Common use of Insurance Act and Indemnification Clause in Contracts

Insurance Act and Indemnification. 4.4.1. 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 3 (three) working days (except for the cases when the corresponding term and condition is provided for the particular event by this Terms and Conditions), the insurance reimbursement will be transferred for the benefit of the Insured (Beneficiary) on the bank account number indicated in the Insurance Act. If the Insured becomes liable to delegate the proprietary right and direct ownership to the Insurer due to insured event on the damaged parts of the vehicle; due to destruction (total loss) of the insured vehicle – on the damaged vehicle, and because of hijacking the vehicle and if the hijacked vehicle is found – on the found vehicle, the Insurer shall withheld paying out the insurance indemnification until fulfillment of the mentioned obligations by the Insured (Beneficiary). 4.4.2. if the damage is incurred through unlawful actions taken by the third party, theft, burglary, robbery (or attempt thereof), insurance indemnification shall be paid within 2 (two) calendar months after receipt of all the documents necessary for payment of the insurance indemnification; The Insurer shall reserve the right to postpone the decision to pay out the insurance indemnification in case when in relation to the fact of occurrence of the insured event the criminal proceedings are instituted against Insured, Authorized Driver, (Beneficiary) or his/her representative; 4.4.3. If the lawsuit due to the occurrence of the event covered by paragraph 1.1.

Insurance Act and Indemnification. 4.4.1. 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 3 (three) working days (except for the cases when the corresponding term and condition is provided for the particular event by this Terms and Conditions), the insurance reimbursement will be transferred for the benefit of the Insured (Beneficiary) on the bank account number indicated in the Insurance Act. If the Insured becomes liable to delegate the proprietary right and direct ownership to the Insurer due to insured event on the t he damaged parts of the vehicle; due to destruction (total loss) of the insured vehicle – on the damaged vehicle, and because of hijacking the vehicle and if the hijacked vehicle is found – on the found vehicle, the Insurer shall withheld paying out the insurance indemnification until fulfillment of the mentioned obligations by the Insured (Beneficiary). 4.4.2. if the damage is incurred through unlawful actions taken by the third party, theft, burglary, robbery (or attempt thereof), insurance indemnification shall be paid within 2 (two) calendar months after receipt of all the documents necessary for payment of the insurance indemnification; The Insurer shall reserve the right to postpone the decision to pay out the insurance indemnification in case when in relation to the fact of occurrence of the insured event the criminal proceedings are instituted against Insured, Authorized Driver, (Beneficiary) or his/her representative; 4.4.3. If the lawsuit due to the occurrence of the event covered by paragraph 1.11.