Financial Risks
In today’s world, business management in enterprises and organizations is increasingly associated with financial risks. Financial risk insurance allows companies to protect themselves against these risks and confidently plan their business development.
The production and sale of goods, provision of services, monetary transactions, investment, and innovation projects—all these activities involve the use of financial resources. Consequently, there is always a risk of total or partial loss of these resources, as well as partial loss of expected income.
Financial risk insurance covers the property interests of the insured in cases of non-fulfillment of contractual obligations by the insured's business counterparty. Covered risks may include:
- Non-payment;
- Non-performance;
- Non-reimbursement;
- Non-delivery, etc.
Insured events may result from counterparty bankruptcy, failure to meet deadlines, non-compliance with conditions, political risks, and more.
When drafting financial risk insurance contracts, insurers typically analyze the counterparties' contractual obligations, financial reporting, and balance sheet indicators of the insured enterprise.
Realtor Liability Insurance
The object of this insurance is the property interests of the insured (real estate company), ensuring compensation for real damages caused to third parties (clients) due to unintentional professional errors made during the insured’s real estate activities.
An insured event occurs when the insured’s liability arises, based on a civil court ruling regarding the client’s claims or reasonable statements made outside of court and accepted by both the insured and the insurer. This liability relates to compensation for material damages caused by a professional error during the exercise of the insured's specialized duties or job responsibilities.
Appraiser Liability Insurance
The object of this insurance is the property interests of appraisers, linked to their obligation under the law to compensate for actual damages caused to third parties as a result of unintentional errors during their professional activities.
Additionally, the insured is responsible for covering all legal expenses related to claims for damages brought against them by third parties following the occurrence of an insured event.
Covered Risks:
- Failure to comply with evaluation standards, regulations, or practices, including errors and omissions made during the evaluation process that lead to distorted results;
- Errors made in measurements and calculations;
- Accidental loss or destruction of documents received from third parties during the evaluation process.
Insurance Compensation May Include:
- Actual financial losses incurred by third parties;
- Lost income suffered by third parties due to tax overpayments caused by overestimating the taxable base;
- Expenses associated with establishing the circumstances of insured events, determining the insured's fault, and defending the insured's interests out of court. This also includes costs for expert services necessary to address claims.
Directors’ and Managers’ Liability Insurance
If you hold positions such as General Director, Deputy Director, or Board Member, you may face claims from shareholders, state authorities, creditors, employees, or other third parties for real or presumed damages caused in the course of managing your company’s operations.
Additionally, if you are a company owner, administrative actions may result in damages to you or your company. Such damages are covered under Directors’ and Managers’ Liability Insurance.
Coverage includes: Legal defense costs and compensation for damages caused to third parties.
Professional Liability Insurance
About Professional Civil Liability Insurance
The success of a business depends on the reputation you build. Even the best professionals are vulnerable to mistakes. Professional liability insurance protects you financially while also reinforcing your professionalism and responsibility.
This insurance covers the liability you assume towards clients/beneficiaries for damages caused by your actions, errors, or omissions (unintentional mistakes) during or in connection with your authorized professional activities.
This type of insurance is often mandatory, required by law or professional organizations for obtaining or renewing operating licenses in the respective field.
Carrier Liability Insurance (CMR)
About CMR Insurance
As a carrier, you are responsible for the goods entrusted to you. To avoid compensation payments for damages to transported goods, it is advisable to secure CMR Insurance.
Who Needs It?
This insurance is intended for businesses conducting international goods transportation using vehicles. It applies only to carriers who are not the owners of the transported goods.
Covered Risks:
This insurance covers the carrier’s liability (for individuals or companies domiciled, headquartered, or residing in Moldova) transporting goods with vehicles registered in Moldova, for damages to goods under the Convention on the Contract for the International Carriage of Goods by Road (CMR).
Territorial Coverage:
The insurance is valid both in Moldova and abroad, but only for the limits and vehicles specified in the contract.
Passenger Carrier Liability Insurance
About Accident Insurance for People in Vehicles During Transportation
Your company’s drivers are professional and responsible. However, accidents may occur due to the fault of other road users or unavoidable situations. Your company bears significant responsibility, and Passenger Carrier Liability Insurance helps manage these risks.
Who Needs It?
This policy is primarily intended for transport companies and travel agencies operating passenger vehicles.
Covered Risks:
The insurance covers the risk of total or partial permanent disability, temporary loss of work capacity, or death. Additionally, it can cover damage or destruction of passenger baggage caused by an accident.
Sum Insured:
The insured amount will be determined by mutual agreement based on the risks you need coverage for and the specific nature of your business.
Cost and Payment Conditions:
The premium is determined based on the insured amount and the number of insured persons. For higher premiums, payment in installments may be an option.
Validity Period:
The insurance policy is usually concluded for a period of one calendar year.
Employer’s Liability Insurance
In professional accidents, the human factor is as significant as the material factor. You are responsible for your employees and the consequences of workplace accidents, whether caused by negligence or company failures in complying with labor safety laws.
Employer’s liability insurance covers the risks and expenses required to compensate employees for unintentional injuries at the workplace.
For additional information, contact ACORD GRUP at: +373 (22) 26 44 44 (24/7).