SOME ASPECTS OF THE PRACTICAL IMPLEMENTATION OF THE MECHANISM OF PROTECTING BUSINESS FROM ENTREPRENEURIAL RISKS

Author(s): Romanova I.N.

Rubric: Civil, business and contract law

DOI: 10.21777/2587-9472-2020-3-56-63

Release: 2020-3 (25)

Pages: 56-63

Keywords: insurance protection, insurance contract, insurance risk, union of insurers, business entities, compensation for losses

Annotation: Within the framework of this article, based on the study of scientific works, analysis of the current legislation and reference judicial practice, legal mechanisms are investigated aimed at ensuring the protection of subjects of the sphere of entrepreneurial activity from the possible risks with which this activity is associated. It is noted that the range of entities involved in the implementation of the mechanism of insurance protection of business entities includes, in addition to insurance entities, policyholders, insured persons, beneficiaries, also associations of insurers, and in some cases the state represented by authorized entities. It is substantiated that the appearance of insurers in the financial services market led to the transformation of self-insurance into more advanced forms of mutual and commercial insurance. Their role in the mechanism of insurance protection is determined by the functions assigned to them for assessing insurance risk, forming insurance reserves to provide insurance coverage, determining the amount of losses or damage, making insurance payments.

Bibliography: Romanova I.N. SOME ASPECTS OF THE PRACTICAL IMPLEMENTATION OF THE MECHANISM OF PROTECTING BUSINESS FROM ENTREPRENEURIAL RISKS // Journal of Legal Sciences. – 2020. – № 3 (25). – С. 56-63. doi: 10.21777/2587-9472-2020-3-56-63