a legal claim (subrogation) which the Insured (Assured) has to the person liable for losses reimbursed as a result of insurance is transferred to the Insurer, which has paid indemnity, in the limits of sum paid, except as otherwise is provided by property insurance agreement. However, the agreement condition, which excludes the transfer of subrogation to the person who intentionally caused loss, is not valid.

activity and relations connected to it, arisen in connection with ceding for reinsurance of all or a part of insurance risks by Reinsurer on one side, and accepting this risks by the reinsurance organization on another side according to reinsurance agreement concluded between them.

an agreement between insurance (reinsurance) companies, under which one company (Reinsured) is obliged to cede and another company (Reinsurer) is obliged to accept risks for reinsurance.

in insurance the term “risk” has several definitions. First of all, risk is a contingency that may occur, but is not obliged to occur, locating out of the limits of control. It may also mean Insurer’s liability: object of insurance is on risk, i.e. under his liability. Further “risk” can mean an object of insurance: for example, vessel. Finally, “risk” is defined as a definite type of Insurer’s liability.