Insurance value

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As insurance value in the true factual and non-life insurance the amount the policyholder at the time of occurrence of the insured event for the replacement or restoration of the insured thing in mint condition after deduction of as the difference between old and new resulting loss in value has to spend.

General

This legal definition of Section 88 of the Insurance Contract Act (VVG) makes it clear that the insured value is limited to property insurance, property insurance and property insurance. Entering insured property damage only up to the amount of the sum insured by the insurer regulated. Therefore, the sum insured here should correspond to the insured value.

Legal issues

The legal term insurance value occurs frequently in the VVG; The legal definition of § 88 VVG describes it in the case of property insurance as the amount that the policyholder has to spend at the time the insured event occurs for the replacement or restoration of the insured item in a new condition, deducting the lower value resulting from the difference between old and new . According to him, overinsurance ( § 74 VVG) is measured if the sum insured is above the insured value, and underinsurance ( § 75 VVG) is measured with an insured amount below the insured value. The insurance value may also be determined by means of an estimate ( Section 76 VVG).

Transport and total insurance

In transport insurance, the insured value is the mean commercial value or the mean value that the goods have at the place of dispatch at the beginning of the insurance, plus the insurance costs, the transport costs incurred up to the acceptance of the goods by the carrier and the freight finally paid ( Section 136 (1) VVG).

While in the case of sum insurance only the sum insured has a benefit-limiting effect, in non- life insurance the amount of damage is added as a second benefit-limiting factor. If the damage is lower than the sum insured, only the damage will be compensated.

building insurance

The insurance value or fire insurance value or insurance value 1914 is a calculation variable for building insurance . It is the (fictitious) reconstruction value ( new value ), based on the year 1914 and is calculated in marks (M). If the building as it stands today had been built in 1914, it would have cost so much (back calculation ).

The insurance company multiplies the insurance value by the price of the insurance. This results in the insurance premium that the customer has to pay per year.

Calculation of the insurance value

The insurance value is calculated as follows:

,
.

This amounts to 10.45 EUR / m.

The construction cost index is often given as a base of 100. It must be divided by 100 if the above formula is used. Until the introduction of the euro , the building cost index had the unit DM / M.

economic aspects

The insurance value is the actual value of a thing or a whole thing without taking into account any enthusiast values . Whether this is based on a current value or a new value depends on the insurance conditions or the insurance contract . The current value is the value immediately before the damage event, taking into account wear and tear and age; for the new value, the replacement costs for items of the same type and quality are used. If the damaged item can be repaired , the repair costs are part of the insurance value. These repair costs are covered if the insured value corresponds to the new value and the latter is higher than the repair costs.

If the insured value increases significantly and without adjusting the sum insured, in the event of a claim the compensation will be reduced proportionally to the ratio of the sum insured divided by the insured value; there is underinsurance. If the insured value falls compared to the sum insured, in the event of a total write-off, only the amount of the damage is compensated and not the sum insured (overinsurance). Since the insurance premium is based on the excessively high sum insured, an excessively high premium is paid. The amount of compensation corresponds to the amount of damage if the sum insured shows the same amount as the insured value at the time of the damage.

International

In the case of building valuation in Switzerland , the terms fire storage value and cadastral value must be observed. The fire storage value is a current value of the building, which is calculated back to 1939. This year the index corresponds to 100%. Building on this is the cadastral value, which describes the taxation of the building. The tax rate consists of the fire storage value and a surcharge that is determined differently depending on the municipality.

In Austria , according to Section 57 A-VVG, the insurance value can be set at a certain amount (tax) by agreement. The estimate is also considered to be the value that the insured interest has at the time the insured event occurs, unless it significantly exceeds the real insured value at this point in time. If the sum insured is lower than the estimate, the insurer is only liable for the damage according to the ratio of the sum insured to the estimate, even if the estimate significantly exceeds the insured value.

Literature / web links

Individual evidence

  1. ↑ Walter Große / Heinz Leo Müller-Lutz / Reimer Schmidt (eds.), Gabler Versicherungsenzyklopädie , Volume 3: Rechtslehre des Versicherungswesens , 1991, p. 150
  2. ↑ Walter Große / Heinz Leo Müller-Lutz / Reimer Schmidt (eds.), Gabler Versicherungsenzyklopädie , Volume 3: Rechtslehre des Versicherungswesens , 1991, p. 150
  3. ^ Andreas Domeyer, special insurance for private, commercial and industrial business , 2005, p. 207
  4. ^ Andreas Domeyer, special insurance for private, commercial and industrial business , 2005, p. 207
  5. ^ Andreas Domeyer, special insurance for private, commercial and industrial business , 2005, p. 235
  6. ↑ Jürgen Krumnow / Ludwig Gramlich (eds.), Gabler Bank-Lexikon: Bank - Exchange - Financing , 2000, p. 1343