Mandatory Insurance of Private Notaries’ Civil Liability
Mandatory Insurance of Civil Liability of Private Notaries
Civil liability of private notary, licensed for notarization is subject to mandatory insurance.
In Kazakhstan, mandatory insurance of private notaries is regulated by a separate law of June 11, 2003 № 435-II “On mandatory insurance of civil liability of private notaries”.
The object of civil liability insurance is property interests of private notary, related to his/her obligation to compensate for damage caused to third parties as a result of the notarial acts performed.
What is an insured event?
The fact of incurrence of civil liability of the policyholder to compensate for damage caused to property interests of third parties as a result of private notary’s acts.
Cost of Insurance
The amount of insurance premium is established as agreed by the parties but may not exceed 4,5% of the sum insured.
The amount of sum insured under Mandatory Civil Liability Insurance Contract of private notaries must be:
- at least 1,000-fold MCI for notaries operating in a city of a republican status and the capital.
- at least 500-fold MCI for other notaries.
Insurance indemnity does not provide for compensation for moral damages, lost profits or forfeit.
Insurance indemnity is determined in the amount of actual damages, but not more than the sum insured.
Amount of insurance indemnity is determined by the Insurer based on the amount of claims of third parties, or an effective court decision on compensation for damage caused.
How to make an order?
To do that contact us by telephone: +7 (727) 258-18-00 ext. 1063. Email address for messages: email@example.com. OIC corporate insurance officers will contact you.