Financial risks insurance represents protection of valuable interests of the enterprise at approach of an insurance event (insured event) by special insurance companies (insurers) at the expense of the monetary funds formed by them by receiving from insurers of insurance premiums (insurance premiums).
In the course of insurance insurance protection on all main types of its financial risks - both systematic, and non-systematic is provided to the enterprise. At the same time the volume of compensation of negative consequences of financial risks by insurers is not limited - it is defined by the actual project cost of insurance (the size of its insurance estimate), an insurance sum and the size of the paid insurance premium.
Предлагаемые на рынке страховые услуги, обеспечивающие страхование финансовых рисков предприятия, классифицируются по ряду признаков.
1. In insurance forms it is subdivided as follows:
- Compulsory insurance. It represents the insurance form which is based on a legislative duty of its implementation both for the insurer, and for the insurer. The main object of compulsory insurance at the enterprises are its assets (property) which are a part of its operational fixed assets. From positions of financial management insurance of these assets is considered as financial risks insurance of the enterprise.
It is connected with the fact that loss of uninsured assets in the form of operational fixed assets which are formed generally at the expense of equity can cause significant decrease in financial stability of the enterprise.
In this regard in more expanded interpretation it represents the risk insurance of decrease in level of financial stability of the enterprise connected with possible reduction of a share of equity.
- Voluntary insurance. It characterizes an insurance form, the main only on voluntarily signed contract between the insurer and the insurer proceeding from insurance the interest of each of them. The principle osnovny on the insurance interest of the parties extends both to the enterprise, and to the insurer whether allowing the last to evade from insurance of dangerous financial risks, not profitable to it.
2. On objects of insurance the practice operating in the country allocates the following groups:
- Property insurance. It covers practically all main types of tangible and intangible assets of the enterprise.
The insurance relations at property insurance are defined by the following obligations of the parties: the insurer has to provide timely payment of insurance premiums (insurance premium), the insurer has to provide compensation of the financial damage suffered by the enterprise at approach of an insurance event.
As the insurer can act at property insurance not only owners of the corresponding assets, but also the legal entities interested in their safety (for example, tenants of rooms, lessees of the equipment, etc.).
- Liability insurance. Its object is responsibility of the enterprise and its personnel to the third parties which can incur financial and other type of damage as a result of any action or divergence of the insurer. This insurance provides insurance protection of the enterprise against risks of financial losses which can be assigned to it in a legislative order in connection with the damage to the third parties caused to them - both physical, and legal.
- Insurance of personnel. It covers insurance of life of the employees by the enterprise and also chances of loss by them of working capacity, approaches of disability and others. Concrete types of this insurance are performed by the enterprise in a voluntary order at the expense of its profit according to the collective labor agreement and individual labor contracts.
3. On insurance volumes the following its groups allocate:
- Complete insurance. It provides insurance protection of the enterprise against negative consequences of financial risks in their complete volume at approach of an insurance event.
- Partial insurance. It limits insurance protection of the enterprise against negative consequences of financial risks to both certain insurance sums, and the system of specific conditions of approach of an insurance event.
4. On the used systems of insurance allocate:
- Insurance on the actual value of imushchestvo. It is used in property insurance and provides insurance protection in full of the financial damage caused to the insured asset types of the enterprise (at a rate of an insurance sum of imushchestvo). In other words, at this system of insurance the insurance indemnity can be paid in a complete bag suffered financial damage.
- Insurance on the system of the proportional liability. It provides only partial insurance protection by separate types of financial risks. In this case the insurance indemnity of the amount of the suffered financial damage is performed in proportion to insurance coefficient (a ratio of the insurance sum defined by the insurance contract and the size of an insurance estimate of an object of insurance).
- Insurance on the system of the first risk. "The first risk" is understood as the financial damage suffered by the insurer at approach of an insurance event, in advance estimated by drawing up the insurance contract as the size of the insurance sum specified in it. If the actual financial damage exceeded the provided insurance sum (the insured first risk), it is compensated at this system of insurance only within the insurance sum approved earlier by the parties.
- Insurance with use of an unconditional franchize. The franchize represents minimum unindemnifiable the insurer a part of the damage suffered by the insurer. At insurance with use of an unconditional franchize the insurer in all insured events pays to the insurer the amount of an insurance indemnity minus the amount of a franchize, retaining it.
- Insurance with use of a conditional franchize. At this system of insurance the insurer does not bear responsibility for the financial damage suffered by the enterprise as a result of approach of an insurance event if the extent of damage does not exceed the amount of the approved franchize. If the amount of financial damage exceeded the amount of a franchize, then it is compensated to the enterprise completely as a part of the insurance indemnity paid to it (i.e. without deduction in this case of the amount of a franchize).
5. On types of insurance in the course of its classification allocate:
- Proprietary insurance (assets). Basics of such insurance are covered at characteristic of its obligatory form. At the same time, its opportunities can be significantly expanded due to voluntary insurance of tangible and non-material (intellectual property) assets of the enterprise. Unlike obligatory, this type of voluntary insurance has the following features:
A) by insurance all complex of tangible and intangible assets of the enterprise, not only his production main of means can be covered;
B) insurance of these assets can be performed at a rate of their actual market value (i.e. by their recovery, not balance sheet assessment) in the presence of the corresponding expert evaluation;
C) insurance of different types of these assets can be performed at several (but not one) insurers that guarantees stronger degree of reliability of insurance protection, in particular, at bankruptcy of the insurers (such insurance is one of the directions of diversification of financial risks for the enterprise);
D) in the course of insurance of these assets as its component can be considered an inflation risk of the perspective period.
- Credit risks insurance (or risk of calculations). Object of such insurance is the risk of non-payment (untimely payment) from buyers of products when granting by it commodity (commercial) the credit or by delivery of products by it on the terms of the subsequent payment. This insurance performs, as a rule, the enterprise, carrying expenses on it on the debtor. The credit risk of the enterprise can be insured also by the buyer of products.
- Insurance of deposit risks. It is made in the course of implementation by the enterprise both short-term, and the long-term financial investments with use of various deposit tools. Object of such insurance is the financial risk of a non-return by bank of the amounts of the basic a debt and percent on deposits and deposit certificates in case of its bankruptcy.
- Insurance of investment risks. Object of this type of insurance are, as a rule, numerous simple risks of real investment, first of all, risks of untimely completion of construction work according to the investment project, untimely completion of installation and construction works on it, absence on the planned design production capacity and others.
- Insurance of indirect financial risks. Such insurance covers many types of financial risks of the enterprise in the presence of sufficient insurance interest at the insurer. This type of insurance covers such versions as insurance of settlement profit, insurance of a lost profit, insurance of excess of the established budget of capital or current costs, insurance of leasing payments and others.
- Financial guarantee insurance. The enterprise resorts to such type of insurance in the course of attraction of borrowed financial means (in the form of bank, commercial and other types of loan) upon the demand of creditors. Object of such insurance is the financial risk of a non-return (untimely return) of the amount of the basic a debt and failures to pay (untimely payment) the determined amount of interest.
- Other types of insurance of financial risks. its object are other types of financial risks.