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Insurance of financial risks as a method of their neutralisation

Financial risks are object of property insurance. The essence of insurance of financial risks consists in protection of property interests of the enterprise at approach of insurance event (insured accident) by special assurance companies (insurers) at the expense of the cash funds formed by them by reception from the insured of cash bonuses (insurance instalments).

In the course of insurance to the enterprise insurance protection on all principal views of its financial risks is supplied. Thus the volume of compensation of negative consequences of financial risks is not limited to insurers - it is defined by an effective cost of object of insurance (the size of its insurance estimation), an insured sum and the size of a paid cash bonus.

Subject to the conditions licensings of insurance activity [6] insurance of financial risks represents set of kinds of the insurance providing the responsibilities of the insurer on insurances at a rate of complete or partial indemnification of loss of incomes (additional charges) of the person, about insurance of which property interests the agreement (the insured person), caused by following events is concluded: a stop of production or reduction of volume of production as a result of the stipulated events; work loss (for physical persons); bankruptcy; contingencies;

-default (inadequate performance) treaty obligations the counterpart of the insured person who are the creditor under the bargain; the court costs (costs) suffered by the insured person;

- other events.

we Will consider more in detail the most widespread kinds with ³ ðàõîâàí³ §m financial risks. The insurance treaty of losses owing to breaks in production provides, that if because of destruction or damage of certain property owing to a fire, flooding, acts of nature, theft, a robbery usual economic activities of the insured will cease (or its volumes will be reduced), the insurer reimburses to the insured not received profit which that could receive at normal functioning of the enterprise. Insurance rules limit - an idle time during which the insurer bears responsibility (it fluctuates from 3 till 24 months). Minimum term of a stop of production is usually defined, at the expiration of which the insured has the right to the indemnification. Not received profit settles up as profit for the term equal to the period of the compelled break in production. The size of insurance indemnity is defined on the basis of accounting documents of the insured and special accounts. For etoju average margin of profit for some period previous the conclusion of the insurance agreement is established. More often such period is equal 12 meejatsam. For finding-out of the reasons of a break in production the insurer has the right zaprosin, at the insured accounting figureses, account books, other documentation. The insurance treaty from a break in production can be provided, that the insurer reimburses not only not received profit, but also the costs of the insured necessary for the further restoration of normal functioning predprijashja. To ³àêíì to costs the salary of the workers involved for restoration of damaged systems, the equipment and drutie additional charges can concern. Insurance upon idle times in production javlja?msja a special case of insurance of loss of profit.

Insurance of the financial risks connected with default of obligations by clients (counterparts) of the insured more often vseju assumes risk under the bargain, for example under the delivery agreement.

So, for example, the insured-supplier, directing the goods to the buyer with a condition of the subsequent payment, can conclude the insurance treaty on which conditions the insurer is obliged to reimburse to the insured not received incomes in case of default by the buyer - the counterpart of the insured of the obligations under the agreement.

insurance of unforeseen court costs assumes, that the compelled costs of the insured for business management in courts (payment of the state duty, services of attorneys and pr) will be insured accident. The given kind of insurance of a wide circulation has not received.

Insurance of financial risks should be conducted by the insurer on the basis of the special rules of insurance considering specificity of an order and conditions of its realisation and containing the exclusive list of perils insured and insured accidents (risk volume). 11ðè it it is necessary to mean, that an order and conditions of realisation of insurance of financial risks should meet requests of the Law of the Russian Federation «About the organisation of insurance business in the Russian Federation», the Civil code of the Russian Federation, to the normative statements developed by federal enforcement authority on supervision of insurance activity, the legal documents confirmed in a legislative order. Insurance of financial risks cannot provide the responsibility of the insurer on insurances in cases if deliberate default (inadequate performance) the counterpart of the insured person of treaty obligations before the insured took place.

Methods of neutralisation of financial risks of the enterprise it is based ³! A pas to constantly updated and extending information base which includes not only the complete information on a real condition of the separate enterprise, changes of the legislation, standard documents, on and data about perspective directions of development, foreign analogues and experience of other enterprises. To questions of practical decrease in a financial risk prsdnrijashja experts should attend.

for insurance of financial risks now there are weight necessary preconditions: there are the Law of the Russian Federation «About the organisation strahovo ¿ about affairs in the Russian Federation», instructions Rosstrahnadzora (nowadays Department but to supervision for strahovo ¿) activity) on the mechanism of its realisation; licensing of insurance activity acts, i.e. Competent persons attend to insurance only; we are available enough of experts; the voluntary prevails! The approach mri a choice of concrete terms of assurance; the complex of fears ³, ¿ h services is improved. The specialised insurance organisations attending to insurance of financial risks, at the conclusion of agreements offer ñ³ðàõî¿ìïèå: risk nepogashenija; from losses owing to breaks in production; from errors of financial managers; the new equipment and technologies; risk of loss of profit; the property party of the credit agreement; bank risks; responsibility for default of commitments of finance; risk of default from obligations but to agreements.

It is necessary to notice, that a question on kinds of the financial risks which are subject to insurance, has debatable character. A hook, for example, Kolomi ¿! K.N. Has presented a draught document [III] in which kinds of financial risks differing from «Conditions of licensing of insurance activity» are treated by image.

«... Insurance of financial risks provides compensation to the insured or other person about which insurance the agreement is concluded, losses of incomes and (or) the additional charges caused by following events: unemployment, contents loss, including loss of the supporter. loss of the rent or the lifelong contents with expense, insufficiency of incomes for continuation of certain enterprise activity, adverse weather conditions, increase of overhead charges at realisation of certain enterprise activity, occurrence of contingencies at realisation of enterprise activity, losses market stoimost and the goods, the missed benefit for the reasons for others, than is indicated above, other financial losses which have been not connected with enterprise deja ³ñëüíîñ³ yo. other events ».

From our point of view, the given treatment of structure of financial risks assumes, that, first, financial risks are inherent also in economic subjects - to physical persons (about it speak first three kinds of insurance). I Jo - the second, the accent is done on enterprise activity.

raises the doubts inclusion in insurance of financial risks of such kinds of insurance, as insurance of weather conditions and losses of a market value of the goods.

in our opinion, existing standard documents nuzhdajujuja in updating. So, for example, in Conditions of licensing the insurance! deja july jus ï³, really it is necessary to include insurance of deposit risks (strahova ³åëñì the bank acts, the risk of a non-return the deposit to the economic subject is insured), and also social risks (on our treatment to social risks carrying ³ sja the risks connected with loss of the income because of disablement, in connection with illness, an old age, accident; with absence of work, an income source).

So, the enterprise has the right to choose any form of the insurance agreement for any term. The agreement consists for any term on the basis of a written statement of the insured and is made out by issue insurance svidegelschva (policy).

Insurance payments are paid at a time or parts, that also is stipulated in the policy text. The sums of insurance payments (tariffs) are co-ordinated, proceeding from account of the rate (level) of the insurance instalment (cash bonus) from unit of an insured sum or object of insurance. A basis the post of swarming of the underwriting rate is probability of approach of insured accident.

a factor analysis of risk of bankruptcy

the Insurance organisations range [IV] financial risks on size of risk factors. An example of a factor analysis of risk of bankruptcy we will result in table 6.

Table 6

the Factor

Specific weight of the factor, %

1. Indicators of financial and economic activity

the enterprises

20

2. Quality of management debt çàäîëæñ³ to khlju

25

3. Quality of the qualified management

)

4. Level of organizational structure of management

15

5. Equation of positive and negative incomes

20

6. Other

10

the Important point at realisation of insurance financial [a vice is the exact estimation of size of a financial risk and definition of probability of its approach. Often enough insurance organisations for a financial risk estimation use a method of expert judgements. The independent expert (appraiser) professionally evaluates the possible size of a financial risk. The assurance company considers, that this estimation has certain degree of an error. Recently various standard-iarame§richeskie methods began be applied more actively. For example, (factors) are allocated separate parametsty

, and each parametre is evaluated by certain quantity of points. The score on all parametres is compared to standard significance. 1 1î the size estimation finansovoju risk is given to results of comparison.

it is necessary to notice, that resorting to services of insurers, prsdprijashe should define first of all object of insurance - that is those kinds of financial risks on which it namereno to supply external insurance protection.

the structure of such financial risks is defined by a number of conditions. Traditionally [139, with. 41] allocate following terms of assurance of risk: the risk should be possible and join In volume βªÃѲ vennoe sh the insurer; the risk should be casual; the adequate forecast of a cash bonus, proceeding from the analysis of corresponding statistical data; insured accident approach should not be connected with will of the insured or other zainteresovannoju persons; the fact of approach of insurance event is not known in time and in space; insurance event should not have the sizes katastroficheskoju to a trouble ¿ vija; consequences of realisation of risk can be measured and evaluated objectively.

On the basis of the above-stated with allowance for specificity of financial risks we will formulate main conditions strahuemosti a financial risk (the scheme 15).

we Will consider financial risk terms of assurance.

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A source: TUKMAKOVA DARYA PAVLOVNA. FINANCIAL RISKS And THEIR INSURANCE. The dissertation on competition of a scientific degree of a Cand.Econ.Sci. Kazan - 2002. 2002

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