Insurance Law
The attorneys of our office have a long-term practical experience in taking care of matters relating to Insurance Law. Our attorneys can represent both the policyholder's and the insurance companies. Our commission agreements are often based on disagreements between the policyholder's and insurance companies about the liability of damages on the basis of the insurance agreement.
In Finland indemnity insurance and retirement pension insurance are regulated by the Insurance Contracts Act which became into force in the beginning of the year 1994. The Insurance Contracts Act is basically imperative law when the policyholder or the insured is a consumer, an enterpriser or a small business. When a law is imperative it basically means that the protection provided by the law cannot be weakened by the insurance conditions or by the terms of policy.
The Insurance Contracts Act is applied to all indemnity insurances such as property insurances and liability insurances. The property insurance mainly covers the property listed in the insurance contract and the property is insured in case of accidental, unexpected damage or destruction of the insured property. The insured property can be for example a house and the household effects located in the house, summer cottage, luggage etc. Liability insurance is often attached in the home insurance. Liability insurances are meant to cover the policyholder's possible liability for damages to outsiders. Quite often the home insurance also includes insurance for legal expenses for the policyholder's possible legal expenses due to a possible trial.
Especially corporations can have a substantial amount of different insurances in addition to normal property and liability insurances. Insurance companies have designed new products for firms to serve as a part of the risk management programmes in corporations. Different types of liability insurances are widely used. For example the loss of earnings caused by the interception of business can be insured by the business loss of profits insurance.
The disagreement between the parties of the loss to be covered is often based on the limitations stipulated in the terms of the insurance contract. Almost all insurances include limitations that exclude the responsibility of the insurance company for some damages. Insurances can also include different safety regulations, which the policyholder should follow in order to avoid damages. The breach of these safety regulations can cause certain sanctions to the policyholder.
Disputes relating to the insurance contracts can be solved in the insurance board established by the insurance companies or alternatively in the court of justice. In each individual case the insurance board gives recommendations which do not bind the parties.
The policyholder who is not satisfied with the ruling of the insurance board can take the issue to the general court. In certain cases the issue has to be solved in the insurance court or by the average adjuster instead of the general court.
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