GUARANTEE FUND
Guarantee Fund is established to ensure protection of passengers in public transport and third parties when damages were caused by use of uninsured or unidentified vehicles, vehicles insured with insurance company that ceased with its operations, that is being under the liquidation or bankruptcy proceedings as well as claims for damages occurred in the course of accident caused by vehicle insured with a valid green card.
THE USE OF FINANCIAL MEANS OF GUARANTEE FUND
The financial means of Guarantee Fund are used for payment of insured sum, that is, settlement of damages sustained by third parties as defined by the Compulsory Traffic Insurance Law:
1) caused by use of motor vehicle, aircraft, vessel or any other means of transport where compulsory insurance contract has not been signed pursuant to this Law;
2) due to death, bodily injury or impairment of health caused by use of unidentified motor vehicle, aircraft, vessel or any other means of transport;
3) caused by motor vehicle, aircraft, vessel of any other means of transport insured with insurance company that ceased its operations or that is being under liquidation or bankruptcy proceedings;
4) for cases defined in the Articles 34, 38 and 40 of this Law.
