Insurance law

Застрахователно право

Insurance Law is a field providing compensation to the injured or victims (but not only, since third persons may also avail of certain insurances on various occasions) in case of some specific and unforeseen circumstances also called insurance events, which may be of various nature. The relevant regulatory action is the Insurance Code which regulates not only the different types of insurances, but also the methodology of issuing and withdrawal of licenses to insurers and reinsurers, their transformation, assignment of portfolios, their financial status, their supervisory bodies and more.

  1. Motor Insurance – Civil Liability. This insurance regulates the responsibility of the citizens and the legal entities in relation with the motor vehicles possessed by them regarding the caused material and immaterial damages, whereas these terms should be clarified. Material damages are the damages which may be evaluated in money – such as, the damages caused to another motor vehicle; the funds spent by the injured person on medicines, hospital stay and other medical costs, damages caused to the property of others and on the overall, everything to which money value may be attributed. Immaterial damages are those which may not be evaluated in money. These are, most of all, the physical pains and sufferings (possibly, psychical ones, too), which the victims of road traffic accidents have suffered as a result of the event. It is not by chance that Article 52 of the Obligations and Contracts Act reads as follows: The compensation for immaterial damages shall be determined by the Court by justice.
  2. Mandatory insurance „ACCIDENT” of the passengers in public transportation vehicles. Here, all public transportation vehicles are included, namely: railway transportation vehicles, trolleybuses and buses, aircraft, all types of watercrafts, taxi services, rope lifts and lines. The scope of the insurance should be emphasized, namely that it includes not only the persons inside the vehicles, but also those in their immediate vicinity before getting on or off them. The minimal insurance amount in such unforeseen circumstances, according to Article 476 of the Insurance Code for each event and for each passenger is BGN 50 000.
  3. Mandatory insurance „Accident at work” which is mentioned hastily in the Insurance Code. The same obliges the employers to ensure the workers and employees whose labour has been attached higher degree of risk and may affect their health and life. The relevant regulatory actions are the Healthy and Safe Working Conditions Act and the Regulation on the Mandatory Insurance of the Workers and Employees against the Accident at Work Risk. The manner and terms under which insuring is implemented are determined by the Council of Ministers and the insurance covers the following risks: death of the insured person as a result of accident at work; permanent or temporarily reduced workability as a result of accident at work.

Other mandatory insurances are the following, the list being not exhaustive: Design and Building Insurance, Tour Operator Responsibility Insurance, Insurance of the Employees Exercising Medical Profession (according to the Health Act) and more.

“Ivanchov & Partners” Law Office provides assistance to citizens and business companies on insurance issues. In this field, we offer:

  • Legal assistance under circumstances concerning the mandatory insurance „Civil Liability” and Traffic Accidents;
  • Legal assistance concerning accidents during transportation of passengers in the public transportation vehicles;
  • Advice regarding accidents at work;
  • Advice on all types of insurances – mandatory and optional;
  • Complex legal servicing of Insurance Companies and Insurance Brokers;
  • Communication with State and municipal authorities on insurance issues;
  • Procedural representation before all court instances under insurance actions of any nature;