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4 Compulsory insurance coverage according to the law ... Know it


Compulsory insurance is a type of insurance that an individual or company must purchase according to the law, and it is binding on individuals and companies who wish to engage in some activities fraught with financial risks

 

The compulsory insurances applied in the Egyptian market, at present, include 4 types of insurance coverage; The first of which is Law No. 72 of 2007 for compulsory insurance from civil liability arising from car accidents.

 

The second is the insurance against civil liability for construction works, known as the ten-year liability document for architectural contractors, in accordance with the civil law, according to which the insurance policy covers the civil liability of engineers and contractors for damages that may be caused to others; Due to the total or partial demolition that occurs in buildings and facilities, which is related to the responsibility of engineers and contractors during the implementation period, with the exception of their workers, and the responsibility of the owner during the guarantee period stipulated in Article 651 of the Civil Code.

 

The third type of compulsory insurance covers civil liability insurance from elevator accidents in accordance with Law 78 of 1974; Where the policy covers insurance from the dangers of elevators and the consequences of civil legal liability that the insured is likely to be exposed to before others, in accordance with the provisions of tort in Egyptian law, and in particular bodily injuries that afflict others from real estate residents or hotels or any of their visitors who use the elevator The fourth type is the professional liability of insurance brokers.

 

The legislators aim at enacting compulsory insurance laws from civil liability towards others to protect the injured, as he decided to have a direct right before the insurance company and grant him the right to file a direct lawsuit in which this right is used. This compulsion is inevitable, such as preserving national wealth in its human and material parts due to the consequence of many repeated accidents in society from the destruction of national capital, and the society's need for a quality of insurance has become urgent as a result of the increase in the rates of losses and their recurrence, and the severity of the resulting damages exceeded reasonable limits. And the inability of states, with their huge responsibilities towards society, to meet their great responsibilities towards the obligations resulting from these losses.

 

In addition to protecting the insured in the event that his insurance awareness fails to realize the risks surrounding him, or the compensations that may be imposed on him for others that he may not be able to fulfill, which may lead to the loss of the rights of others, and the protection of the families of the victims and the needy from loss of income as a result of the death or disability of the breadwinner And the loss of the means of earning income as a result of the accident causing this, and compulsory liability insurances represent an important part of the insurance system in any society because his job exceeds the insured to the third party affected by the act or error of the contractor.

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