Private Executive Officer agreed insurance rules (google translate)

The minimum insurance amount under the contract of insurance of liability of private executors in 2017 amounted to UAH 3.2 million, while the policyholder has the right to initiate an increase in the amount of the amount during the period of the contract.

   This norm is fixed in the final version of the contract of insurance of liability of private executors. The document was discussed during a workshop held on March 17 in the Ministry of Justice of Ukraine with the participation of representatives of the Center for Commercial Law and Insurers, according to a press release of the League of Insurance Organizations of Ukraine (LIOU).

   The subject of the contract is compensation for damage unintentionally inflicted by the insured to third parties as a result of improper performance of the duties of the private contractor. The insurance event, according to the contract, is the fact of the liability of the insured for causing damage to the property interests of third parties in connection with the event (unintentional error, omission, etc.), confirmed by the insured or court decision that entered into legal force.

   As reported, LIOU and the Center of Commercial Law at the meeting of the working group on insurance of liability of private executors on January 24, 2017 worked out the draft of the contract of voluntary insurance of civil liability of the private contractor with the agreed amendments, heard comments on the discussion points.

   The Verkhovna Rada adopted on June 2, 2016 the law "On Bodies and Persons Exercising Compulsory Enforcement of Judgments and Decisions of Other Bodies," which determines the basis for organizing and carrying out enforcement of judgments and decisions of other bodies (officials) by state executive bodies and private executors , Their tasks and legal status.

In accordance with the requirements of Art. 24, a private contractor must insure his civil liability before third parties before commencing activities.

   The law provides that the minimum amount of the insured amount under the said insurance contract should amount to 10% of the total amount of recovery on executive documents that are executed by the private contractor during the year, but not less than 1 thousand minimum wages as of the beginning of the corresponding calendar year. Such private insurance contracts must be concluded by a private contractor for a new period not later than 10 days before the end of the insurance contract.