Supplementary insurances

•    Third party liability insurance

In Germany, each person can be held responsible for damages caused to third parties (for example consequences of self-inflicted accidents). It is therefore common practice to take out a private (family) liability insurance in order to protect oneself against the risk of claims for damage or other loss...

•    Private accident insurance

In the event of an accident, a private accident insurance pays the policyholder for the co-insured persons under the terms of the policy a lump sum and/or an accident annuity. This type of insurance must be distinguished from the social compensation  law (for example the SGB IX), the statutory occupational accident insurance (which compensates the insured person for work and commuting accidents as well as occupational diseases) and from the liability insurances which cover damages resulting from an accident to third parties. These different types of insurances stand independently side by side, which is why their benefits may not be netted out against each other. Unlike the statutory accident insurance, the private accident insurance covers all accidents worldwide and around the clock, unless otherwise agreed.Employed persons with an employment contract are automatically insured against occupational and commuting accidents through the competent employers' liability insurance association (for travelling to work or coming home from work). For accidents that may occur outside working hours, a private accident insurance policy can be purchased in addition to the statutory accident insurance. In contrast to the liability insurance which deals with the coverage of damages to third parties that can be concretely calculated and for which the policyholder is responsible, the private accident insurance is an agreed value insurance that previously defines the damage to be compensated by using abstract criteria.  The core benefit of the accident insurance is to provide financial security in the event of a permanent impairment of the physical or mental performance as a consequence of an accident (invalidity). Financial protection is usually provided in the form of a lump sum or of a lifetime annuity. It can be ensured through a progression agreement that the amount of disability allowance increases disproportionately with rising levels of disability.