Article (in Estonian): O.-J. Luik, K. Haavasalu, "Kindlustusriski mõiste sisustamine ja kasutamine kindlustuslepingute tüüptingimustes" (Defining and using the concept of insured risk in standard insurance terms), Juridica 2008/3, pp. 164–170. Article page on Juridica (published 2008)
Co-author: Karl Haavasalu.
Research question
The insured event and the insured risk are defined in § 423 of the Law of Obligations Act (võlaõigusseadus, VÕS). The provision is short and laconic, yet these are basic concepts of insurance law that determine whether the insurer has an obligation to perform. The article analyses the meaning of insured risk and how insurers operating in Estonia have used the concept in their standard terms.
Main arguments
The insured risk is the peril insured against; the insured event is the agreed event whose occurrence triggers the insurer's obligation. The article examines whether insurers' standard terms use these concepts consistently with the statute; imprecise use can lead to disputes over the scope of cover.
Relevance for insurers
The wording of VÕS § 423 is unchanged. Distinguishing risk from event remains central, especially when deciding whether a term defines the scope of cover (an exclusion) or the policyholder's conduct (a safety obligation). Unclear standard terms are construed against the drafter, which matters when English-language wordings are used for Estonian risks.