The concept of sum insured and value in property insurance. Sum insured and insured value Insurance of property of legal entities

General insurance practice, both foreign and Russian, comes down to the use of the following types of values, taking into account the characteristics of the property accepted for insurance.

The insurable value of buildings is:

A) replacement cost of the object; replacement cost is the locally accepted cost of new construction, including the costs of architectural and other design work, as well as planning for the specified facility;

b) actual value, equal to the replacement cost of the building, reduced by the proportion of the corresponding degree of wear and tear;

V) total cost , if the building is subject to demolition or has depreciated, when the building is unfit for use in its own way intended purpose, but is still in use by the policyholder; the total cost is the maximum possible selling price for a building in a certain area and at a certain point in time for the insured. An analogy to it in other markets can be the concept "market" value.

Insurance value of technical and commercial equipment(equipment) of the enterprise and other items located in the insurance territory is:

a) replacement cost is the amount required for the new acquisition of property of the same type, quantity and quality or for its manufacture; the determining factor in this case is the lower amount established on the market;

b) actual value, if it is less than 40% of the replacement cost or if insurance under the insurance contract is carried out only on the basis of actual value; the actual value is equal to the replacement cost of the property minus the amount of depreciation;

c) total value, if the property is generally unfit for use for its intended purpose, but is still used by the insured; the total cost is the maximum possible selling price for the insured property in a certain area and at a certain point in time.

Insurable value in relation to the following categories of property: a) goods produced by the policyholder, even if they have not yet been manufactured; b) goods sold by the policyholder; V) raw materials; G) natural products- is the amount necessary to acquire property of the same type and quality or to manufacture it in a certain area and at a certain point in time; The lower amount is decisive.

The insurable value is limited to the maximum possible selling price of the product, for semi-finished products - to the maximum possible selling price of finished products.

Insurance value valuable papers is defined as follows:

a) for securities with official rate- this is a single average rate on the day of the last quotation of all official exchanges;

b) for savings books - the amount available in the account;

c) for other securities - their market price.

State standard Russian Federation O Unified system property valuation(GOST R 51195.0.02-98) came into force on January 1, 1999. This standard establishes the procedure for determining the cost various categories property, taking into account their characteristics, as well as various valuation purposes: for reporting, for purchase and sale transactions, leasing, insurance, assignment of lease rights, for bidding, auctions, competitions, etc.

This standard identifies the following types of values, which can also be used for the purposes of concluding insurance contracts:

A) market price- the estimated monetary value at which the seller, who has complete information about the value of the property and is not obligated to sell it, would agree to sell it, and the buyer, who has complete information about the value of the property and is not obligated to purchase it, would agree to purchase it;

b) replacement cost - the cost of reproduction of the property in prices as of the date of assessment;

c) replacement cost - the cost of an object similar to the one being assessed, in prices on the date of the assessment;

G) initial cost- the cost of creating a property at the time of the start of its use (commissioning);

e) residual value - the value of property reduced by the degree of wear and tear;

f) value in existing use - the market value of the property based on the continuation of the form of its functioning when offering the possibility of its sale on the market;

and) insurance cost- price full refund damage caused to property during the occurrence insured event.

The following options for property insurance policies against fire and related hazards (risks) are possible:

A) insurance for actual cost - Thus, the insurable value of property accepted for insurance is the price of restoration (purchase, replacement) at the lowest of the estimates arising from the difference between the old and new average cost, and for buildings - the usual cost of construction for certain conditions, terrain and time, minus an amount corresponding to the degree of wear and tear and technical condition building;

b) replacement cost insurance - in industry, trade, etc. Property objects are accepted for insurance without deduction of wear and tear.

V) market value insurance - For finished products sold at a fixed price, the insurance value is the agreed upon contract price minus the costs saved as a result of non-delivery (transportation, overhead costs, etc.);

G) special insurance options - The general rule is that the insured value should always correspond to the value of the insured property, but for some categories of property it is quite difficult to achieve this rule, which means that the provided insured amount must be adjusted all the time. In this case, insurers (mostly foreign) offer some special forms of insurance, which largely prevent such difficulties:

- sliding insurance at replacement cost.

This model is used, as a rule, when insuring buildings, structures, premises, etc., if the replacement cost of the object is chosen as the basis for determining the insured value. Thanks to the choice of a moving base for determining replacement cost, the insurance contract, in terms of determining the sum insured, is automatically adjusted to changes in market prices on Construction Materials, work, etc.;

- insurance based on a clause on additional payment in the event of an increase in the value of the object during the period of validity of the insurance contract.

The basis is taken from the initial data on prices during the period of time when the construction of the object was carried out or when the last time there was a significant increase in prices. Price increases that occur after the specified moment are taken into account using a certain surcharge to the insured amount or an additional insured amount;

- insurance for inventory balances.

This insurance model makes it possible to conditionally divide the insurance period into periods of time during which the maximum load of the warehouse occurs (for example, weeks, months) and during which detailed control is carried out over the actual cost indicators in the warehouse and the corresponding calculation of the premium payable to the insurer.

The actual, actual value of the property, in other words – the insurable value, is used for insurance purposes. This concept is of particular importance in situations where it is necessary to make a determination regarding the insured amount in a property insurance agreement. As for the amount of the insured amount, it cannot be higher than the insured value. When it comes to personal insurance, then you will have to forget about such a concept as actual value, because it loses its meaning. This is due to the fact that there is no objective assessment of the cost of a person’s health or life. Often, the balance sheet (inventory) value is used to establish the insurable value. This is typical, first of all, for enterprises in which fixed assets are insured in accordance with their full book value (in this case, depreciation is also taken into account). It follows that in the event of complete loss of the designated property objects, the insured value will coincide with total amount damage and insurance compensation. The actual value of property is characterized by changes, both downward and upward. In cases where this amount is designated as underestimated to the insurance amount, further development The situation is determined by the nuances of Art. 951 Civil Code. Exceptions are possible, which include those moments when the amount of the insured value in the contract is fixed. The actual value of the property should be determined in accordance with its location at the time when the contractual agreement was concluded. Insurance at a cost, called replacement cost, which at the time of the occurrence of an insured situation may significantly exceed that indicated in the concluded agreement, is not allowed. If the actual value of the property tends to increase, and the amount of the insured amount does not change upward, and there will be no payment of additional insurance premiums, you can refer to paragraph 4.5 of paragraph 4 of the Civil Code. Since the establishment of the value of property objects is carried out at their locations on the day when the agreement is concluded, the address must be clearly indicated in this agreement. When insuring property, the amount of insurance usually cannot be higher than the actual value of the property. However, most types property insurance damage is assessed as less than its actual value in cases where the object is not destroyed, but only significantly damaged as a result of an incident related to insurance. The name of such damage is partial. If we are talking about an underestimated amount of insured value, then the issue of the amount of insurance compensation is resolved by reducing the insured amount to the insured value in proportion. The concept of “true value” is far from identical to the term “market value”. Therefore, in order to determine the actual value, it makes no sense to use methods designed to establish the market price. Various methods are used to determine the insurable value. In each country they differ, depending on what kind of legislation operates and what the object of insurance is. If the insured amount and the insured value are equal, the property is considered fully insured. If the amount is less, then the share of responsibility falls on the policyholder's own risk. Among the main methods for determining the actual sum insured are: The insured value of the property as the purchase price. The insurable value as its book value. Insurable value as the average market value. Insurance value as replacement value. However, none of these methods is ideal and many of them cannot be used in their pure form to establish the actual value of property. To resolve the issue of determining the value of property in fact, you can resort to the following actions: Apply information from directories or reports independent appraisers. In other words, it is necessary to determine the valuation in financial terms of the direct subject of insurance. As for property, the insurable value for it will be determined directly, by the actual price established at the time of concluding the insurance agreement. In cases of real estate insurance, in order to determine the amount of the insured value of the insurance object (whether it is an apartment or a house), it is allowed to accept an amount equal to the market value of the premises under study, but only if it is similar to the insured one. In other words, in order to determine the value of the insurable value of an apartment, it is necessary to calculate the market price of apartments located in the same area, having a similar area with the same number of rooms, and located on the same floor. Thus, to calculate the actual value of the property, we use various ways economic assessment. It is important to remember that this value is crucial when establishing the insurance amount.

Property insurance is one of the most popular types of insurance. From the point of view of essence, it is almost identical to personal (risk) insurance, but has some differences. Let's look at some of them.
The first difference concerns the determination of the insured value and the insured amount, which are calculated based on the actual value of the property. Sum insured cannot be more than actual value.
The calculation of insurance rates is methodologically no different from personal insurance, but other risk factors are taken into account.
Other significant differences relate to the settlement of losses. When insuring property (movable and real estate) the insurance payment is calculated as the difference between the actual value at the time of concluding the insurance contract minus natural wear and tear and usable balances and adding possible costs of salvaging the insured property. In this case, it is taken into account provided for by the contract insurance system of insurance compensation. When insuring crops, when settling losses, the realized value of grain/vegetables/fruits, the area sown, and the expected level of yield are taken into account. When insuring animals, norms for the natural reproduction of animals may be taken into account.
When determining the amount of insurance payment, the presence of a franchise in the insurance contract and the insurance compensation system are taken into account. There are conditional and unconditional franchises. With a conditional deductible, compensation is paid in in full damage. If unconditional, the full amount of damage is reduced by the amount of the unconditional deductible. If the damage is less than the conditional or unconditional deductible, then no payment is made.
Example 5.1. The cost of the insured equipment is 10 million rubles, the insured amount is 8 million rubles, the damage to the insured is 7 million rubles. Calculate insurance compensation using the proportional liability system and the first risk system.
Solution:
Insurance compensation under the proportional system will be: 7 million x (8/10 million) = 5.6 million, and under the first risk system - 7 million rubles.
Example 5.2. The insured amount is 95 thousand rubles. The loss amounted to 12,760 rubles. The agreement establishes an unconditional deductible of 10%. Insurance payment will be: 12,760 - (95,000 x 10%) = 3,260 rubles.
Or: The insured amount is 75 thousand rubles. The loss was 12%. The agreement establishes a conditional franchise of 10%. The insurance payment will be: 75,000 x 12% = 8,400, because the amount of damage is greater than the size of the conditional deductible (i.e. full payment).
Example 5.3. The actual value of the insurance object at the time of concluding the insurance contract was 10 million rubles. Depreciation of the object is 1% per month. On the 10th month, an insured event occurred and the object was damaged by 20%. To minimize losses from an insured event, measures were taken, the cost of which amounted to 500 thousand rubles. Calculate the amount of insurance compensation.
Solution.
Insurance compensation will be: (10 million - 10%)x 20% + 0.5 million = 2.3 million rubles.
The following tasks will help you gain a deeper understanding of the property insurance industry.
BUSINESS GAMES ON TOPIC 5
Business game 5.1.
You are one of the owners (and managers) of a holding company engaged in the production of fat and oil products. The holding consists of an oil and fat plant (several workshops, a warehouse for raw materials and finished products), several agricultural enterprises for the production of raw materials of both animal and plant origin.
Your company has its own sales (and delivery) service for products. Some raw materials and finished products are supplied to foreign contractors.
Determine what types of property insurance can protect the enterprises of your holding. Give a rationale. Some assumptions may be made.
Tasks and goals. Analyze the composition of objects manufacturing enterprise and offer a reasonable protection program for property types insurance.
Summarizing. The winning team is the one that prepares the most complete proposal for protecting the property of the holding’s enterprises with the least number of logical inaccuracies
Clue. It is convenient to present the results of the risk analysis of an enterprise and, accordingly, the types of property insurance in the form of a matrix, where the types of property insurance will be presented horizontally, and enterprises and groups of property within these enterprises will be presented vertically. As a classification of species, it is convenient to use the classification of Art. 32.9 of the Law “On the organization of insurance business in the Russian Federation” as amended accordingly.
TESTS ON TOPIC 5
Test 5.1

Questions and answer options	Answer options
1. Property insurance helps a person...	a) get rich b) save money c) save property
2. Can the policyholder participate in compensation for the damage caused to him?	a) yes b) no
3. Insurance damage is	a) loss caused to the property of the insured as a result of a dangerous event b) loss caused to the property of the insured as a result of an insured event c) losses caused to the insured property as a result of insurance event provided for in the insurance contract for damaged property
4. Who must prove the amount of damage	a) insurer b) policyholder V) independent expert
5. What are called title risks?	a) the risk of incorrect registration of ownership of real estate b) risk of loss of real estate c) the risk of damage to the property interests of the insured in the event of loss of ownership rights to real estate

Test 5.2 (control)

Questions and answer options	Answer options
1. The sum insured for property insurance is...	a) the actual value of the property at the time of insurance, specified in the insurance contract b) the amount of money for which the property is actually insured, specified in the insurance contract
2. Will it be legal for the amount of insurance compensation for lost insured property to exceed the insured amount specified in the insurance contract for this property?	a) yes b) no
3. Is insurance compensation possible in in kind?	a) yes b) no
4. Are losses from military actions indemnified under standard property insurance rules?	a) yes b) no
5. Can the insured amount in a property insurance contract exceed its insurable value?	a) yes b) no
6. Does the policyholder have the legal right to demand additional compensation from the insurer if the latter paid the insured amount in full, but this amount is less than the actual damage due to the insured event?	a) yes b) no
7. Is a citizen obliged to pay tax on the difference between insurance compensation and the market value of lost property?	a) yes b) no
8. How much insurance compensation is paid?	a) in the amount of full damage b) in the amount of full damage, but not more than the insured amount c) in proportion to the ratio of the insured amount to the insured value, unless otherwise specified in the insurance contract

TASKS ON TOPIC 5
Task No. 5.1. Household property insured under a proportional liability system in the amount of RUB 75,000. The actual value of the property is 90,000 rubles.
Question: For what amount of damage will the insurance compensation be equal to 65,000 rubles?
Problem No. 5.2. The cost of the insured equipment is 14 million rubles, the insured amount is 10 million rubles, the damage to the insured is 8.5 million rubles.
Question: Calculate insurance compensation under the proportional liability system and the first risk system.
Problem No. 5.3. Mr. Ivanov decided to insure his car. The expert estimated its value at 100 thousand rubles. Mr. Ivanov, when concluding the contract, agreed to an insurance rate of 5%, but he did not have the required amount of money to pay insurance premium. He offered to reduce the insurance amount and paid 4 thousand rubles. insurance premiums. After some time, the car was involved in an accident and the amount of damage, according to the expert, amounted to 60 thousand rubles.
Question: What amount did Mr. Ivanov receive as insurance compensation? />Task No. 5.4. An insurance contract is concluded for two company buildings. The first building is valued at 1 million rubles, and the second at 1.5 million rubles. The contract provides for the establishment of a franchise in relation to the insurance of one of the buildings (the second). The deductible is 2%. Establishing a franchise gives the policyholder the right to receive a 5% discount from the base insurance tariff. The basic insurance rate is 0.6%.
Question: Determine the amount of the insurance premium under the insurance contract.
Problem No. 5.5. The insurance contract provides for the return of part of the insurance premium minus payments made and expenses of the insurer in case of early termination agreement. The policyholder terminates it early 4 months before the expiration of the contract concluded for one year. Insurance premium- 1200 USD payments for the period of validity of the contract - 330 USD; business expenses 25%.
Question: Determine the amount of contributions to be returned.
Problem No. 5.6. The explosion destroyed the assembly shop of the plant. The workshop was built 5 years ago. The initial book value is 250 million rubles. To minimize losses from the explosion and clear the territory, measures were taken, the cost of which amounted to 800 thousand rubles. The depreciation rate for this type of building is 2.8% per year.
Question: Determine the amount of insurance compensation provided that the building is insured for its full value.
Problem No. 5.7. An insurance company entered into an agreement to insure the property of a large shopping complex. As a result of a fire in one of the warehouses, the warehouse building and some of the goods stored there were damaged. The cost of restoring the warehouse building is determined to be 2,700,000 rubles, damage from loss and damage to goods is 7,300,000 rubles. The cost of saving the property amounted to 150,000 rubles. An investigation into the circumstances of the insured event by the insurer established that in fact the property was insured for 85% of its actual value.
Problem No. 5.8. When concluding an insurance contract, the company determined that it would insure its property for 75% of its value. In this case, an unconditional franchise is established in the amount of 1,500 USD. for each insured event. The insured building was destroyed by fire, the amount of damage was 73,000 USD.
Question: Calculate the amount of insurance compensation.
Problem No. 5.9. The average wheat yield over the previous 5 years is 30 centners per hectare. The crop area is 100 hectares. Due to the frost that occurred, the entire crop was completely destroyed. Market price wheat is 200 rubles. for 1 c. When concluding an insurance contract, the insured amount was set according to the average market value. The insurer's liability is 50%.
Question: Determine the amount of insurance compensation.
Problem No. 5.10. As a result of a traffic accident, a car with an original cost of $24,000 was destroyed. Depreciation on the day of the insured event is 30%. The cost of the remains of the car suitable for sale is 7,000 USD; 2,000 USD were spent on putting these parts in order. The agreement establishes an unconditional franchise of 1%. The car is insured in full cost.
Question: Determine the amount of insurance compensation.
TEST QUESTIONS ON TOPIC 5 What is double (repeated) insurance and what are its consequences for
insurer and policyholder? What types of franchises exist and what are their features? How is the sum insured determined in property insurance? What is the essence and mechanism of crop insurance? What's happened mortgage insurance? What are force majeure circumstances? What insurance compensation systems do you know? Explain their differences. List the essential terms of a property insurance contract? What is CASCO insurance? What is the insurance coverage territory?

Types of insurance

Insurance today is a separate area of the economy. The company's client pays for the latter to undertake to assume his risks. Then the policyholder can sleep peacefully and not worry about possible troubles.

You can insure anything:

real estate;
jewelry;
cars;
life and health;
business and financial risks;
travel insurance;
intangible assets (works of art);
land plot, other.

The policyholder and his client mutually benefit from the transaction. And if a company follows the “rules of the game” in its market, more and more customers will invest money in it. The main thing is to reach a consensus between both parties regarding the amount of compensation. To calculate it correctly, it is necessary to evaluate the property, that is, determine the insurable value.

The concepts of insurance value and sum insured. Differences

According to the legislation of the Russian Federation, upon the occurrence of what is specified in the policy, the insurer is obliged to give the client a certain amount. This amount is key moment conclusion of the contract, it is calculated by the company and, after agreement with the client, is included in the personal or property insurance contract. This is the insurance amount.

However, the sum insured and the insured value are not identical concepts. The insured value may be equal to the amount, but in practice the amount of money that the client can receive in hand is less than the real market value of the object. The amount of insurance cannot exceed the cost, as established by clause 2 of Art. 10 of the Law on Affairs, since insurance is intended to compensate for damage and not to contribute to an increase in capital.

What is insurance value? It is determined after assessing the property or assessing the risk that the Insurance Company. Most often this is the market value.

It must be taken into account that only when voluntary insurance The amount of compensation is negotiable. In the case where signing the policy is mandatory, the amount will be established by law.

The insurance amount sometimes has a fixed amount. And sometimes it is set based on a certain percentage of the cost.

Types of insurance costs

The most common insurance is property insurance. The cost of property insurance, as already mentioned, is calculated using different methods. Based on the choice of this method, the following types of insurance value are distinguished:

Full insurance. The cost of the insured object is equal to the indemnity.
Proportional.
Replacing an object with a new and working one. Used when selling household appliances.
The amount needed to repair the property will be reimbursed.

Depending on the specifics of calculating the tariff, there are individual and mass insurance risks. By mass risk we mean insurance against natural disasters. The insurance cost here is calculated at separate rates.

To determine the cost of insurance, you must first select a method for assessing the insurance object. It can be comparative, income or expense. In most cases, the comparative method is used. The cost is derived based on an analysis of previous transactions and the market situation. After this, the amount of compensation is determined.

The formula for calculating insurance compensation when using the proportional calculation system is the same everywhere. Only the tariff changes.

The formula is as follows: Q = T · S/W.

S - insurance amount;
W - real value of property;
T is the coefficient chosen for this type of risk.

Cost of property insurance. Risks

Real estate valuation is usually carried out at the Rostekhinventarizatsiya branch or at any private property valuation firm that has a license.

Several factors influence the cost estimate:

risk category;
real cost;
duration of insurance;
type of insured object.

A very important point is the risk category. will not work at a loss. All risks associated with concluding a transaction are checked by the highest professionals - underwriters. These are the people who are responsible for They classify the types of risks and decide which ones to accept and which ones to reject. The main risk categories are as follows:

theft of property;
damage to property by intruders;
accidents of various types;
disasters associated with natural disasters (floods, landslides, etc.).

In this regard, many parameters are analyzed. If real estate is insured, then the location and the degree of wear of this building are checked. When calculating the insurance value, the appraiser will also analyze the inventory and cadastral value real estate.

Enterprise insurance assessment

When a legal entity is insured, the tariff is selected based on the size of the enterprise. One tariff applies for medium-sized enterprises, and another for large enterprises. During the cost assessment, everything is taken into account: fixed assets, working capital, warehouse stocks, and even the cost of those buildings that are unfinished.

When analyzing risks, all available information is used, since the amounts in this type of insurance are large. All statistics available from other companies must be taken into account.

Not very common in Russia. The unstable state of the economy makes it unattractive.

Is it possible to change the cost after signing the policy?

Once the policy is signed, its terms cannot be changed. But there are also some nuances. The insured amount can be disputed by the company itself or the tax office if there are doubts about the correctness of the calculation of the insured value. And when in judicial procedure If the insurer succeeds in proving that he was deceived, he has the right to reduce the amount of compensation.

Another nuance is acceptance - an internal check in the insurance organization. If during the inspection it is discovered that the amount of compensation is too high, the insurer informs the client of acceptance, and the contract will be rewritten and re-concluded.

There are undoubtedly benefits to taking out a policy. Having insured yourself, individual or the organization receives a guarantee of reimbursement Money. But the calculation principles are too confusing, and most policyholders cannot understand this system. Therefore, the state should control insurance.

- the actual, actual value of the property accepted for insurance.

Often, the book (inventory) value of the property is used as the insurance value. This is typical for enterprises whose fixed assets are insured to their fullest extent. book value taking into account depreciation (wear and tear). Therefore, in the event of complete loss of the specified property, the insured value coincides with the amount of damage and insurance compensation. If the book value is lower than the actual value (for example, in conditions of inflation), the insurance value at the conclusion of the contract can be determined by the insurance organization with the participation of the policyholder. The insurance value is established similarly in cases of overestimation of the book value of the property.

In accordance with Civil Code of the Russian Federation insurance value is the actual value of the property at its location on the day the insurance contract is concluded. The insured value of the property specified in the insurance contract cannot be subsequently disputed, except in the case where the insurer, who did not exercise its right to assess the value of the property before concluding the contract, was deliberately misled regarding this value. If the property is insured only to the extent of the insured value, the policyholder has the right to carry out additional insurance, including with another insurer, but so that the total insured amount for all insurance contracts does not exceed the insured value. If the insured amount specified in the property insurance contract exceeds the insured value, the contract is void in this part of the insured amount.

The procedure for calculating the amount of insurance value in different countries is based on actual legislation and established practice. For example, when insuring cargo in the practice of the English market, the insured value is taken to be the price at which the insured property costs the policyholder at the time of loading (initial cost), plus the costs of its loading and insurance. French law defines the insurable value of a product as its selling price at the place and during loading, taking into account the amount of costs associated with delivering the goods to their destination, plus the expected profit. In Germany, the insured value of a product is taken to be its actual (sales) value at the time of the insured event.

More on the topic Topic 5. Property insurance: