Compulsory civil liability insurance (CCLI) of private sector notary public

Compulsory civil liability insurance (CCLI) of private sector notary public


COMPULSORY CIVIL LIABILITY INSURANCE OF PRIVATE SECTOR NOTARY PUBLIC

Insurance is performed in accordance with the Law of the Republic of Kazakhstan № 435-II «Compulsory civil liability insurance of private sector notary public» of June 11, 2003. The purpose of private sector notary public compulsory insurance is to ensure protection of proprietary interests of third parties that have been caused injury to as a result of notarial actions performed by a private sector notary public, by payment of insurance benefits.

Object of insurance – proprietary interests of a private sector notary public associated with his liability to compensate the injury caused to third parties as a result of his notarial actions.

Insurance agreement shall be concluded in a written form by issuing an insurance policy by the Insurer to the Insured.

Term of insurance  - 12 months.

Insured value – for notaries public performing their activity within a city of national status, a capital – at least 1 000 MCI, for other notaries public – at least 500 MCI.

Insurance premium shall be established according to agreement between the parties, but not over 4,5 per cent of the insured value specified in the agreement on compulsory civil liability insurance of private sector notary public.

Insurance benefit shall be determined by the Insurer on the basis of the sum of third parties claims or on the legally effective court decision about compensation for the harm caused. The insurance benefit shall be paid by the Insurer not later than 7 working days since receipt of all the necessary documents.