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KD Holding Group
Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007
2.14.1.2 Property insurance contracts
injured party for damages incurred as a result of the
use or possession of the vehicle causing the damage.
This category includes accident insurance, insurance
of land vehicles, fire and other damage insurance,
liability insurance, financial loss insurance, transport
insurance, credit and suretyship insurance and
insurance of assistance and costs of procedure. This
mainly involves short-term insurance contracts, with
The insurance also provides coverage of property
(destruction, accident damage) as well as non-property
damage (bodily injury, health conditions or death),
providing the insured with total property security. The
amount of indemnification is limited in both cases by
the legally defined minimal insurance sum.
the exception of credit insurance.
Fire insurance covers real and moveable property
In accident insurance, in addition to the basic insured
risks such as disability and death, the policy holders
mainly opt for additional insurance coverage such as
daily accident insurance, daily insurance for the event
of hospital treatment due to an accident, and daily
insurance fee in the event of prolonged treatment in
a medical facility due to accidents. In addition to the
aforementioned risks, an insurance policy may also be
taken out for the event of death in a traffic accident,
reimbursement of medical expenses, funeral costs in
the event of the insured's death, and reimbursement
of accommodation costs for adult supervisors in the
event of insuring schoolchildren.
Land motor vehicle insurance covers material damage
(partial or total loss of the vehicle's value) which might
result from traffic accident, natural disasters, theft, fire,
malicious acts and other insured risks.
Car insurance falls under the category of mandatory
traffic insurance and must be ensured by every owner
of a motor vehicle prior to beginning to use the vehicle
in traffic. This applies to all types of motor vehicles
which require registration. The Group reimburses the
from the risk of fire, lightning, explosion, hailstorm,
windstorm, crash of the insured's motor vehicle
and work machinery, airplane crash and public
manifestations and demonstrations. By special
agreement and subject to an additional premium,
it is also possible to include insurance coverage
in the event of flooding, water spill, landslide,
avalanche, spill of fluids or gasses, self-combustion
of inventories and spill of glowing mass in industrial
environments. Additionally insurance coverage
can extend to earthquake and torrential flooding.
Insurance can be taken out on new or actual value.
In the context of the insurance category “Other
damage insurance”, the following subcategories are of
significance according to the amount of the premium:
home insurance for insuring domestic non-fixed
assets, machinery malfunction to ensure machinery
and their parts, burglary insurance to ensure moveable
property from burglary and theft, building insurance,
insurance of computers and glass.
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