GENERAL THIRD-PARTY LIABILITY INSURANCE

Subject of the insurance:

The insurance “General Third-party Liability” covers the liability of legal entities and sole traders for material and non- material damages caused to third persons, during the term of the performance of operations, quoted in the insurance policy, for which the insured person is liable as per the Bulgarian legislation.

Covered risks

The liability of the Insured person in relation to:

• all sums, up to the agreed liability limits, which the Insured person is legally obliged to pay as indemnity for damages, caused by him/her to third-parties, that occurred during the term of the insurance, like bodily injury (incl. death, illness or disability) and/or damage or loss of movables and immovable items.
• Court expenses, incurred as a result of proceedings against the Insured person, instituted based on claims, covered by the insurance, when the Insurer was called in the proceedings.
• Appropriate expenses, incurred by the Insured person for mitigation of damages.

The covered risks can be specified in individual clauses:

• third party liability;
• employer’s liability;
• liability for operation;
• liability for pollution;
• product liability;
• liability towards non-performance of contractual obligations.

The covered risks can be extended by:

• risks, set as excluded in General can be included in the policy’s coverage if there is no other insurance type or sub-type provided for by the law.
• agreement of a date of retroactive action of the insurance.

Insurance sum:

Limit of liability in annual aggregate and limit of liability per single event are agreed upon.

The deductible in each damage, as a percentage of the amount of the damage, as a minimal absolute sum in each damage or combination of both is agreed upon.

Insurance premium: Determined by the tariff of the Insurer. Dependent on:

• aggregated limit of liability, by the ratio between the aggregated limit and the limit of liability per single event;
• the specifics of the professional activities;
• the incorporation of retroactive date;
• number and qualification of the personnel of the Insured person, working under employment contract;
• Agreed deductible.

Insurance term: One year.

Insurance indemnity:

The Insurer pays the insurance indemnity against written claim and based upon:

• enforced court decision against the Insured person if it is ruled with the participation of the Insurer;
• agreement between the parties of the insurance contract and the person, who suffered the damage.

The indemnity is paid to the person, who suffered the damage or to the Insured person, when, with the knowledge and consent of the Insurer, the Insured person settled the claims of the person, who suffered the damage.

The indemnity is determined by the Insurer. When there is a requirement for provision of proof for the event or in the determination of the amount of the damages, depending on their character, the Insurer uses specialists-experts.