Civil-legal liability of private notaries
Notarial insurance
Compulsory insurance of civil-legal liability of private notaries is carried out in accordance with the Law of the Republic of Kazakhstan “On compulsory insurance of civil-legal liability of private notaries”.
Insurance facility of compulsory civil-legal liability of private notaries includes the property interests of a private notary related to its obligation to reimburse harm, caused to the third parties as a result of its notarial actions, for performance of which a private notary in accordance with the legislation of the Republic of Kazakhstan “On Notariate” is obliged to conclude a compulsory private notary’s liability insurance agreement. A private notary shall not have the right to carry out activities on rendering notarial services without concluding a compulsory private notary’s liability insurance agreement.
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Insurance events
Insurance event under an compulsory private notaries’ liability insurance agreement is the fact of occurrence of civil-legal liability of insured for reimbursement of harm, caused to property interests of the third parties as a result of performance by a private notary of notarial actions.
Amount of insurance premium under compulsory civil-legal liability of private notaries agreement is determined by its terms and conditions and should be not less than 1000 for notaries operating on the territory of a city of republican significance, capital, and not less than 500 MCI for other notaries.
Amount of insurance premium is established by agreement of the parties, but not more than 4.5 percent of insurance amount determined by the terms of compulsory private notaries’ liability insurance agreement.
Deductible
Amount of deductible for each insurance event is established by agreement of the parties, but at the same time shall not exceed five percent of the insurance amount as defined in the terms of compulsory private notaries’ liability insurance agreement.
In cases when amount of damage caused exceeds the established amount of insurance deductible, insurance payment shall be made in full.
Insurance period is 12 months from the date of its entry into force.
Insurance payments are determined by insurer on the basis of amount of claims of the third parties or effective court decision on reimbursement of caused damage. Insurance payments are made by insurer not later than 7 business days from the day of receipt of all required documents by insurer.