transportation the following types transport:

railway transport (suburban, long-distance, international transport);

air transport (domestic and international planes and helicopters);

sea ​​transport;

inland water transport;

bus transportation (intracity, suburban, intercity and international transportation);

urban electric transport (trolleybuses and trams);

light metro and monorail transport.

Insurance of civil liability of enterprises - sources of increased danger - protection of property interests of organizations operating dangerous production facilities associated with the risk of these organizations causing harm to the life, health or property of third parties and the environment as a result of an accident during the operation of a hazardous production facility

Professional liability insurance allows you to protect your property interests related to the performance of professional duties and means that Insurance Company compensates for damage unintentionally caused by the insured's employees to third parties.

With professional liability insurance, the insurance company not only compensates for damage caused, compensates legal costs and other expenses for settling claims, but also in cases provided for by the agreement insurance, settles claims of third parties.

Liability insurance for non-fulfillment of obligations is the obligation of the insurance company, in the manner established by civil law, to compensate for losses and pay a penalty to the creditor in connection with the non-fulfillment (improper fulfillment) of the obligations of the insured person.

Product liability insurance allows manufacturers to protect themselves from an unplanned outflow of cash resources in the event of claims being brought against them for inadequate product quality.

Insurance of general civil liability to third parties for damage caused. The insurance object is possible expenses The Policyholder (Insured Person) arising as a result of his obligation to compensate for damage caused to the life, health or property of Third Parties.

Entrepreneurial risk insurance (business)

When insuring business risks, the object of insurance is property interests associated with compensation to the entrepreneur for losses, as well as lost income from business activities, provided that his counterparties violate their obligations or other changes in the conditions of activity due to circumstances beyond the control of the entrepreneur.

Types of business risk insurance are:

insurance against business interruption due to loss or damage to property as a result of fires, explosions, accidents and other events;

insurance of investments against political and commercial risks;

deposit insurance;

financial guarantee insurance;

non-payment risk insurance;

export credit insurance.

Agricultural insurance includes insurance:

agricultural crops;

perennial plantings;

livestock insurance;

building insurance;

structures, machines, inventory and equipment of agricultural enterprises and farms;

From exposure to the elements and natural factors, such as flood, fire, locust invasion, etc.

International insurance carried out in the following cases:

If you are trying to access medical care world class
advanced medical technologies, methods of treatment, diagnosis and rehabilitation, as well as the services of highly qualified doctors around the world.

If you foreign citizen and work in Russia.

If you often travel abroad.

Collective insurance, in simple terms, several individuals are insured as a single whole. For example, a collective loan, i.e. several people act as loan borrowers and insure their lives and health or buy insurance against job loss.

Investment insurance allows you to invest money in the stock market without the risk of losing your investment.

Marine insurance is aimed at compensating damage caused to sea and river vessels and (or) transported cargo.

Developer liability insurance is the responsibility of the developer to insure risks when attracting funds from citizens on the terms equity participation at improper execution obligations to transfer residential premises under an agreement for participation in shared construction

Title insurance provides insurance protection in case of loss of ownership or other proprietary rights to real estate if your transaction is declared illegal in court due to events that were not known to you at the time of entering into the purchase and sale agreement.

Main difference title insurance from other types is that it protects the owner from events that have already occurred that were not known at the time of the conclusion of the real estate transaction.

Political risk insurance - political risks include risks related to force majeure events that are independent of the will of the parties to the transaction, but cause property damage to the interests of one of them.

IN ordinary contract insurance, this list of risks refers to the so-called “force majeure clause,” meaning that damage to the property interests of the insured upon the occurrence of the listed force majeure events does not entail the insurer’s obligation to compensate for the damage caused.

Classification of types of insurance

Types of insurance are classified into compulsory and voluntary insurance.

Voluntary insurance- this is when the policyholder voluntarily, to protect his property, life or health, as well as other interests, enters into an insurance contract.

Compulsory insurance- this is when the obligation to conclude an insurance contract arises by force of law and ignoring this obligation can lead to financial sanctions. (MTPL, compulsory medical insurance, tourist insurance, passenger insurance).

In property insurance, property is understood not only as a specific item, thing, but also as a group of things, items, products, as well as means of transport, cargo, state property and property of citizens, financial risks, etc.

Under special insurance contracts, individual insurers accept for insurance:

• a) various collections, paintings, unique and antique items, if the policyholder has a document confirming their assessment by a competent organization;
• b) products from precious metals, semi-precious and ornamental stones;
• V) Construction Materials, including those located on the land plot;
• d) walk-behind tractors, other gardening equipment, equipment, spare parts

property insurance individual

In insurance practice, property insurance includes any insurance not related to personal insurance and liability insurance.

The variety of values ​​accepted for insurance, differences in the set of events against which insurance is carried out insurance protection, cause the need to classify this sub-industry of insurance. The classification can be based on various criteria.

Two classifications are used: by insurance object and by type of danger. The first classification is general, the second is partial, covering only property insurance.

It is also important to subdivide the types of insurance depending on who is the policyholder. Based on this criterion, two groups can be distinguished:

insurance of property of legal entities (industrial property);

insurance of property of individuals (personal property).

In turn, these groups, depending on specific objects, can be divided into individual species. In particular, the first group includes enterprise property insurance, cargo insurance, water and air transport insurance. The second group includes insurance of buildings and apartments owned by citizens, insurance of household property, and insurance of pets.

The form of insurance can be mandatory or voluntary.

Compulsory insurance is carried out by force of law, based on social expediency. When it is carried out, there is an unlimited time limit. insurance liability By established by law it occurs automatically for the objects of insurance and the circle of policyholders.

Compulsory insurance includes:

compulsory insurance of property owned by citizens (residential buildings, buildings, etc.), the loss or damage of which affects not only personal, but also public interests;

state compulsory insurance of passengers against accidents in air, rail, sea, and road transport;

Voluntary insurance is carried out by force of law on a voluntary basis. The law defines General terms, and the specific conditions of insurance are regulated by the insurer in the insurance contract. This form provides the opportunity to freely choose services on the insurance market.

Property insurance protects the interests of the policyholder related to the ownership, use, and disposal of property:

agricultural insurance (crops and animals);

insurance of citizens' property;

property insurance of enterprises of various forms of ownership.

All classification links are arranged so that each subsequent link is part of the previous one.

Property primarily refers to things, money, securities and other objects. Property should include any valuables, except those insured under other types of insurance contracts. A property insurance contract can only be concluded in favor of an interested party who has legal grounds for doing so (clause 1 of Article 930 of the Civil Code of the Russian Federation). This interest arises among persons who have property by right of ownership, or among persons who are entrusted with the responsibility to ensure the safety of this property. In accordance with paragraph 2 of Art. 930 of the Civil Code of the Russian Federation, a property insurance contract concluded when the policyholder or beneficiary has no interest in preserving the insured property will be invalid. Despite this, a property insurance contract can be concluded without specifying a name. In this case, the policyholder is issued an insurance policy to bearer (clause 3 of Article 930 of the Civil Code of the Russian Federation) The following property interests can be insured under a property insurance contract:

1) the risk of loss (destruction), shortage or damage to certain property (Article 930 of the Civil Code of the Russian Federation);

2) the risk of liability for obligations arising from causing harm to the life, health or property of other persons, and in cases provided for by law, also liability under contracts - the risk of civil liability (Articles 931, 932 of the Civil Code of the Russian Federation).

3) the risk of losses from business activities due to violation of their obligations by the entrepreneur’s counterparties or changes in the conditions of this activity due to circumstances beyond the entrepreneur’s control, including the risk of not receiving expected income - business risk (Article 933 of the Civil Code of the Russian Federation).

Under a business risk insurance contract, only the business risk of the policyholder himself can be insured and only in his favor.

According to paragraph 2 of Art. 947 of the Civil Code of the Russian Federation when insuring property or business risk, unless otherwise provided by the insurance contract, sum insured should not exceed their actual value.

– for property – its actual value at the location of the property at the time of concluding the insurance contract;

– for business risk – losses from business activities that the policyholder may incur upon the occurrence of an insured event.

Insurance compensation under contracts is determined and paid in monetary equivalent. However, according to paragraph 4 of Art. 10 of the Law of the Russian Federation “On the organization of insurance business in the Russian Federation”, the terms of the property insurance contract may provide for the replacement of insurance payment with compensation for damage in in kind within the amount of insurance compensation.

The essential conditions of property insurance include:

– the amount of the insured amount;

- contract time;

– property or property interest that is the object of insurance;

– the nature of the event against which the insured event is insured.

TO species property insurance in accordance with Art. 32.9 of the Law of the Russian Federation “On the organization of insurance business in the Russian Federation” includes:

1) insurance of land transport vehicles (except for railway transport vehicles);

2) insurance of railway transport vehicles;

3) insurance of air transport;

4) insurance of water transport;

5) cargo insurance;

6) agricultural insurance (insurance of crops, crops, perennial plants, animals);

7) insurance of property of legal entities with the exception of vehicles and agricultural insurance;

8) insurance of citizens’ property with the exception of vehicles;

9) civil liability insurance for vehicle owners;

10) civil liability insurance for owners of aircraft;

11) insurance of civil liability of owners of water transport vehicles;

12) insurance of civil liability of owners of railway transport vehicles;

13) civil liability insurance for organizations operating hazardous facilities;

14) insurance of civil liability for damage caused by defects in goods, works, services;

15) insurance of civil liability for damage to third parties;

16) insurance of civil liability for non-fulfillment or improper fulfillment of obligations under the contract;

17) insurance of business risks;

18) financial risk insurance.

They can be combined into three main groups, such as property insurance (Article 930 of the Civil Code of the Russian Federation), insurance of civil liability (Articles 931, 932 of the Civil Code of the Russian Federation) and business risks (Articles 933, 967 of the Civil Code of the Russian Federation).