1. Object of insurance.
The object of insurance of the obligatory insurance “Third Party Liability” of the drivers related to the possession and/or usage of motor vehicles, for which the insured are liable according to the Bulgarian legislation or the legislation of the country where the damage occurred.
2. Territorial validity
The insurance coverage is provided for the territory of the countries members of the European Union, the other member countries of European Economic Area EEA and other countries (article 258, paragraph 3 of the Codec of Insurance)
Insurance and Reinsurance Company “DZI- General Insurance” Plc. issues an International Motor Insurance Card "Green Card” without additional payment of insurance premium to all policy holders of “Motor Third Party Liability”.
3. Covered risks
The insurance “Third Party Liability” covers the liability of the owners, holders, users of a motor vehicle, as well as of the authorized from the drivers, for the caused by them material and non- material damages of third parties, related with the possession and usage of motor vehicles, for which the insured are liable in correspondence to the Bulgarian legislation and the legislation of the country where the damage has occurred.
4. Insurance Period
The insurance policies are issued for a period of 1 (one) year, starting at 00.00 of the day, pointed at the beginning of the insurance in the insurance policy.
As per article 262 from the Codec of Insurance, issue of the insurance policies for a shorter period, but not less than 30 (thirty) days is allowed only in the following cases:
- motor vehicles which have temporary or transit registration according to the current Bulgarian legislation
- border insurance
- firms, performing import and sales of motor vehicles
- low- moving motor vehicles
- insurance of self- propelled machines
5. Payment of the insurance premium
The insurance premium is paid by choice of the policy holder as follows:
- As a lump sum
- Up to four equal installments as its payments (maximum 4) is determined by the policy holder. Each payment is paid on the date pointed as a maturity for each payment in the insurance policy. The amount of the first payment can not be less than 25% of the annual insurance premium.
6. Limits of the Liability
The obligatory minimal insurance limits for each event for 2007 and till 2009 are as follows:
- in case of events occurred on the territory of Bulgaria
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LEVEL OF LIABILITY THE INSURANCE FOR EACH EVENT VALID
FROM 01.01.2006 TO 31.12.2009 |
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LEVEL OF LIABILITY |
FOR NON- MATERIAL AND MATERIAL DAMAGES IN RESULT OF A BODY INJURY OR DEATH |
FOR MATERIAL DAMAGES |
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LEVEL “MINI” |
700 000 levs in case of one injured party;
1 000 000 levs in case of two or more injured partys |
BGN
200 000
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- in case of events occurred on the territory of country member of the European Union or a country part of the European Economic Area EEA and other countries (article 258, paragraph 3 of the Codec of Insurance)
The minimal limits of liability in the corresponding member - country on the territory of which the insurance event has occurred according to its legislation.
7. Period of payment of indemnities
Indemnities are paid to the claimed parties after complete presenting of the needed documents in the Insurance company and after complete inspection of the amount of the damages in 15-days period.
