Peculiarities of Insurance of Legal Entities’ Property and Issues of Its Legal Support in Terms of E-Insurance Development

Abstract

In terms of this paper, we study specific features of insurance of legal entities’ property, including application of e-insurance technologies as a new method of insurance business development on the research of doctrinal standpoints, analysis of current legislation and its practical application; reveal the issues of its legal support; draw recommendations on legislative elimination of topical issues in the area under study. The relevance of the research is determined by crisis taking place in insurance industry and this circumstance is explained by several reasons. The first is an intention of many companies to reduce expenses, which is often made thorough rejecting voluntary insurance.

The second issue is flawed legislation. On the one hand, it doesn’t provide proper countering the fraud schemes (it’s crucial for insurance underwriters) that have been already applied to CMTPL (Compulsory Motor Third Party Liability) and CNC (Comprehensive and Collision Insurance), and on the other hand, it doesn’t always contribute to effective protection of policyholders. The latter partly depends on new global trends in the development of quite conservative sector of the insurance market, which are brought to life by the emergence of new threats arising in terms of new technological revolution and causing serious damage to the economy, the method for determination hereof has not yet evolved. Amid these circumstances, a complex of organizational and economic measures aimed at satisfying the needs of customers in insurance coverage, at providing coordination between the insurance underwriter and different counterparties as well as the collection and fusion of information on actual policyholders through the Internet (called e-insurance) is growing popular. The paper draws and substantiates the conclusion that the issue of necessary property insurance can be solved by imposing a legal obligation to conclude an insurance contract, also thorough the Internet; by enshrining a legislative presumption in respect to given obligation, which is made in relation to the pledge of property; by entrenching the possibility to add obligation of property’s insurance to the contract.