Common use of Insurance Act and Indemnification Clause in Contracts

Insurance Act and Indemnification. 8.1. Upon receipt of all the documents required for indemnification (inter alia loss assessment act (cost estimation)) an Insurance Act is drawn up, which is a basis for indemnification and is signed by both parties (the Insurer and the Insured/Beneficiary). By signing the Insurance Act, the parties agree on the final amount of the insurance indemnification and other conditions, after which, within the terms of article 4.2.4, the insurance reimbursement will be transferred for the benefit of the Insured (Beneficiary) on the bank account number indicated in the Insurance Act. 8.2. If the Insurer and the Insured fail to reach agreement on final volume of loss, the loss shall be estimated by an independent expert. The costs of the loss estimation shall be covered by that party who initiates such assessment, in case of joint initiative, the costs are shared equally. 8.3. In case of total xxxx of the property, the amount to be reimbursed by the Insurer shall be reduced by the remained insurance premium amount (if such exists) for the remained insurance period to be paid to the Insurer by the Insured. 8.4. If the insured interest covered under this Agreement and a relevant insurance policy is insured simultaneously at several insurers, the Insured shall inform the Insurer on such insurance and specify the names of the other insurers and the sum insured in the respective written notification. In this case, i.e. if it is proved that the insured interest is covered against one and the same risks with several insurers and the total amount of the insurance indemnification exceeds the market value, the insurers shall be jointly liable to pay the sum provided under the relevant Insurance Agreement (Insurance Policy), but the Insured shall have no right to get the sum that exceeds the real loss in total.

Insurance Act and Indemnification. ‌ 8.1. Upon receipt of all the documents required for indemnification (inter alia loss assessment act (cost estimation)) an Insurance Act is drawn up, which is a basis for indemnification and is signed by both parties (the Insurer and the Insured/Beneficiary). By signing the Insurance Act, the parties agree on the final amount of the insurance indemnification and other conditions, after which, within the terms of article 4.2.4, the insurance reimbursement will be transferred for the benefit of the Insured (Beneficiary) on the bank account number indicated in the Insurance Act. 8.2. If the Insurer and the Insured fail to reach agreement on final volume of loss, the loss shall be estimated by an independent expert. The costs of the loss estimation shall be covered by that party who initiates such assessment, in case of joint initiative, the costs are shared equally. 8.3. In case of total xxxx of the property, the amount to be reimbursed by the Insurer shall be reduced by the remained insurance premium amount (if such exists) for the remained insurance period to be paid to the Insurer by the Insured. 8.4. If the insured interest covered under this Agreement and a relevant insurance policy is insured simultaneously at several insurers, the Insured shall inform the Insurer on such insurance and specify the names of the other insurers and the sum insured in the respective written notification. In this case, i.e. if it is proved that the insured interest is covered against one and the same risks with several insurers and the total amount of the insurance indemnification exceeds the market value, the insurers shall be jointly liable to pay the sum provided under the relevant Insurance Agreement (Insurance Policy), but the Insured shall have no right to get the sum that exceeds the real loss in total.

Insurance Act and Indemnification. 8.1. Upon receipt of all the documents required for indemnification (inter alia loss assessment act (cost estimation)) an Insurance Ins urance Act is drawn up, which is a basis for indemnification and is signed by both parties (the Insurer and the Insured/Beneficiary). By signing the Insurance Act, the parties agree on the final amount of the insurance indemnification and other conditions, after which, within the terms of article 4.2.4, the insurance reimbursement will be transferred for the benefit of the Insured (Beneficiary) on the bank account number indicated in the Insurance Act. 8.2. If the Insurer and the Insured fail to reach agreement on final volume of loss, the loss shall be estimated esti mated by an independent expert. The costs of the loss estimation shall be covered by that party who initiates such assessment, in case of joint initiative, the costs are shared equally. 8.3. In case of total xxxx of the property, the amount to be reimbursed by the Insurer shall be reduced by the remained insurance premium amount (if such exists) for the remained insurance period to be paid to the Insurer by the Insured. 8.4. If the insured interest covered under this Agreement and a relevant insurance policy is insured simultaneously at several insurers, the Insured shall inform the Insurer on such insurance and specify the names of the other insurers and the sum insured in the respective written notification. In this case, i.e. if it is proved that the insured interest is covered against one and the same risks with several insurers and the total amount of the insurance indemnification exceeds the market value, the insurers shall be jointly liable to pay the sum provided under the relevant Insurance Agreement (Insurance Policy), but the Insured shall have no right to get the sum that exceeds the real loss in total.