Compulsory environmental risk insurance
25 June 2011 Reading: 2 min Views: 3 011
The operations of many industrial enterprises can cause irreparable damage to the environment, disrupt the ecological situation and seriously harm people's health. Citizens' rights to a favourable natural environment are enshrined in the Civil Code of the Republic of Kazakhstan, and their violation entails liability to the state and to the injured parties.
Environmental insurance will protect your enterprise engaged in environmentally hazardous activities in the event of harm caused to the life, health or property of third parties and/or to the environment as a result of accidental pollution.
An insured event is an accident at a facility that results in harm to the life, health or property of third parties and/or to the environment.
The insurance payout is made in the amount of the actual damage caused to the life, health or property of third parties and/or to the environment as a result of accidental pollution. For harm caused to the life, health and/or property of the injured party, the insurance payout is made regardless of any amounts due under social security or other insurance contracts.
The sum insured (the limit of insurance liability under the contract) is set by agreement of the parties, but must be not less than:
Environmental insurance will protect your enterprise engaged in environmentally hazardous activities in the event of harm caused to the life, health or property of third parties and/or to the environment as a result of accidental pollution.
An insured event is an accident at a facility that results in harm to the life, health or property of third parties and/or to the environment.
The insurance payout is made in the amount of the actual damage caused to the life, health or property of third parties and/or to the environment as a result of accidental pollution. For harm caused to the life, health and/or property of the injured party, the insurance payout is made regardless of any amounts due under social security or other insurance contracts.
The sum insured (the limit of insurance liability under the contract) is set by agreement of the parties, but must be not less than:
- for individuals who are individual entrepreneurs – from 5,000 MCI;
- for legal entities – from 65,000 MCI;
- if the insurance contract covers only liability for environmental damage – from 17,000 MCI.
- for individual entrepreneurs and legal entities – from 0.76% to 2.65%;
- if the insurance contract covers only liability for environmental damage – from 0.59% to 2.05%.