Government approves mandatory private notary responsibility insurance procedure, rules
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- Created: Friday, 30 October 2015 14:24
Damage to assets caused to third parties due to illegal actions or negligence of private notaries in the course of their professional responsibilities is to be compensated by insurance companies under the mandatory private notary responsibility insurance agreement signed with the insurer.
The mandatory private notary responsibility insurance procedure and its rules are stipulated in cabinet resolution No. 624 of August 19.
According to the document, the fact of insurance events is established under a court ruling that took force or if the written demand of the third party is recognized by private notaries and agreed by insurers.
Events that occurred as a result of the provision of false information on any issue linked to the carrying out of notary actions by the person who came to the notary, fake or void documents, and if the person who came to the notary did not declare that there are or there are not persons, rights and interests to whom the notary actions could concern.
According to the resolution, the insurance sum is set under the agreement of the parties, but it cannot be less than 1,000 minimum wages (UAH 1,218 as of August 1, 2015). The upper insurance tariff per one year of insurance is 0.3% of the insurance sum if the agreement does not foresee franchising and 0.1% if franchising is foreseen.
The size of a franchise (a part of losses that is not refunded by insurance companies) is defined under the agreement of the sides in the mandatory insurance agreement, but it cannot exceed 5% of the insurance sum.
Interfax-Ukraine