Compulsory insurance

Posted: September 9th, 2013 | Author: | Money

Most insurance policies are not mandatory, although some of them are good to have, no one can force us to buy them or use them. However, there are some situations in which the law requires us to have an adequate insurance policy.

Adam Foster | Codefor / photo on flickr

Adam Foster | Codefor / photo on flickr

The most well-known situation of compulsory insurance is when we own a car or a motorcycle. Every owner of a motorized vehicle by law have to pay for liability insurance (OC). This is because if you cause some damage, the insurer will cover the losses caused by you. This way, the victim does not have to rely on our favor or disfavor. Having a car insurance policy will most likely be checked during the each inspection, either by the police or by the Border Guard. No having a current policy is severely punished.

Another situation in which we have a civil liability to have insurance policy is a situation where we own a farm. The policy should include a variety of events that can happen when working on the farm. Reason for the requirement of such a policy is very similar to the above. In our country, quite a few professional groups are subjected to the requirement of holding liability insurance. Generally speaking, these are all the jobs that in the result of the business, you can put someone in material or personal damage. We are talking about such jobs as the bailiff, a physician, pharmacist, appraiser, attorney, and more. Each occupational group in this regard has its own rules and requirements, so their case should be individually related to the specific provisions relating to a particular professional group.

 

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