Insured Event (Versicherungsfall)

Concept

The insured event is the specific occurrence defined in the insurance contract whose occurrence triggers the insurer’s obligation to pay towards the policyholder or another person entitled to claim. What specifically qualifies as an insured event depends on the line of business concerned – for example, the death of the insured person in life insurance, the occurrence of property damage in property insurance, or the assertion of a liability claim in liability insurance.

Determining the Time of Occurrence

Determining whether, and in which contract year, an insured event has occurred depends critically on the relevant time of occurrence; depending on the line of business and the terms agreed, different principles apply, such as the occurrence principle, which looks to the time of the act causing the loss, or the claims-made principle, which looks to the time the claim is asserted by the injured party.

Policy Conditions upon Occurrence

The occurrence of the insured event generally triggers specific contractual policy conditions on the part of the policyholder, in particular the prompt notification of the insured event to the insurer, cooperation in clarifying the facts, and observance of the duty to mitigate loss; a breach of these policy conditions can result in a reduction or complete forfeiture of the insurance benefit.