Понятие за застраховка в полза на кредитор и застраховка на финансов риск
The Concept of Insurance Concluded in Favour of a Creditor and Insurance of Financial Risk

Summary/Abstract: The insurance concluded in favour of a creditor was regulated for the first time in Bulgaria by Article 199a of the Insurance Code, as amended in 2007. Hence, the insurance contract shall be concluded between the insurer and the creditor (who is also the holder of the insurance policy) and only upon the prior written consent of the debtor. The object of the insurance could be a property or the life of the debtor, therefore the insurance contract shall be property or life insurance. Upon occurrence of an insured event, the insurer shall be liable to the creditor up to the amount of the unpaid portion of the obligation, for the security of which the insurance contract is concluded, together with the interest and expenses as of the date of occurrence of the insured event. Where the indemnity or the insurance amount payable under the conditions of the contract exceeds this amount, they shall be paid to the debtor, his heirs or beneficiaries. Another kind of insurance is the insurance of financial losses – e.g. the insurance of the leasing contract. The insurer shall be obliged to pay the due leasing portions in case the debtor does not fulfill his obligations. The article states that this kind of insurance contract shall be deemed invalid, because the insurance risk is so high that an experienced insurer should not cover it. The article provides the argument that this kind of contract actually does not represent an insurance contract, but a cession. In case that an insurer had concluded such a contract, it shall be deemed invalid.

• Details
• Contents