Abstract

This article analyses the institution of an insurance guarantee in the bankruptcy proceedings of the parties thereto on a practical example. First, the legal grounds of the guarantee as well as the notion and function of a guarantee obligation have been discussed. It has been pointed out and substantiated that “an insurance guarantee contract” and “and insurance contract” constitute objectively (i.e. in view of their contents) separate types of contracts; a comparison has been made of a bank guarantee and an insurance guarantee. An insurance guarantee agreement becomes concluded upon the acceptance by the creditor under the basic legal relationship (guarantee beneficiary) of a declaration that guarantee has been granted by the guarantor (2nd sentence of Art. 61 § 1 of the Civil Code). The resultant insurance guarantee relationship constitutes an instrument of personal indemnification of the claim arising from the basic obligation, which is a future claim (since the obligation to perform by the guarantor arises upon creditor’s having filed a claim for payment of the guaranteed amount). The author presents a juridical interpretation of the notion of “future claim”. He also states that in view of the absence of legal regulations as to the rules and ways (procedure) for the performance of actions preceding conclusion of a guarantee contract (granting of a guarantee), the legal relationship arising between the entity requesting a guarantee and the insurance company should be qualified as an order within the meaning of Art. 734 et seq. of the Civil Code.