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The principle of full insurance coverage was formulated in Soviet insurance literature during the socialist era. In Poland, despite the transformation of the economy from socialized to market, the principle of full insurance coverage is still mentioned as one of the three basic tenets of business insurance by the authorities in insurance law. The most common interpretation of this concept indicates the postulate character of the principle of full insurance coverage as the intended aim of full compensation. Currently defined sum of insurance is listed as one of the factors determining full compensation of losses after damage. The purpose of the conducted research was to verify the assumption that the sum insured corresponding to the gross book value of fixed assets declared for insurance guarantees full insurance coverage. The study was carried out on the basis of a newly purchased municipal property. The scope of the research included general insurance conditions for property in force before and after the implementation of the Insurance Distribution Directive of the European Parliament and of the Council (EU), within selected insurance companies operating in Poland. In addition, the scope of the research included national accounting standards and balance sheet law in the domain of fixed assets, technical literature on the functioning of the local government in Poland and selected legal acts of insurance law and publications regarding property insurance. This analysis was carried out as of 15/10/2018. Qualitative research methods were used, including critical analysis and comparative studies. As a result of the conducted research, it was found that the sum insured of the newly acquired local government property given according to the purchase price and/or production cost is not always a guarantee of receiving full compensation for the material damage suffered. A dysfunction of the general terms and conditions of insurance was observed in relation to the balance sheet law applicable in the local government sector in the interpretation of the gross book value definition to the detriment of the insured. The undertaken research is one of the first attempts to treat the sum insured of municipal property in an interdisciplinary way. In the applied sense, the results of the research may indicate to the Polish legislature a further suggested direction of work to be done on increasing the insured's protection, namely the need to bring coherence in the interpretation of the definition of gross book value in insurance and balance sheet law. In the technical sense, the research signals the need to revise the adopted views on the principle of full insurance coverage of municipal property. The signaled need concerns the inclusion of additional elements (criteria) when assessing the implementation of this principle of full coverage, especially in relation to cost calculation.

IMPLEMENTATION OF THE PRINCIPLE OF FULL INSURANCE COVERAGE IN THE INSURANCE OF MUNICIPAL PROPERTY IN POLAND