Compulsory TPL of private notaries

The Insurance is carried out on a basis of the Law of the Republic of Kazakhstan of 11 June 2003 No 435-II “On Compulsory Third Party Liability Insurance of the Private Notaries”.

 

The purpose of compulsory third party liability insurance of the private notaries is providing property interests protection of third parties which were injured in a result of notarial actions execution by the private notary, by means of indemnity payment.

 

Object of insurance is property interests of private notary connected with his liability to reimburse damage incurred to third parties in a result of his notarial actions execution.

 

Insurance event is a fact of occurrence of third party liability of Insured to reimburse damage incurred to property interests of third parties in a result of notarial actions execution by the private notary. 

 

Insurance period — 12 months.

 

Sum insured for notaries executing their activity on a territory of a city of republican status, capital – not less than 1 000 MCI, for other notaries – not less than 500 MCI.

 

Annual insurance rate — not more than 4,5% of sum insured.

 

Amount of insurance indemnity is determined by Insurer on the assumption of amount of third parties claim or court decision that has entered into force about reimbursement of incurred damage, except moral damage, lost profit and forfeit payment.

 

Conditional deductible is set by parties agreement, but should not exceed 5% of sum insured.