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KD Holding Group
Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007
General liability insurance covers damages from
indemnification claims enforced by third parties against
the insured due to a sudden event which resulted
in damage to persons or things. The key element
of this insurance category is insurance of general
liability, including employer liability. Other important
subcategories include: forwarding, manufacturer,
project engineering, medical and accounting liability.
To a smaller degree other forms of professional liability
insurance are traded: professional liability of attorneys,
insurance agents, real estate agenty, surveyors,
members of boards of managers and supervisory
boards, liability of auditing firms and other legally
prescribed professional liability insurance types.
Transport insurance includes coverage of goods in
domestic and international transport, comprehensive
insurance of boats and airplanes, liability insurance
of the owner or authorized user of the boat or
airplane, insurance of transporter's liability in road
traffic, insurance of the forwarding agent's liability
and insurance of maritime agents. The quote is
customised to fit the needs of the policy holder, also
in the field of liability insurance in case of damage
to goods under the FIATA bill of lading, and we also
design and provide more specific insurance policies
such as liability coverage for repairers of boats, marina
and harbor managers and insurance of risk borne by
constructors of boats/ships.
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The category of financial loss insurance includes
insurance for the event of halting of the working
process due to fire or machine breakage and
insurance of public events. The former two are taken
as additional insurances to fire and machine breakage
insurance, and events are insured independently.
Insurance of halted production process involves
insurance of fixed costs which the insured was unable
to cover due to the fire or machine breakage. By
special agreement insurance may also include profits
which the policy holder was unable to realise during
the halt in production. Insurance of events covers
damages incurred by the organizer in the event of
cancellation of the event due to the weather, and by
special agreement also if the cancellation occurs as
a result of natural or administrative force majeure, or
due to fire or explosion.
Credit insurance marketed by the Group cover failure
to pay contractual obligations for whatever reason and
comprise insurance of commercial loans, insurance of
loans for investment in real property, bank overdraft
limits etc. In the segment of suretyship insurance
the policy holder is provided with a guarantee for
earnest deposits, good performance of works, repair of
malfunctions during the warranty period, payment of
customs duties, for the event of insolvency of tourist
organisations, for ensuring the payment of goods
and services acquired through use of the credit card,
guarantees for TIR carnets, etc.
Insurance of assistance costs provide the policy
holder with emergency assistance either in relation
to vehicles in the event of malfunction or traffic
accident, or in relation to an apartment or house when
normal residence is impossible due to the sudden