The business world has long been unimaginable without financial (monetary) investments. Every businessman, entrepreneur, company or even country strives to develop, expand, stabilize and strengthen its position and improve its well-being.

In most cases, business circles consider opportunities financial investments to other countries and real estate, thus distributing (splitting) the risk; if the situation changes in one country, then in another country the resulting losses will be compensated.

However, not everyone can afford to invest in several countries or real estate properties at once. And it is for them that we exist today special types insurance.

Insurance protection of investments against political risks

This type of risk protection is controlled by international level and has a number of conditions that must be met in order for an investment insurance contract against political risks to be concluded.

The purpose of this method of minimizing risks is to protect foreign investments from any serious changes in the political structure of the country, which could lead to losses and non-recoupment of the investor’s project.

The insurance organization can be the state insurance company of the investor (country) or international financial organizations. The leading role is always given to agencies that are subsidiaries of state insurance organizations.

In the territory Russian Federation the first steps in this direction were taken in the 90s by Gosinkor and then the Russian Investment Insurance Agency was organized, which provided protection to foreign investors directly from political risks.

The leading agency internationally is the Multilateral Investment Guarantee Agency (MIGA). It was established on April 12, 1988 in accordance with the Seoul Convention of 1985 as a result of an initiative of the World Bank.

MIGA Joint-Stock Company, whose shareholders are one hundred countries who bought shares in proportion to their capital in the World Bank. It is for these reasons that MIGA is most often turned to.

In most cases, the main condition for a foreign investment insurance transaction to take place is the existence of an intergovernmental agreement on the promotion of investment between the countries parties to the contract.

In turn, the membership of both countries in MIGA acts as a substitute for this agreement.

Capital insurance conditions for investors

The following types of investments can be protected objects:

ownership and participation rights, and various securities;
direct investment of capital;
different kinds property rights;
loans and advances (in this case, possible risks will be decisions, actions and events that may come from authorities and management, other government agencies and the masses).

To calculate the contribution and security, as well as when determining the objects, many different factors are taken into account, such as:

economic and political situation of the state (where investments will be made),
the level of her financial capabilities,
GDP size,
external size and domestic debt and its structure,
inflation rate, timely repayment of borrowed funds,
investment size,
subjects of the contract,
protection period, etc.

As a result of taking into account all the necessary factors, it may turn out that in general it is economically unprofitable or completely impossible.

Most often, the contract period is from 12 to 20 years; it can also be concluded for a different period depending on various factors and the period of investment.

In this case, the execution of an agreement can be concluded both before capital investments and after the conclusion of documents.

Before purchasing insurance, a preliminary examination is carried out at all sites, including land plot on which the property will be built.

Based on the expert information, the degree of risk is calculated, which affects the possibility and feasibility of protection from possible damage, the size of the contribution and the amount.

Also, based on the results of the examination, the organization can offer the investor special conditions, which may be due to circumstances that increase the degree of risk. IN in this case agreement with special conditions is not concluded without the consent of the investor.

It should be noted that not all companies are eligible to provide risk protection services investment activities Therefore, companies and their licenses should be monitored in advance.

This will allow you to choose the most suitable insurance organization that will meet all the necessary requirements and offer Better conditions By .

The policy can be issued only if there is an agreement between the investor and the organization that will carry out the construction.

To sign the policy you need to have the following documents:

order of the local administrative body on the construction of real estate and permission for it;
a document of lease or ownership of a land plot;
investment contract;
documents confirming the investor's investment;
documents that confirm the division into shares between the parties to the contract.

The company may require other documents at its discretion. All of the above documents are always with the contractor, i.e. construction company, with which the investment agreement was concluded.

Global financial institutions are trying to minimize possible damage from changes in the situation in countries, which is due to the unstable political situation in most countries of the world and.

However, every government still tries to do investment climate as comfortable as possible for investors.

This is achieved internally or by seeking help and advice from various organizations, for example, MIGA monitors and collects all necessary information on countries and provides advice, assistance and advice on improving the conditions for investors' investments.

Good day!

Today I decided to raise a very important topic for every investor. The financial market is always fickle, so there is a high risk of losing your investment. And who wants to be so upset? Of course, no one!

Therefore, I will tell you how to avoid losses and damages and make investing safe, namely about investment insurance. This tool will provide you with profit and give you confidence in the safety of your funds. Let `s start?

Peculiarities

Insurance protection of investments in Russia is not as widespread as abroad. However, this is a very profitable and promising trend, and smart investors understand this.

There are several types of investment protection insurance:

insurance of investments against accidents (fires, accidents, natural disasters);
protection of foreign investors from losses and material losses resulting from nationalization or confiscation of property, civil and other wars, problems with currency transfer, export of capital and other political risks;
protection of investment loans and credits from the risk of borrower insolvency.

In addition to investment protection, it is also possible to insure investment projects where funds are invested.

International investment insurance

If an investor invests his finances in the development of economic entities in other countries, then he needs to protect his investments from various unforeseen situations.

There are several types of risks:

political crises within the country receiving investments;
nationalization of the enterprise;
various economic shifts: a sharp increase in inflation or a drop in GDP;
non-compliance with the terms of the contract by the country in which the capital is invested.

Due to differences in the laws of countries, insuring international investments is considered a rather complex procedure. Does not exist general conditions insurance, therefore such economic relations require separate agreements, where each party puts forward its own conditions.

But you shouldn’t be afraid of this, in any case they are regulated by international law, and if the country receiving investments violates the terms established in the agreement, you can appeal to the International Arbitration Court.

Insurance for individuals

If private investor carries out some transactions on the stock market, his investments also require protection. It can be useful, for example, if the terms of the agreement are violated by a trader who helps manage investments, or if he made a mistake that resulted in losses. Or the investor himself may make the wrong move and lose his invested capital. In such cases, compensation will not hurt.

Cost-effectiveness assessment

The effectiveness of insurance can be assessed taking into account the protection conditions of certain types of investment.

There are several indicators for assessing the economic effectiveness of investment protection:

probability of occurrence insured event;
insurance coefficient (the ratio of the insured amount to the cost of the insurance object);
insurance tariff for a certain type of insurance in comparison with its average size on the market;
the amount of the insurance premium and the frequency of payment of contributions;
franchise size.

To understand how profitable it is to insure your investments with any insurance company, you should analyze it according to these indicators.

Insurance mechanism

Protection against risks is provided by special insurance companies through funds that are formed from customer contributions and some other sources (sometimes state budget when protecting against political risks).

An investor can enter into an agreement with an insurance company, under which the insurer will be obliged to pay him compensation in the event of losses or damages, fully or partially compensating them. And the investor, in turn, undertakes to pay her a certain amount of the insurance premium, fixed in the insurance contract.

How to find out if your broker is insured

Sometimes investing is carried out through a broker, in which case the profit and preservation of funds depend on him, and you want to be sure of the success of his work. SIPC (Securities Investor Protection Corporation) insures investors in the event of broker bankruptcy.

For American brokers, this type of insurance is mandatory, and in the event of bankruptcy, they return the invested funds to the client up to $500 thousand. But such insurance does not take into account the risks associated with investments. In Russia, the introduction of such protection for brokers is only being planned, and this will presumably be handled by the DIA (Deposit Insurance Agency).

If you cooperate with a foreign broker, you need to check whether he has insurance. To do this, go to the SIPC website and find the “List of Participants” section. There we check a specific broker.

Does a broker need insurance?

In fact, Russian brokers now operate successfully without insurance protection, since most brokerage companies provide their services for a commission and exist independently of banks. Therefore, they do not have access to client accounts and cannot carry out transactions on them.

At the same time, clients’ money is securely stored in depositories. But we should not exclude the possibility that the broker may make a mistake in his actions or turn out to be an unscrupulous specialist. That's why Russian legislation actively discusses the issue of brokerage insurance.

Pros and cons of investment insurance

There are more pros than cons to investment insurance. It gives the investor confidence that the investment will be saved in any case and will provide income. This makes their work less risky.

The only downside can be additional investments, which, in the absence of an insured event, are not returned. But you need to understand that investment losses will hit your budget harder than insurance fees.

In order not to fall into the hands of fraudsters or suffer from the bankruptcy of an insurance company, you need to take into account several parameters.

Firstly, pay attention to authorized capital: its size determines its solvency.
Secondly, the age of the company is of great importance: the longer it is on the market, the more reliable it is.
Thirdly, check the license on the website of the Bank of Russia, since this is the main supervisory authority of all financial instruments. Once you find several of the most reliable companies, you can compare their rates and choose the one that suits you.

Rating of the best

This list contains best companies engaged in property insurance:

SPAO "Ingosstrakh";
Absolut Insurance LLC;
JSC IC "Alliance";
JSC AlfaStrakhovanie;
LLC SK "Soglasie"

Conclusion

In this article, I tried to explain what the essence of investment insurance is, what its features are, how it benefits investors and what prospects await us in the field of investment insurance.

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Investment insurance: objects of insurance, covered risks, foreign insurance programs, prospects for the development of investment insurance in Russia

Investment activity is associated with enormous risks, but it creates the prerequisites for successful development economic market countries.

It is important to encourage domestic and foreign investors to invest in new projects, but to do this it is necessary to ensure their protection. Investment insurance will help with this.

The article will discuss this insurance product, the principles of operation of the system, differences from Western models, opportunities and prospects in our country.

Investment insurance: what is it?

The policy covers risks associated with the loss of funds invested in investment projects (including foreign ones), complete or partial lack of profit.

The following can be considered as an object of investment insurance:

direct investments– acquisition of real estate, equipment, raw materials;
stock– purchase of shares or other securities giving the right to receive profit;
property rights(leasing);
granting a loan.

The variety of insurance objects also determines the difference in risks.

Insurers identify such forms of risks as:

currency– loss of capital or profit due to currency fluctuations;
catastrophic– loss of financial resources due to political events or natural disasters;
commercial– collapse investment project for economic reasons;
percentage, market – monetary losses due to incorrect tactics in the financial market.

Classification of species

Currently, the investment insurance system in the world is represented by three programs that provide coverage for the following objects:

Property, construction, assets (basic program).
Foreign investment - it receives support from the state, the main risks covered are of a political nature.
Creditor insolvency.

Another classification of types of investment insurance is based on the degree of danger:

An acceptable risk is considered when the policyholder loses not any income at all, but only the expected part of the profit.
The degree can be considered critical if the investor did not receive any profit after the implementation of the project.
A catastrophic level means loss of invested capital and lack of income from the invested project.

Western experience

In foreign practice, investment insurance is implemented at 3 levels:

National alliances and companies working with the largest projects and complex cases, including expropriation, nationalization, and other political threats. Among them are the companies Hermes Kreditversicherung (Germany), COFAC (France) and many others.
International associations.
Private companies offering customized insurance services to investors.

The United States boasts a carefully thought-out system for protecting foreign deposits, organized with the participation of OPIC. Since 1969, this corporation has already insured about 1% of the projects of American entrepreneurs operating in 140 countries.

Services are provided by OPIC exclusively to treaty countries with the United States. Russia did this back in 1992.

Investor protection in Russia

Currently Russian market does not have a well-functioning investment insurance system.

Domestic entrepreneurs have the opportunity to only partially protect their capital; they can do this in the following ways:

insure your construction project,
create an investment insurance fund for foreign projects,
conclude an insurance contract for purchased equipment and goods for a specific period of time (during delivery, storage, etc.).

Cash contributions to intellectual products or financial business are not covered by insurers. While Americans can insure such risks with OPIC, the Japanese with MAGI, no domestic company can offer a similar product to Russian investors today.

The situation on the Russian market

Experts identify 4 reasons why investment risk insurance in the Russian Federation has not yet been developed:

This insurance product appeared in our country relatively recently.
Russian insurers are not yet widely practicing the creation of reinsurance pools to reduce fairly high risks.
There are not enough specialists to work in this area.
There is not enough money to sign large insurance contracts and provide protection for expensive projects.

In fact, investment insurance exists in the Russian Federation. To provide similar services a license has already been issued, and insurers who have received it have price lists with tariffs.

However, in reality, there is not yet a single insurance company that could provide a high-quality program with carefully thought-out conditions and a reliable guarantee of protecting the investor from all possible risks.

Investment insurance in the broader sense of this term is the protection of the property interests of investment entities from various types of risks of loss or depreciation invested funds.

Thus, investment insurance directly helps any country, in particular Russia, to attract additional volumes investment funds. And where it is poorly developed insurance protection investment investments, the situation with the introduction and implementation of any investment projects or simply raising funds in banking sector or at stock market remains complex. This implies the relevance of studying this topic - the development of an investment insurance system is especially important for the growth of investment investments, and accordingly for the development of the country’s economy as a whole, which is especially important for Russia in this period, especially taking into account the goals and objectives set by the country’s leadership for modernization economy.

the main objective work is a study of the principles of implementation of the investment insurance system at the theoretical and practical levels.

The main objectives of the work are to consider the concept of an investment insurance system, to consider the main risks when insuring an investment, to consider the main contract that is concluded for this insurance, as well as to consider the investment insurance protection system based on the experience of foreign countries and to consider the current situation in Russia in this area of insurance.

Chapter 1. Theoretical aspects of the investment insurance process

Insurance objects represent various types of long-term and medium-term financial investments made by both foreign investors and resident investors in order to obtain investment income. Namely, this includes: direct investments (fixed assets and other money enterprises, including buildings, land, equipment, aircraft, water vessels, oil and gas pipelines, etc.); stock (portfolio) investments (shares and other types of securities, participation rights); property rights related to licensing, international leasing and other intangible assets; loans and credits. It is customary to identify three most significant areas in the field of investment insurance: basic insurance of main and working capital and others material assets investor from explosions, fires, accidents, natural disasters (classic risks); insurance protection of foreign investors against material losses as a result of nationalization, confiscation of investor property, civil unrest, expropriation, revolution, hostilities, restrictions on convertibility national currency, disruption of contracts due to actions of government agencies, changes in the regime of export and import of capital and profit, etc. (political risks); bank loan insurance and investment loans from the risk of non-repayment and bankruptcy of the borrower (commercial risks).

Insurance risks when insuring investments are risks leading to: partial or complete loss (non-return) of the investment; non-receipt (shortage) of the planned profit from the investment; liquidation of a legal entity (death of a citizen - private entrepreneur) - recipient of the investment; bankruptcy of a business entity - the recipient of the investment; additional expenses when implementing insured investment activities.

There are interest rate, currency, commercial, market, and catastrophic insurance risks.

Interest rate risk occurs when interest rates fluctuate in the event of the following factors:

expected rate of economic growth and inflationary processes;

the volume of government short-term or long-term loans, stimulating an increase in demand for capital.

Currency risk arises when currency exchange rates fluctuate in the event of the following factors:

increases or decreases in interest rates;

changes in the current trade balance;

increase or decrease in inflation;

changes in political and economic conditions;

changes fiscal policy and degree of organ intervention state control and management, National Bank Ukraine in the activities of foreign exchange markets;

speculative game on foreign exchange market its most influential members.

Commercial risk arises when the actual commercial and economic activity business entity has become worse than it was before or than envisaged by the investment project, in the event of the following factors:

competitors have reduced the price of a similar product or a new competitive product has appeared on the market to replace it;

errors in intra-company planning, organization of production, marketing strategy and sales of products or in the expert assessment of the investment project as a whole;

failure by the contractor to carry out planned construction (installation, engineering, commissioning, etc.) work due to accidental errors in organizing and financing these works;

failure of partners in an investment project to fulfill obligations during its implementation;

emergency failure of machinery and equipment;

identification of inconsistency/invalidity of ownership rights to the object of investment activity.

Market risk, as a rule, is not directly related to the microeconomic position of the enterprise and is determined by:

price changes for precious metals and real estate;

dividend policy and size interest rate;

stock speculation;

the results of elections in the country;

Catastrophic risk is associated with the manifestation of the spontaneous forces of nature, as well as with human activity in the process of production and consumption of material goods. This includes:

natural phenomena in the form of earthquake, flood, tsunami, hurricane, etc.;

industrial accidents due to fire, explosion, accident (heat, water, heating and sewer systems), leading to emergency in the territory where the insured investment activity is carried out.

It should be noted that some risks can be accepted for insurance by establishing additional conditions insurance and increase in size insurance payment determined in each specific insurance contract. But, as a rule, insurers introduce certain restrictions on such risks that can lead to an insured event. this species insurance, namely:

insurance financial risk investment

nuclear explosion, exposure to radiation or radioactive contamination;

civil war, riots of various kinds, including uprisings, riots and strikes;

all kinds of military actions or military measures and their consequences;

confiscation, nationalization and other similar measures of a political nature, carried out by order of military or civil authorities and political organizations.

1.2 Insurance contract

Several types of investment insurance contracts can be distinguished depending on the various stages of investment activity and distribution, namely:

insurance of the collateral;

insurance of the investment recipient's liability to the investor;

insurance of investment risks by the investor or recipient of the investment;

insurance of the investor's liability to the recipient of the investment;

liability insurance of the investment project developer to the customer;

liability insurance of investment project experts to the investor;

insurance of property and non-property rights of property that are an investment.

When determining the amount of the insured amount and the insurance payment payable under investment risk insurance contracts, insurers must comply with the legislation on investment activities, rules and tariffs approved by the Committee for Supervision of Insurance Activities, while:

a) the insured amount is determined by agreement between the insurer and the policyholder, within the limits of the actual investments of the policyholder related to the financing of the insured activity. By agreement of the parties, the amount of the insured amount may be increased by the amount of the expected profit from the implementation of the insured project agreed upon by the parties;

b) the insurance rate is determined taking into account the period, volume of investment, the nature of the activity and competence of the insured to implement the investment project, the type and nature of the investment product, the number and reputation of participants (partners, contractors, suppliers, etc.) of the investment project and other significant factors in each specific case.

It is necessary to insure the investment before starting work.

When concluding investment risk insurance contracts, it is important to keep in mind the following:

such an agreement cannot be concluded later than the day preceding the day of commencement of the work invested by the insured;

The validity period of such an agreement should be established in accordance with the period of full implementation of the investment project, i.e. obtaining the expected income or social effect.

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Introduction

1. Investments in insurance

Conclusion

Introduction

Insurance is a relationship to protect the property interests of individuals and legal entities upon the occurrence of certain events (insured events) at the expense of monetary funds, formed from the insurance contributions (insurance premiums) they pay.

Insurance is security against possible damage through periodic contributions to a special institution that pays monetary compensation in the event of such damage. Investment activity is inextricably linked with risks. Investment risks consist in the complete or partial loss of the expected effect from investments, which can be expressed in: complete or partial loss of investment goods at different stages of the investment process; failure or delay in construction and installation work; inability to ensure return on investment; loss of income due to an unpredictable increase in the turnover period of the advanced capital.

1. Investments in insurance

1.1 Investments as an object of insurance

The concept of investment insurance includes insurance of the investor's political risks; financial risks; construction and installation risks; real estate objects; risk of non-fulfillment of contractual obligations (business risk).

The choice of specific insurance risks to be insured is a matter for the investor and the investment recipient. Let's move on to consider the issue of insurance of financial (portfolio) investments, which represent the purchase of assets in the form of property or credit securities. At the same time, risk is one of key concepts financial market, which leads to the need to develop an adequate insurance protection system.

The developed financial market has many types of insurance protection. One of them is manifested in state regulation of the financial market. Its goal is, on the one hand, to maintain the liquidity of the financial market, and on the other, to maintain confidence in it on the part of investors and issuers. Methods of such regulation include licensing financial market participants, establishing rules for issuing securities, introducing an obligation to provide information about issuers of securities, etc. The second method of organizing insurance protection is a kind of self-insurance for investors, which manifests itself, in particular, in hedging operations, when an investor, along with a security, acquires an option to buy or sell it. Mutual insurance of investors is also manifested in the organization of a system of securities quotations on the stock exchange. Availability of securities of a particular company in the listing stock exchange with its pre-established strict requirements, as a rule, indicates the sufficient reliability of these papers.

All these methods of insurance protection are characterized by the fact that they are embedded in the very model of the functioning of the financial market and are carried out in the absence of a professional insurer who assumes these risks. In addition, they do not provide a complete guarantee against losses.

A special type of insurance protection is the conclusion of insurance contracts with insurance companies. The purpose of such insurance is to protect investments from possible losses arising from unfavorable, unpredictable changes in market conditions, failure to fulfill obligations by counterparties and deterioration of other conditions of investment activity. At the same time, the main problem legal regulation investment is the payment of compensation to the investor.

Risk is always present in investment activity and is its characteristic. Any business entity conducts entrepreneurial activity to one degree or another under conditions of uncertainty and risk. Risk refers to the possibility of conditions arising that lead to negative consequences. The risk is economic category. The word “risk” translated from Portuguese means “reef”, “underwater rock”, which is associated with the concept of “maneuvering between rocks”, which means it is fraught with danger.

Investment risk is an integral part of the general financial market and represents the probability (threat) of financial losses (losses due to at least, part of their investments), shortfall in income from investments or the appearance of additional investment expenses.

Depending on the object of application of investment activity, this can be either a risk financial investment related to the securities market, or the risk of real investment (risk associated with the implementation of projects, construction risks).

The risk of financial investment determines the likelihood of the effectiveness of investment operations at the time of conclusion of the transaction. This risk arises due to the impossibility of predicting future prices (for financial instruments (assets)) and future dividends when investing in financial instruments(assets) involving the acquisition of rights to participate in the management of corporations and debt rights - in government and corporate securities, bank deposits(shares, bonds, bills, other securities and instruments), etc. on stock and money markets. This risk is caused by ill-considered selection of identical investment instruments, financial difficulties or bankruptcy of individual issuers, etc.

The risk of real investment is the probability of ineffectiveness or insufficient efficiency of investment projects at the time of the start of their implementation, due to the geographical location and characteristics of the customer, subcontractors, necessary raw materials and components, etc.

According to the forms of ownership of investment resources, risks are distinguished:

State investment;

Private investment;

Foreign investment;

Joint investment.

The definition and classification of risks makes it possible to establish the object of insurance, the interest of the policyholder, as well as the insurance risk - i.e. the expected event against which insurance is provided.

From the investor’s point of view, his property rights in relation to investments will be fully secured if, upon the occurrence of these circumstances, he can quickly obtain compensation for losses incurred by him from an independent source, and if such source’s consent to compensation for lost investments was obtained before the start of the investment in which -or an investment project.

The next category of risks that are directly related to investment activities are non-commercial risks. N.G. Doronina connects the issue of payment of compensation with the onset of political risk, i.e. with the actions of the state itself. V.V. Silkin considers the threat of violation by the state of guarantees of the rights of investors to be a political risk, i.e. violation of obligations assumed by the state in accordance with concluded international agreements.

Political risk insurance is a kind of solution to the issue of determining compensation, which is key to the overall problem of protecting investor rights.

To understand the legal nature of risk insurance, it is necessary to establish the content of the concepts “risk” and “uncertainty”. D.S. Gubarev notes that these concepts are based on specific decisions and the possibility of consequences from such decisions that do not correspond to the expected result resulting from these decisions. Moreover, such a possibility in the case of risk can be measured, i.e. is real, and in the case of uncertainty does not lend itself to it.

Non-commercial risk is the uncertainty in making investments associated with possible actions of such a state that may directly or indirectly affect the investor’s ability to own, use and dispose of his investments or cause damage to the property or non-property interests of such an investor.

Commercial risks include the risk of choosing a counterparty, failure to fulfill contractual obligations, insolvency, bankruptcy.

D.S. Gubarev proposed a conditional classification of non-commercial risks.

1. Non-commercial risks associated with the actions of the host state that directly affect the investor’s ability to own, use, and dispose of their property. This group includes expropriation of property, indirect de facto expropriation, confiscatory taxation.

2. Economic risks. This group includes devaluation or revaluation foreign currency, since these processes are directly related to economic policy carried out in the state. In addition, this group includes the refusal of the state to fulfill its obligations to the investor due to the deterioration of internal economic situation. The practical meaning of identifying economic risks is to resolve the issue of state responsibility, since the state must bear full responsibility for the implementation of economic policy.

3. Risks of political violence - wars, civil unrest, revolutions.

What is common to all groups of non-commercial risks is the direct or indirect connection of their occurrence with the activities of the host state.

E.V. Popov proposes to classify non-commercial risks into political, environmental and legal.

He considers the possibility of expropriation (nationalization and (or) requisition of foreign direct investment) to be political; unilateral termination of agreements related to foreign investments; double taxation; currency inconvertibility; hostilities and civil disturbances; uncertainty and unpredictability of government and fiscal policies.

Environmental risks include the risk of natural consequences and other force majeure circumstances. Legal risks - inconsistency of substantive and conflict of laws categories and concepts in different legal systems, differences in procedural issues of exercising rights and obligations; differences in approaches and grounds for the recognition and enforcement of foreign arbitration and court awards.

These classifications allow us to understand legal nature these phenomena.

According to Art. 964 of the Civil Code of the Russian Federation, unless otherwise provided by the insurance contract, the insurer is exempt from paying insurance compensation and the insured amount when the insured event occurred as a result of military actions, as well as maneuvers or other military events, civil war, civil unrest of any kind or strikes, for losses, arising as a result of seizure, confiscation, requisition, arrest or destruction of insured property by order of government authorities.

Establishing the right of the insurer in certain cases not to pay insurance compensation or the insured amount, even though the insured event has occurred, the legislator uses the term “exemption from payment”. If the harm occurred as a result of the influence of these circumstances, the insurer is exempt from payment only when these circumstances had a direct impact on the harm. The indirect impact of these reasons exempts the insurer from payment only if this is provided for in the contract.

For example, it often happens that when a danger against which insurance was provided occurs, in order to prevent significant harm to the life, health and property of citizens, by order of government agencies it is necessary to destroy part of the insured property. In case of such destruction, the insurer is not exempt from paying compensation, since the immediate cause of damage here is not the destruction of property, but the danger against which insurance was provided.

Undoubtedly, it is important for the investor that his counterparties under the contract fulfill their obligations properly, especially when it comes to the implementation of an investment project, for example, in housing construction. In this matter, protection of the interests of investors can be carried out on the basis of the provisions of Art. 933 of the Civil Code of the Russian Federation, which establishes general provisions for business risk insurance. In accordance with this article, under a business risk insurance contract, only the business risk of the policyholder himself can be insured and only in his favor.

The interest insured as a business risk is complex, i.e. includes all components of insured losses - actual damage, lost profits, and liability, but what distinguishes it from other types of interests is that it arises in connection with the conduct of business activities by the interested party (Article 2 of the Civil Code of the Russian Federation).

A person who conducts business activities must register in this capacity with established by law order (Article 2 of the Civil Code of the Russian Federation). That is, the policyholder in such a contract can be either a citizen registered as individual entrepreneur, or a commercial organization. In such a situation, in relation to investment relations, there are some conflicts, i.e. equity investor as a party to the agreement equity participation for the construction of a residential building cannot insure the risk of the developer’s failure to fulfill its obligations.

Business risk insurance is carried out either in the event of a breach of obligations by the entrepreneur's counterparty, or in the event of a change in the conditions of the entrepreneur's activities for reasons beyond his control. Since this refers to systematic activity aimed at making a profit (Article 2 of the Civil Code of the Russian Federation), then changes in the conditions of activity should be regular.

When an insured event occurs, the change in operating conditions must be random for the entrepreneur, i.e. he must be in good faith ignorance regarding this change (Article 9 of the Law on the Organization of Insurance Business). With regard to the violation of an obligation by its counterparty, the entrepreneur must also be in good faith ignorance. For example, the business risk of the main investor cannot be insured when concluding a contract with a developer who does not have sufficient experience in the field of real estate construction, since the customer almost always has a real opportunity to obtain information about the real capabilities of the contractor, in particular, to obtain relevant information for review. licenses, constituent documents. Neither a beneficiary nor an insured person can be designated in a business risk insurance contract. However, the consequences of breaking these two rules are different. When a beneficiary is appointed in a contract, only this condition of the contract is void, and the remaining conditions of the contract remain in force. When the insured person is designated in the contract, the entire contract becomes void.

What is important is the fact that under a business risk insurance contract, not only financial risk is insured, but also other losses - property damage and liability. Therefore, investors who act as persons conducting business activities can choose in what legal form to insure their property - in the form of property insurance (Article 930 of the Civil Code of the Russian Federation) or in the form of business risk insurance, and depending on this choice, regulatory regulation will be different.

Thus, highlighting business risk insurance in separate species insurance and having established special rules for it, the legislator introduced different regulation of actually arising relations not depending on the content of these relations, but depending on legal form in which they are clothed.

In accordance with Art. 930 of the Civil Code of the Russian Federation, property can be insured under an insurance contract in favor of a person (the policyholder or beneficiary) who has an interest in preserving this property based on law, another legal act or contract.

Property subject to insurance under a property insurance contract should be understood as such objects of civil rights listed in Art. 128 of the Civil Code of the Russian Federation, in relation to which:

There may be an interest in preserving them, i.e. they may be lost (in whole or in part) or damaged as a result of a combination of circumstances;

The harm caused to them has a direct monetary value.

Such objects, of course, include any things, including money and securities, and information. Among intangible benefits (Article 150 of the Civil Code of the Russian Federation), such objects include business reputation, which has a monetary value and is even reflected in the balance sheets of organizations as a separate line.

The concept of “investment” is key to the Investment Law, which includes in this list cash, target bank deposits, shares, shares and other securities, technologies, machines, equipment, loans, any other property or property rights, intellectual values invested in objects of business and other types of activities in order to generate profit (income) and achieve positive social effect. Consequently, any investment can be insured under a property insurance contract.

The interest insured under the insurance contract is in this case based on federal law. The legitimacy of an investor's interest means the legal possibility of actually possible behavior that brings benefit. The question of the bearer of interest in preserving the property is quite complex, i.e. about the person in whose favor a property insurance contract may be concluded.

From the regulatory provisions of Art. 929 of the Civil Code of the Russian Federation it follows that under a property insurance contract, insurance is provided in the event of loss (destruction) or damage to this property. Therefore, a property insurance contract, in any case, can be concluded in favor of the owner, since it is his property that is lost or damaged. The owner's interest is based on the law. However, under a property insurance contract, interest can be insured based not only on the law, but also on other legal acts or contract, from which it follows that under a property insurance contract not only the interest of the owner can be insured, and therefore the contract can be concluded not only in his favor. This is confirmed by judicial practice.

In investment activities related to capital investments, a situation is especially common when its subjects are investors, customers, contractors, users of capital investment objects and other persons. Investors make capital investments on the territory of the Russian Federation using their own and (or) borrowed funds. In this case, customers can act as an investor. The customer, who is not an investor, is granted the rights to own, use and dispose of capital investments for the period and within the powers established by the contract. Users of capital investment objects can be investors. Thus, a subject of investment activity has the right to combine the functions of two or more subjects. That is, the owner of the property does not always act as an investor; at the same time, the law grants him the right to insure the property.

The risk of non-fulfillment of a contract (business risk) can only be insured by the owner of the property, provided that he has the status of a commercial organization or individual entrepreneur.

An interest in the preservation of property held by a person who is not the owner of this property is an interest in the preservation of someone else's property. An investor has an interest in someone else's property on the basis that he uses this property for his own purposes. It follows that the interest subject to insurance under a property insurance contract is held only by the owner and the person who has the right to legally directly use this property for himself.

The investor's interest in preserving someone else's property when he is not the owner is associated with the opportunity to use this property for his own purposes. The possibility of imposing an obligation to compensate the owner for his losses creates an interest in preserving one’s own property, and not someone else’s. The interest of the owner in preserving his property differs significantly from the interest of an investor who uses this property as an investment in preserving it in that the owner, unlike the investor, can benefit not only from the use of the property, but also in other ways, for example, by disposing property. Accordingly, the investor's interest in preserving the property - the investment object - can only be compensated by restoring the property, since he needs it only for use. The owner’s interest can be compensated either by restoration of the property or in another way, since the owner realizes his interest not only by use, but also by disposal.

When insuring construction and installation risks, the object of insurance is the property of unfinished construction, in respect of which the contract is valid construction contract. This property can be insured in favor of the contractor, since it is the direct subject of his profit-making activities. The payment is made either to reimburse expenses already incurred for the restoration of property, or if there is evidence of the intended use of the money.

Insurance of property under construction during the construction period should be carried out only in favor of a third party, which will be an investor who has entered into an agreement with the developer for shared participation in construction.

Therefore, only the person who had an interest in preserving this property at the time of the insured event has the right to receive insurance payment under a property insurance contract.

It should be noted that insurance, being one of the possible mechanisms for protecting the rights of an investor, allows insurance of the title of the owner of the investment object.

At the same time, insurance of the property interests of legal entities located on the territory of the Russian Federation and individuals- residents of the Russian Federation can only be carried out by legal entities that have a license to insurance activities on the territory of the Russian Federation.

1.2 Characteristics of investment insurance against political risks

In the global and Russian economic space, zones of “risky investments” are identified, which are characterized by a general unfavorable assessment of the political and economic conditions of investment. The assessment of investment conditions is equally applicable to both foreign investment in Russian economy, and investments of Russian investors in the economies of other countries. The specificity of this type of insurance is manifested in catastrophic, devastating damage, which is associated with changes in the political regime, conditions of convertibility of domestic currency, export of profits, etc. Political risks are difficult to predict. These include force majeure events that are of a political nature and emanate from government authorities or from other government entities or the masses. Therefore, the list of political risks is usually referred to in the insurance contract as a “force majeure clause”, according to which damage to the property interests of the policyholder upon the occurrence of the listed force majeure events does not entail the insurer’s obligation to compensate for the damage caused.

If the insurance contract is concluded on special conditions insurance against political risks or so-called non-commercial risks, then compensation for such risks becomes possible. The contract may stipulate the following risks: confiscation, nationalization or expropriation of the investor’s property; military actions, civil unrest and social unrest resulting in damage to the property interests of the investor; introduction of legislative measures limiting the convertibility of the national currency and prohibiting or complicating the export of capital and profits.

Insurance of the investor's property interests against political risks can be carried out by specialized national (state) agencies, international organizations or private insurance companies. One of the specialized government agencies, which insures the property interests of investors, is the Overseas Private Investment Corporation (OPIC), created in 1969 by the US government and providing support American investors in foreign countries under the following three programs:

Insurance of property interests of investors against political risks associated with expropriation or nationalization, irreversibility of local currency into freely convertible currency, damage to property or loss of profit as a result of civil unrest, civil war, change in political regime, etc.;

Project financing and lending to private investors by providing short-term and long-term direct and guaranteed loans;

Rendering consulting services investors related to the study of the investment and political climate in the proposed country - the recipient of the investment.

The most common risk is “currency inconvertibility”, which is understood as the inability to convert capital or profits into hard currency due to a decision by the national government to block the export of capital or establish an unfavorable or discriminatory exchange rate. However, devaluation of the national currency and market fluctuations in the exchange rate are not an insurance event, because such losses relate to conscious (not accidental) speculative risk.

Insurance against the risk of “expropriation or nationalization” of investments involves providing the investor with insurance protection in cases where such actions are carried out by the national government without payment of the stipulated compensation. The following types of investments can be the object of insurance: shares and other securities and participation rights; direct investments, including those related to construction and installation work, modernization of production, etc.; property rights related to licensing, international leasing, etc.; loans, credits and other types of investments.

The term of such insurance is 12-20 years. The amount of insurance coverage (sum insured) can range from 100 million to 150 million US dollars per project and from 300 million to 350 million US dollars per country. Sum insured represents no more than 90% of the total investment, the difference remaining at the risk of the investor, which may be insured or otherwise guaranteed. Insurance premiums range from 0.3% of the insured amount when insuring against “currency inconvertibility” to 0.6% when insuring against expropriation of investments and are differentiated depending on the degree of insurance risk.

Government agencies similar to OPIC are active in other countries.

In 1905, the Washington Convention was signed, in which more than 100 states participated, and the International Center for the Settlement of Investment Disputes was created, whose competence includes the consideration of investment disputes arising in connection with direct foreign investments. Another example of the implementation of interstate guarantees related to foreign investments is the Seoul Convention of 1985, which established, at the initiative of the World Bank, the Multilateral Investment Guarantee Agency (MIGA), in which more than 100 states participate. The Agency’s functions include concluding insurance and reinsurance contracts for non-commercial risks, including those associated with the nationalization of investments, as well as risks associated with the introduction of restrictions on the transfer of profits and capital abroad, to which investments made by private individuals may be subject in the territory of recipient countries or states party to the Washington Convention.

It is important that when an insured event occurs, International agency By way of subrogation, all rights and claims of a private investor in relation to the state (investment recipient) are transferred, therefore, the resolution of the dispute moves from the scope of application of private international law to public international law, in which the parties are an international organization and the state.

Private insurers of political risks are Lloyd's, AIG, etc. However, their financial opportunities are limited, which explains the strict selection of risks accepted for insurance, the limitation maximum size obligations under insurance contracts and the scope of insurance liability, especially if property is destroyed or damaged as a result of military operations.

When insuring political risks, the main clients are exporters, importers, exporters (importers) of countertrade industries, investors, lessors, banks. Insurance contracts are concluded in relation to the following risks:

Cancellation of a contract by a government buyer (supplier);

Cancellation of import (export) licenses and imposition of an import (export) embargo;

Civil War;

Failure by the buyer (supplier) to fulfill contractual obligations, including non-payment (non-delivery);

Failure of the bank to accept an irrevocable letter of credit or guarantee;

Restrictions on the conversion and export of hard currency;

Debt obligations payable at sight; loss of legal rights to the insured property;

Confiscation, expropriation, seizure, nationalization, restriction or requisition of leased property;

Impossibility of exercising the right of possession (restoration of possession) as a result of actions of the government of the country and the tenant;

Refusal of the government of the tenant country to allow the export of leased property;

A loss technical documents(usually refers to aircraft or watercraft).

Pre-carriage coverage provides coverage for losses associated with the costs of damages less the resale price of the goods (equipment).

investment insurance political risk

Conclusion

A feature of investment insurance against political risks is that political risks do not have a sufficiently reliable statistical base, i.e. the probability of their occurrence is extremely difficult to predict. Risk assessment here is most often of the nature expert assessments. In addition, the consequences of their occurrence can be catastrophic for the investor and require significant amounts of compensation to the investor. Due to these features of political risks, the state has traditionally played a significant role in protecting investors from their actions.

Firstly, the state provides appropriate legal guarantees to foreign investors by adopting appropriate national legislation and concluding international agreements on the promotion and protection of investments. At the same time, the legislation provides that in the event of nationalization or requisition, which must be non-discriminatory in nature, foreign investor has the right to receive compensation in the currency in which the investment was made in the amount of real value.

Secondly, any state, providing for investments as an important component of its foreign economic policy, takes a direct part in insuring foreign investments by creating a state insurance company that insures against political risks or by supporting the activities of private insurance companies engaged in this type of insurance. Political risk insurance contracts are usually concluded by investors investing in foreign countries. Such insurance is most often carried out by state insurance structures of the investor country and international financial organizations. Private insurers, with rare exceptions, do not engage in this insurance, since it is characterized by the impossibility of mathematically assessing the probability of occurrence of insured events and extremely high, catastrophic amounts of damage. Therefore, if necessary insurance payments partially subsidized by budget funds. This insurance represents one of the forms of stimulation by the state of the penetration of its domestic capital into foreign markets. Insurance risks here are events emanating from authorities and management. Other government entities, as well as the masses. When determining a specific list of them, the agreement takes into account the political and economic situation country, its financial potential, opportunities, level of industrial development, Agriculture and infrastructure, the size of the gross domestic product, the volume of internal and external debt of the state and its structure, timeliness of repayment of existing loans, the level of inflation, the object and subject of insurance, the amount of investment, the geographical location of the investment object, the insurance period, etc. Moreover, these factors can affect not only the volume of insurance coverage, but also the overall economic feasibility and the possibility of insurance and, therefore, the very fact of investment.

List of used literature

2. Gvozdenko A.A. Financial and economic methods of insurance. - M.: 2008;

3. Insurance portfolio. M.: Somintek, 2004;

4. Insurance from A to Z. /Ed. L.I. Korchevskaya. - M.: INFO-M, 2006;

5. Insurance business. / Edited by Reitman L.I. - M.: Publishing house NPF Ecos LLP, 2007;

7. Hampton D. Financial management in insurance companies. - M.: 2005.

Posted on Allbest.ru

Insurance of venture investments. Investment insurance: features, risks, opportunities. Who is called a venture investor?

Insurance protection of investments against political risks

Capital insurance conditions for investors

Peculiarities

International investment insurance

Insurance for individuals

Cost-effectiveness assessment

Insurance mechanism

How to find out if your broker is insured

Does a broker need insurance?

Pros and cons of investment insurance

Rating of the best

Conclusion

Investment insurance: what is it?

Classification of species

Western experience

Investor protection in Russia

The situation on the Russian market

Chapter 1. Theoretical aspects of the investment insurance process

1.2 Insurance contract

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