Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part V - Contract Security - Chapter I - Common Principles for Ground Safety - From: Section 1036 to: 1082 Art
COLOMBIAN COMMERCIAL CODE TITLE V INSURANCE CONTRACT CHAPTER I Principles common to the Ground Safety Section 1036 .- Insurance is a solemn contract, bilateral, onerous, random and sequential execution. The insurance contract is perfected from the time the insurer agrees with the policy. Section 1037 .- The parties to insurance contract: 1. The insurer, or the legal person who takes risks, duly authorized to do so pursuant to the laws and regulations, and 2. The borrower, or the person who, acting on their own or someone else moves the risks. Section 1038 .- If the policy provides insurance on behalf of another without being able to represent the insured may ratify the contract even after the accident occurred. The borrower is personally obligated to fulfill its obligations under the contract until the insurer has had notice of the ratification or rejection of such contract by the insured. From the time the insurer has received notice o...