Attorney Dragana Djordjevic » "Compensation for damages" (7)

Indemnity for Damage to Property

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The basic rules applicable to indemnity for damage to property are regulated by the provisions of the Law on Contracts and Torts (Articles from 185 to 198).

By the provisions of Articel 185 of the Law on Contracts and Torts indemnity for damage to property is defined as re-establishing of the previous situation and an indemnity in money. A responsible person shall be liable to re-establish the situation existing prior to the occurence of damage. Indemnity for damage to property in money shall be paid to the person suffering loss in following cases:

  • Should re-establishing of the previous situation fail to eliminate the damage entirely, the responsible person shall be liable to pay an indemnity in money to cover for the rest of the damage.
  • Should restitution be impossible, or should the court find it necessary for the responsible person to do that, the court shall order such person to pay to the person suffering loss an adequate amount of money as compensation for loss.
  • At the request of the person suffering loss, the court shall award compensation in money to him, unless the circumstances of the specific case justify the restitution.

Compensation for damage to property shall be due from the moment of the damage taking place. Continue reading Indemnity for Damage to Property →

Duty to keep business secret according to provisions of the Companies act

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Duty to keep business secret is regulated by the provisions of Articles from 72 to 74 of the Companies Act.

A business secret is information the disclosure of which to a third party may damage the company, as well as information that has, or may have, economic value because it is not generally known or easily available to third parties who could acquire economic benefit through its use or disclosure, and with regard to which the company took appropriate measures to keep its secrecy.

Information which is a business secret may be of a productive, technical, technological, financial or commercial nature, a study, a research finding, as well as a document, formula, drawing, facility, method, procedure, notice or internal instruction, and the like. Continue reading Duty to keep business secret according to provisions of the Companies act →

Insurance of persons – general rules and excluded risks

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The Law of Contract and Torts by the provisions of Articles 942 to 953 governs general rules as well as risks that are not covered by the life insurance contract.

General rules

Determination of the Insured Amount

In contracts of insurance of persons (life insurance and accident insurance), the amount of insurance to be paid by the insurer on the occurrence of the insured event, shall be determined in the insurance policy by agreement between the contracting parties.  Continue reading Insurance of persons – general rules and excluded risks →