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What is HT Compulsory Insurance?
HT Compulsory insurances are insurances that individuals or organizations with certain conditions are legally required to take out. These insurances are generally mandated by the state in order to protect the general interest of society, protect potential victims and ensure that financial obligations are met. Here are some important compulsory insurances:
HT Mandatory Traffic Insurance
It is a type of insurance that motor vehicle owners must have. This insurance covers material and physical damages caused to third parties as a result of an accident.
Scope: Material and physical damages caused to third parties. Additional Guarantees: Automobile assistance service, personal accident coverage (in some companies).
HT Work Accident and Occupational Disease Insurance
It is a type of insurance that employers must have for their workers. It covers the damages suffered by the worker as a result of a work accident or occupational disease.
Scope: Damages suffered by the worker as a result of a work accident or occupational disease. Additional Guarantees: Treatment expenses, permanent disability, death.
HT Earthquake Insurance
Scope: Material damage to the building as a result of the earthquake. Additional Coverages: Contents insurance, alternative housing coverage.
HT Compulsory Building Insurance
In some countries, it is an insurance that must be taken out when constructing or purchasing a new residence or building.
Scope: Damages that the building and its independent sections may suffer as a result of fire, lightning, explosion and natural disasters. Additional Guarantees: Theft, flood.
HT Agricultural Insurance
It is a type of insurance offered to farmers to protect agricultural products from natural disasters (drought, flood, frost, storm) and some diseases. In some countries, this type of insurance is mandatory.
Scope: Damage that agricultural products may suffer as a result of natural disasters (drought, flood, frost, storm) and some diseases. Additional Guarantees: Product storage area damage coverage, product quality poor coverage.
HT Social Security Insurance
It is the insurance that individuals must take out in order to receive financial support in cases such as old age, disability and death.
Scope: Financial support in cases such as old age, disability, death. Additional Guarantees: It is generally fixed in scope and may vary from country to country.
HT Yachting Insurance
In some countries, especially in tourist areas, yachts and boats used for commercial purposes must be covered by compulsory insurance.
Scope: Material damages that the yacht or boat may suffer and damages that may be caused to third parties. Additional Guarantees: Personal accident, assistance services at sea.
HT Building Inspection Insurance
It is an insurance that companies operating in the construction industry must take out against the financial consequences of errors that may occur during construction.
Scope: Material damages that may occur during construction. Additional Guarantees: Damages that may be caused to third parties.
HT Professional Liability Insurance:
It is an insurance that especially those working in professional fields such as medicine and law must take out for damages that may be caused to third parties during their professional activities.
Scope: Damages that may be caused to third parties during professional activities.
Additional Guarantees: Legal defense expenses, expenses for replacing lost documents.
Why Should We Have HT Compulsory Insurance?
There are many reasons for having compulsory insurance. Here are some of these reasons:
Legal Liability: The main reason why some insurances are made mandatory is that it is an obligation to have these insurances in accordance with the laws of the relevant country. Failure to do so may result in criminal sanctions.
Financial Protection: Compulsory insurance protects individuals or organizations from unexpected large financial burdens. For example, when someone else is harmed as a result of a traffic accident, compulsory traffic insurance covers this financial burden.
Social Responsibility: Individuals or businesses have responsibilities to society. For example, the health and safety of employees in a workplace is the responsibility of the employer. Work accident and occupational disease insurance is taken out to fulfill this responsibility.
Economic Stability: Major natural disasters can cause economic damage to many families or businesses. Compulsory insurance, such as earthquake insurance, helps protect society economically from such disasters.
Health and Safety: Compulsory insurance, especially public health insurance, protects the general health and safety of society by guaranteeing individuals' access to basic health services.
Risk Sharing: Insurance enables risk to be shared among many individuals or institutions. This helps reduce the risk carried by each individual or institution.
Long Term Planning: Compulsory insurance helps individuals and businesses make long-term planning. For example, social security insurance ensures that individuals are financially protected as they age.
Professional Service Standards: Mandatory insurance, such as professional liability insurance, can help professionals raise their service standards.
The purpose of having compulsory insurance is to protect both individuals and society in general. However, the scope, advantages and obligations of each insurance are different. Therefore, when taking out compulsory insurance, it is important to research carefully and choose the most appropriate insurance company and policy.
Frequently Asked Questions
What is compulsory insurance?
Compulsory insurance is a type of insurance that individuals or businesses must have by law. If these insurances are not taken out, criminal sanctions may be imposed.
Who should have compulsory insurance?
The persons or organizations that require compulsory insurance may vary depending on the type of insurance and the laws of the country. For example, motor vehicle owners must have compulsory traffic insurance.
What is the scope of compulsory insurance?
The scope of each compulsory insurance is different. For example, compulsory traffic insurance only covers damages caused to third parties.
How are compulsory insurance premiums determined?
Premiums are determined by the type of insurance, risk factors, the individual's or business' past insurance records, and many other factors.
What is the penalty for not having compulsory insurance?
The penalty for not having compulsory insurance varies depending on the laws of the relevant country and the type of insurance. There are usually financial penalties.
How long is the duration of compulsory insurance?
Most compulsory insurance has a duration of one year, but some insurance may have a different duration.
Where can I get compulsory insurance?
You can get compulsory insurance from authorized insurance companies or intermediary institutions.
Can I get additional coverage other than compulsory insurance?
Yes, in many compulsory insurances, you can get additional coverage beyond the basic coverage.
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