Insurance Contract Liability Regarding Vehicle Loss and Beneficiary Rights
During the installment of the leasehold payment, Mr. Daeng obtained a property damage insurance policy for 8 baht with Thai Insurance Public Company Limited, covering loss with a coverage amount of 200,000 baht. Mr. Kao was designated as the beneficiary of the policy. Mr. Daeng did not fulfill his obligations under the insurance policy. He parked his vehicle with a third party who did not adequately supervise it, leading to the vehicle s loss. Mr. Daeng received compensation of 200,000 baht from Thai Insurance Public Company Limited. Subsequently, Mr. Kao requested payment of the indemnity. The court must determine whether Thai Insurance Public Company Limited is obligated to pay the indemnity. Mr. Daeng and Thai Insurance Public Company Limited may both pursue claims. Can they recover the price of the lost vehicle? Mr. Daeng was the purchaser of the leased vehicle and therefore held the right of ownership. The insurance contract between the parties, according to the Civil and Commercial Code, Section [missing section number], allows for amendment if the beneficiary, Mr. Kao, has not expressed intent to accept the benefit of the contract. When the leased vehicle is lost and the insurer compensates the claimant for damages, it is considered a change in agreement between the parties. Consequently, Mr. Kao ceased to be the beneficiary of the insurance policy. Even if Mr. Kao returned later, it would not grant him the right to reclaim the compensation. Thai Insurance Public Company Limited paid the indemnity to Mr. Daeng. Mr. Daeng entrusted his vehicle to a third party, creating a property entrustment agreement. The loss of the vehicle resulted from the third party s failure to diligently supervise it, and Mr. Daeng was compensated. However, Mr. Daeng would claim against Thai Insurance Public Company Limited because the company had already paid the indemnity to Mr. Daeng. Therefore, Thai Insurance Public Company Limited would assume the rights of Mr. Daeng, the debtor of 200,000 baht. The property entrustment agreement relates to an amount of 200,000 baht, according to the Civil and Commercial Code, Section 226 of the Civil Procedure Law.