Colombian Commercial Code

CHAPTER II

Damage Insurance

Section I

Principles common to the general insurance

Section 1083 .- Has any person whose insurable interest in property may be affected, directly or

indirectly, by conducting a risk.

Any interest is insurable, as well as lawful, is capable of estimation in money.

Section 1084 .- About the same thing may attend different interests, all of which are insurable, simultaneously or successively, until the value of each. But the compensation in case of the fact that gives rise shall not exceed the total value of the thing at the time of the accident. Their distribution among stakeholders will take into account the principle set out in Article 1089.

Section 1085 .- Commercial establishments such as warehouses, bazaars, shops, factories and others, land or sea cargo can be secured with or without specific designation of goods and other objects they contain.

Furniture that constitute the furniture of a house can also be secured in the same manner, except jewelry, family pictures, collections, art objects or other analogues, which should be individualized to obtain insurance and the time of the occurrence of loss.

In any case, the insured must prove the existence and value of the insured at the time of the accident.

Section 1086 .- The interest must exist at any time from the date on which the insurer assumes the risk. The disappearance of interest shall entail the cessation or termination of insurance, subject to the provisions of Articles 1070, 1109 and 1111.

Section 1087 .- In cases that can not be the previous estimate of insurable interest in money, the value of insurance will be provided free by the contractors. But the adjustment of compensation will be subject to keeping absolute enacted in the following article.

Section 1088 .- With respect to the insured, insurance contracts are mere damage compensation and will never be for him a source of enrichment. The compensation may cover both the damages and profits, but it should be an express agreement.

Section 1089 .- Within the limits indicated in Article 1079 compensation will not exceed, in any case, the real value of the insured at the time of the incident, or the actual amount of financial damage suffered by the insured or the beneficiary.

It is assumed real value of the insured which has been the subject of an express agreement between the insured and the insurer. This, however, may prove that the agreed value greatly exceeds the true value of real interest in the contract, but that is not inferior to him.

Section 1090 .- The above article is without prejudice to the parties, the insurance contract, agreed to pay compensation for the replacement value or replacement well secured, but the subject, if there be ground, the limit of sum insured.

Section 1091 .- The excess of the insurance on the real value of the insured produce the nullity of the contract, with retention of the premium as a penalty, when the insured has been declared intention of defrauding the insurer. In other cases the reduction may be made by any of the contracting parties, through the return or reduction of the premium for the amount of the excess and the period remaining of insurance.

The reduction may not be the aftermath of a total loss.

Section 1092 .- In the case of multiple or co-existence of insurance, insurers will bear the compensation payable to the insured in proportion to the amount of their contracts, provided that the insured acted in good faith. The bad faith in hiring these results invalid.

Section 1093 .- The insured must report in writing to the insurer that a similar insurance contract on the same interest, within ten days from its conclusion.

Failure to comply with this requirement shall cause the termination of the contract unless the combined value of the insurance does not exceed the actual value of the insured.

Section 1094 .- There are plurality and coexistence insurance when they meet the following conditions:

1. Diversity of insurers;

2. Identity insured;

3. Identity of the insured, and

4. Identity risk.

Section 1095 .- The above provisions also apply to coinsurance, under which two or more insurers, at the request of the insured or with his acquiescence prior agree to distribute among them certain insurance.

Section 1096 .- The compensation insurer is subrogated by operation of law and to the extent of the amount, in the insured's rights against those responsible for the accident. But they may oppose the insurer the same exceptions that might have against the survivor. There will also rise to the subrogation rights of the insured when the latter, by way of creditor, has the appropriate insurance to protect your rights and interests in the insured property.Section 1097 .- The insured may waive at any time your rights against third parties responsible for the accident. Breach of this obligation will lead to the loss of entitlement to compensation.Section 1098 .- At the request of the insurer, the insured must do everything in their power to enable the exercise of rights under the subrogation. Breach of this obligation is punishable under the terms of Article 1078.Section 1099 .- The insurer is not entitled to subrogation against any of the persons whose acts or omissions giving rise to liability of the insured in accordance with the laws, or against the person causing the damage whatever with the insured, relative in direct or collateral in the second civil degree of consanguinity, adoptive parent, adopted child or spouse not divorced. But this rule will not apply where the liability comes from intent or gross negligence, or in the safe handling, compliance and credit if it is covered by an insurance contract. In the latter case the substitution will be limited in scope in accordance with the terms of that contract.Section 1100 .- The rules of Articles 1096 and following also apply to workers' compensation insurance if the parties so agree.Section 1101 .- The compensation by insurers are subrogated to the mortgaged or given as security for the purpose of filing on her royal rights of the mortgagee or lien. But the insurer who in good faith, made the payment, incur no liability to the creditor. Expressed in this article shall apply to cases that exercise the lien and those in which the insured is legally seized or kidnapped.Section 1102 .- While not being secured the full value of the interest, the insurer shall compensate the damage in proportion between the amount insured and what is not. However, the parties may stipulate that the insured does not bear any part of the loss or damage but in the event that the amount they exceed the sum insured.Section 1103 .- The terms under which the insured has to bear a share of the risk or loss, or face the first part of the damage involved, unless otherwise stated, the prohibition for the insured to protect against such quotas by hiring additional insurance. Violation of this rule will result in the termination of the original contract.Section 1104 .- Damage, decrease or loss of an object, from its inherent defects, not fall upon the risk assumed by the insurer. Understand by inherent vice germ destruction or damage to itself things are by their nature or purpose, although they assume the most perfect of its kind quality.Section 1105 .- It shall also be excluded from the insurance contract for loss or damage suffered by the insured property, or other damage caused by:

1. Civil or international war, riots, strikes, insurgencies or, in general, popular commotions of every kind, and

2. Volcanic eruptions, earthquakes or any other convulsions of nature.

Section 1106 .- Transmission on death of the insured, or the thing that is linked insurance, the contract will subsisting on behalf of the purchaser, will be in charge of the obligations outstanding at the time of death of the insured.

But the winner will have a term of fifteen days from the date of the decision approving the partition to communicate to the insurer the respective acquisition. A lack of this communication is the termination.

Section 1107 .- The inter vivos transfer of the insured or the thing that is linked insurance, result in the automatic termination of the contract, unless an insurable interest subsisting at the head of the insured. In this case, the contract shall continue to the extent necessary to protect such interest, provided that the insured report this circumstance to the insurer within ten days from the date of transfer.

The extinction created by the insurer the obligation to return the unearned premium.

The consent of the insurer, generically or specifically granted, will void the termination of the contract referred to in the first paragraph of this article.

Section 1108 .- In the cases of Articles 1106 and 1107 the insurer is entitled to oppose the insurance purchaser all exceptions relating to the contract, the insured relied original.

Section 1109 .- There will also be the termination of the contract, the obligation of the insurer to return the unearned premium if the insured is bound or to which the insurance is made or destroyed by causes alien to the protection afforded by the former. If the destruction is partial, the extinction will occur partially also lead to the return of the premium.

Section 1110 .- Compensation shall be payable in cash or by the replacement, repair or reconstruction of the insured to the insurer's option.

Section 1111 .- The sum insured shall be deemed reduced from the time of the accident, the amount of compensation paid by the insurer.

Section 1112 .- The insured or beneficiary, as appropriate, is forbidden from leaving the goods insured, during an incident, unless otherwise agreed.

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