Compulsory civil liability insurance of private notaries

Compulsory civil liability insurance of private notaries is made in accordance with the Law of the Republic of Kazakhstan “On compulsory civil liability insurance of private notaries”.

The object to civil liability insurance of private notaries is the valuable interest of a private notary, associated with the Notary’s obligation to reimburse the harm caused to third parties, as a result of notarial actions, which in accordance with the Notary Act of the Republic of Kazakhstan can be made only after execution of the insurance contract of the Notary’s civil liability with an insurance company. Private notary cannot act as such without the contract of compulsory civil liability insurance of private notaries.

Insured events

The insured event under the contract of the civil liability insurance of private notaries is the occurrence of notary’s civil liability to reimburse harm caused to the property of third parties as a result of the notarial actions.

Value of the insured sum under the contract of the civil liability insurance of private notaries is determined by its provisions and shall be not less than 1,000 MCIs for notaries acting in the city with republican status and not less than 500 MCIs for other notaries.

Value of the insurance premium is fixed upon the agreement of the parties but not in exceed of 4.5 % of the insured sum set up by the provisions of the contract of the civil liability insurance of private notaries.

Deductible

Deductible value for each insured event is fixed upon the agreement of the parties, however it cannot exceed 5% of the insured sum set up by the contract of the civil liability insurance of private notaries.

In cases where the value of damage incurred exceeds the deductible value, the insurance payment shall be made in full.

Insurance period — 12 months since it enters into legal force.

Insurance payments are fixed by the Insurer subject to the amount claimed by the third parties or under order of the court on reimbursement of harm incurred which came into legal force. The Insured shall make payment within 7 business days since delivery of all required documents.