Ispravci

GENERAL PROVISIONS 1.

Belarusian National Unitary Company for Export and Import Insurance “Eximgarant of Belarus” (hereinafter – the Insurer) signs contracts for voluntary insurance of financial risks with persons specified in clause 4 hereof (hereinafter – the Insureds) according to provisions set out herein. 2.

Definitions of the terms used in these Rules: Commercial operations – independent operations carried out by legal entities and individuals in civil circulation in their own names, owning the risks and their material liability, and performed to gain continuous profit from using property, selling goods produced, processed or purchased for reselling by above mentioned persons, as well as from carrying out works or rendering services, if such goods or services are intended for selling to other persons and not for own consumption; Financial (commercial) risk – risk of the Insured suffering damages due to the Insured’s partner violating their contractual obligations, set out in the Insurance Contract and related to the Insured carrying out commercial operation; The Insured’s Partner – a party to a lawful contract signed by the Insured, under which both parties assume obligations related to one person (the Borrower) performing certain actions consisting of transfer of property, performing works, rendering services, etc. to the benefit of another person (the Creditor); Temporary Insolvency – the Borrower being unable to satisfy the Creditor’s claims related to the Borrower’s financial obligations (lack of free money for contract settlement at the due date, higher priority payment obligations being present, etc.); Insolvency (Bankruptcy) – insolvency of a legal entity or an individual entrepreneur being unable to satisfy creditor’s claims, which inability is or is becoming continuous, have been ruled by court or lawfully declared by the Borrower according to the law.

In the context of insurance insolvency (bankruptcy) shall be deemed declared by economic court at the moment bankruptcy proceeding is initiated against the Borrower (the Insured’s Partner); Extension Period – a period (in calendar days) after expiry of contractual term for performance by the Insured’s Partner of their obligations.

After such period expires, the Insurer’s obligation to settle damages arises; Unconditional Deductible – a part of the Insured’s damages, established by the Insurance Contract as not to be compensated by the Insurer, and deduced from the total amount of damages suffered by the Insured when calculating the Insurance Benefit.

SUBJECTS OF INSURANCE 3.

The Insurer – Belarusian National Unitary Company for Export and Import Insurance “Eximgarant of Belarus”. 4.

Insureds are corporate entities of any legal form, as well as individual entrepreneurs carrying out commercial activities and having signed financial risk insurance contracts with the Insurer.

Financial (commercial) risk insurance contract made to the benefit of a person not carrying out any commercial operations, is void. 5.

Only the Insured’s own financial (commercial) risk may be covered under an insurance contract, and only for the Insured’s own benefit.

Insurance Contract signed to the benefit of a person other than the Insured, is deemed signed for the benefit of the Insured.

OBJECT OF INSURANCE 6.

Object of Insurance means the Insured’s property interests not in conflict with the Belarusian laws and related to losses suffered as a result of commercial operations, which the Insured may suffer as a result of non-performance (improper performance) by the Insured’s Partners of their obligations when carrying out the following types of operations: Sales, including supply of goods, supply of goods for government purposes, contracting, real estate sales, company sales; exchange; Rent, including leases, rent of vehicles, buildings and facilities, companies, financial rent (financial lease); Contracting, including household, construction, contracting of design and survey operation, contracting operations for government purposes; Science and research projects, pilot design and process operations; Rendering paid services (communications, healthcare, veterinary, audit, consulting, information, real estate, schooling, travel services and others, except for the services provided under contracts set out in Chapters 37, 38, 40, 41, 44 - 47, 49, 51 of the Republic of Belarus Civil Code); transportation; forwarding; warehouse storage; commission trade; issuing banking guarantees (surety bonds); opening letters of credit; factoring; loans.

INSURANCE CONTRACT TERRITORY 7.

Insurance contracts signed according to these Rules, are valid in the Republic of Belarus. 8.