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Greek to English translations [PRO] Bus/Financial - Insurance / Loan Security
Greek term or phrase:Εκχώρηση
I am dealing with a document entitled "Πρόσθετη Πράξη Εκχώρησης Ασφαλιστικής Αποζημίωσης" where the "Εκχωρητής" has signed an agreement whereby "εκχωρεί" or "ενεχυράζει" all claims arising out of a contract of insurance. Whilst understanding the meaning of the words, I wonder if there is a TECHNICAL translation of the term, or if anyone can refer me to a website which explains the concept.
I've just realised that I didn't address your sub-question about the concept.
My understanding is this:
Say you want to have a building constructed and I'm a construction company. You are aware that my ability to perform the contract depends on my suppliers and my contracts with those suppliers. So, the contract between you (customer) and me (construction company) can insist that I take out an insurance policy in case my suppliers fail in some way, but the contract can also specify that I "assign" the insurance to you i.e. if my suppliers fail *you* get the insurance pay-out I've paid for.
Would that make sense in the context of what you're translating?
Automatic update in 00:
14 mins confidence: peer agreement (net): +5
Explanation: Εκχώρηση αποζημίωσης = assignment of indemnity (Χιωτάκης legal dictionary).
Dave Bindon Greece Local time: 19:50 Native speaker of: English PRO pts in category: 4
Thanks Dave et alii. I had already come to the same conclusion myself.