Object of Insurance
The object of insurance is the property interests of the Policyholder, who is a creditor under the transaction, associated with causing him damage as a result of non-fulfillment (improper fulfillment) of contractual obligations by the Policyholder's counterparty.
INSURED EVENTS
An Insured Event is an event that has occurred (non-payment for goods, works or services, non-delivery of goods or products, non-fulfillment of works), provided for by the insurance contract or by law, upon the occurrence of which the insurer's obligation to make an insurance payment to the policyholder, the insured person, or the beneficiary arises.
SUM INSURED
The Sum Insured is the amount within which the insurer undertakes to pay insurance compensation under a property insurance contract or which it undertakes to pay under a personal insurance contract.
INSURANCE PREMIUM
The Insurance Premium can be paid by the Policyholder in a lump sum – a single payment for the entire insurance period or in installments (insurance contributions). The procedure for paying the insurance premium is stipulated in the insurance contract.
CONSTRUCTION AND ERECTION RISKS INSURANCE
Object of Insurance
The object of insurance is the property interests of the Policyholder (Beneficiary) related to the risk of loss/destruction or damage to the objects of construction and erection works specified in the insurance contract (property insurance), and/or the property interests of the Policyholder that do not contradict the current legislation of the Kyrgyz Republic, related to the risk of liability for causing harm to the life, health, or property of citizens, property of legal entities, municipalities, or subjects of the Kyrgyz Republic during construction and erection works (civil liability insurance), as well as the property interests of the Policyholder related to unforeseen expenses (losses) for fulfilling his post-start-up warranty obligations concerning buildings, structures, and equipment constructed (erected) by him (financial risks insurance).
INSURANCE RISK, INSURED EVENT
An Insured Event is a sudden and unforeseen event that occurs during the validity period of the insurance contract (insurance policy).
The insurance contract (insurance policy) may be concluded for the event of damage or loss of the insured objects as a result of the following events (insurance risks):
fire, explosion from any cause (except for a terrorist act), lightning strike;
natural disasters: earthquake, landslide, ground collapse, subsidence, avalanche, mudflow, flood, inundation, high water, groundwater flooding, tornado, hurricane, storm, gale, heavy rain, heavy snowfall, hail, icing;
unlawful acts of third parties (theft; robbery; assault; attempted commission of the above acts, intentional destruction or damage to the insured property; destruction or damage to the insured property through negligence);
accidents of engineering networks (water supply, sewerage, heat supply, power supply, ventilation, fire extinguishing systems), water ingress from neighboring (other) premises;
errors made in the design of construction and/or erection work objects;
collapse or damage to property by collapsing or falling objects that are not part of the insured property, including the fall of an aircraft, its parts, or cargo;
unintentional violation of norms and rules of work performance (negligence, carelessness, etc.);
collision by vehicles, overturning, collision of construction machinery.
SUM INSURED
The Sum Insured is a monetary amount determined by the insurance contract (insurance policy), based on which the amount of the insurance premium (installments) and the amount of the insurance payment upon the occurrence of an insured event are established.
In the part of property insurance, when insuring construction and erection risks, the sum insured is established by agreement between the Insurer and the Policyholder within the limits of the actual value (insurable value) of the object of contract work and based on documents confirming their actual value:
For Construction Works – in the amount of the full design (estimated) cost of construction works upon their completion, including the cost of construction materials and structures, labor costs, transportation costs, customs duties, as well as the cost of materials and construction elements supplied by the customer;
For Erection Works – in the amount of the full design (estimated) cost of erection works upon their completion, including the cost of the equipment being installed, materials, labor costs, transportation costs, customs duties, as well as materials, equipment, and services provided by the customer;
For Construction Site Equipment – in the amount of funds intended for their construction, according to the consolidated estimate for construction, or in the amount of the actual value of the construction site equipment, based on documents confirming its value;
For Construction Machinery and Mechanisms – the value of the specified machines, mechanisms, equipment, and items at the time of concluding the insurance contract (policy) at the location of this property, based on documents confirming their value;
For Associated Property – the value of real estate according to an expert opinion on determining the replacement cost or according to other documents confirming its value.
INSURANCE RATE
The Insurance Rate is the rate of the insurance premium per unit of the sum insured, taking into account the object of insurance and the nature of the insurance risk, as well as other insurance conditions. The insurance rate for a specific insurance contract is determined by agreement of the parties.
The amount of the insurance premium is determined based on the sum insured agreed upon by the parties, the base tariff rate, and adjustment factors.
The insurance premium under the insurance contract can be paid by the Policyholder in a lump sum – a single payment for the entire insurance period or in installments (payment of insurance installments) – in the manner established by the insurance contract.
INSURANCE PERIOD
The insurance contract is concluded for a period of one year, unless otherwise provided by the terms of the contract.
For more detailed information, call us at the following numbers:
+996 (312) 39 82 24, +996 (312) 39 82 78