Provided before concluding an insurance contract
(Insurance and Reinsurance Distribution Law (APIL), Article 34).
- RED insurance brokers Ltd, insurance broker (intermediary);
Reg. No. 40203330695;
Registered office: 60 Krasta Street, Riga, LV-1003;
Contact phone number: +371 2866 8859;
E-mail: info(abols)insured.lvv - RED insurance brokers Ltd. is included in the Register of Insurance Intermediaries of the Financial and Capital Market Commission (FCMC) under the license number: 06.09.02/2303. This can be verified on the FCMC website.
- RED insurance brokers Ltd. is engaged in insurance distribution in Estonia and Lithuania in accordance with the principle of freedom to provide services.
- RED insurance brokers Ltd. provides recommendations on insurance products for sale.
- RED insurance brokers Ltd., in accordance with the requirements of Articles 46 and 47 of the Insurance and Reinsurance Distribution Law, shall handle complaints and disputes between the insurance intermediary and the client in accordance with the Complaints Handling Procedure.
- RED insurance brokers Ltd. distributes insurance on behalf and in the interests of its clients.
- RED insurance brokers Ltd. does not have any direct or indirect shareholding in an insurance merchant or a foreign insurer (which has established a branch of the foreign insurer in the Republic of Latvia and whose insurance services are distributed by the insurance broker) which covers 10 percent or more of the number of voting shares or share capital of the parent company of the insurance merchant or the branch of the foreign insurer.
- No insurance merchant, its parent company or a foreign insurer which has established a branch of a foreign insurer in the Republic of Latvia has acquired, directly or indirectly, in RED insurance brokers Ltd. a participation covering 10 percent or more of the number of voting shares or of the share capital of the insurance intermediary.
- In respect of insurance contracts offered or recommended:
- RED insurance brokers Ltd makes recommendations based on a comprehensive analysis of the offers;
- RED insurance brokers Ltd. is under no contractual obligation to underwrite insurance solely for the benefit of one or more particular insurance undertakings or branches of foreign insurers.
- The form of remuneration of RED insurance brokers Ltd for an insurance contract is set at a percentage of the premium collected. RED insurance brokers receive remuneration for the distribution of insurance, which is included in the insurance premium.
- Principles of personal data processing.
Self-insurance
This is the part of the loss, expressed in monetary units or as a percentage of the amount of the loss, which the policyholder assumes to bear in the case of an insured event. Self-insurance is the policyholder's share of the loss. The amount of self-insurance influences the amount of the insurance premium - the higher the self-insurance, the lower the premium.
Overinsurance
This is the case when the sum insured for the insured object exceeds its replacement or actual value immediately before the occurrence of the insured event. If the sum insured in respect of the same insured risk exceeds the value of the insured object (overinsurance), the Client and the insurer shall be entitled to claim a reduction until the sum insured does not exceed the value of the insured object. If the insured event has occurred before the reduction of the sum insured in the event of overinsurance, the insurer will pay the Client the amount of the insurance indemnity which would have been payable if the sum insured had been equal to the value of the insured object.
Underinsurance
This is the case when the sum insured for the insured object is less than the replacement or actual value of the insured object immediately before the occurrence of the insured event. In this case, the insurer pays the insurance benefit in the proportion between the sum insured and the value of the object.