The Insured Event is the event provided for by the insurance contract or the legislation, which has occurred and the onset of which brings about the insurer's obligation to effect payment of the sum insured (insurance indemnity) to the insured, the reinsured or other third party.
Article 21 of the Law of Ukraine "On Insurance" provides for the following obligations of the insured in case of the onset of the insured loss:
to take measures aimed at prevention or reduction of losses inflicted as a result of the onset of the insured loss;
to notify the insurer of the onset of the insured loss within the period of time provided for by insurance terms and conditions.
In this case untimely notification by the insured of the onset of the insured loss without reasonable excuses therefor, as well as creation of obstacles for the insurer in ascertainment of circumstances, character and size of losses, shall be one of the reasons for the insurer's refusal to effect insurance indemnity payment. (CL. 5 of Art. 26 of the Law of Ukraine "On Insurance").
Terms and conditions of the insurance contract may also provide for other obligations of the insured depending on a specific kind and terms of insurance.
