PROPERTY INSURANCE
Object of Insurance
The object of insurance is the property interests of the Policyholder (Beneficiary) associated with the risk of loss/destruction or damage to the insured property specified in the insurance contract (insurance policy), as well as with the risk of the Policyholder incurring unforeseen expenses due to an interruption in production/commercial activities.
Insurable Property
Under the insurance contract (insurance policy), the following property may be insured:
Buildings (industrial, administrative, socio-cultural and public use, etc.);
Structures and outbuildings (hangars, towers, masts, bridges, trestles, overpasses, garages, storage facilities, warehouses, canopies, covered areas, fences, etc.);
Individual premises in a building/structure (offices, workshops, laboratories, cabinets, etc.);
Unfinished construction projects (unfinished construction projects are understood as: objects whose construction has not been completed, but all types of construction, installation and finishing work in them have been stopped, construction equipment and machinery have been removed, the object has been transferred from the contractor to the customer under an object acceptance certificate, and the construction object is in a mothballed state);
Interior and exterior decoration of buildings (premises), including glazing of window and door openings, show-windows, stained-glass windows, and other objects made wholly or partly of glass and/or polymer materials (only if the insurance is carried out together with the property of which such glazing, show-windows, stained-glass windows, etc. are a structural element);
Interior items, furniture, furnishings, computer equipment and office equipment;
Production and technological equipment (technological installations, systems, apparatus, machine tools, power transmission machines, other mechanisms and devices, inventory, tooling, etc.);
Engineering networks and utilities located inside buildings and structures and/or within the insurance territory;
Advertising installations, signs, steles, information stands, light inscriptions, and other similar objects made of glass and/or polymer materials, or using parts made of glass and/or polymer materials;
Inventory (stocks of goods, raw materials, materials, finished products, work in progress);
Other property (tangible assets) belonging to the Policyholder (Beneficiary) by right of ownership, economic management, operational management, or received by the Policyholder (Beneficiary) under a lease, leasing, pledge, property rental, loan (gratuitous use) agreement and/or other legal grounds;
Items made of precious metals or precious stones, jewelry;
Drawings, paintings, sculptures, collections of stamps, coins, and other collections or works of art;
Religious objects;
Cash in soms and foreign currency;
Shares, bonds, and other securities;
Precious metals in bullion and precious stones unmounted;
Technical data media of computer and similar systems, in particular magnetic tapes and cassettes, magnetic disks, memory units, etc.;
Explosives;
Vehicles (at places of storage and/or operation);
Manuscripts, plans, drawings, and other documents, accounting and business books;
Models, mock-ups, samples, forms, exhibition copies, etc.;
Land plots, including the fertile layer.
INSURANCE RISK, INSURED EVENT
Insurance Risk is a presumed event, possessing signs of probability and randomness of its occurrence, for the event of which insurance is provided.
Insured Event is an event that has occurred, provided for by the insurance contract (insurance policy), upon the occurrence of which the Insurer's obligation to make an insurance payment to the Policyholder (Beneficiary) arises.
Under the insurance contract (insurance policy), the Insurer compensates for the Policyholder's losses arising from the loss/destruction and/or damage to the insured property (actual damage) as a result of the occurrence of the following insurance risks (which is specifically indicated in the insurance contract (insurance policy) – from one or any combination of the risks listed below):
Risk of "Fire, lightning strike, explosion"
Risk of "Water damage"
Risk of "Natural disasters"
Risk of "Burglary, robbery, assault"
Risk of "Unlawful acts of third parties"
Risk of "Glass breakage"
Risk of "Collision by land vehicles"
Risk of "Fall of aircraft"
Risk of "Bumping by watercraft"
Risk of "Fall of objects"
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.
The sum insured must not exceed the actual (insurable) value of the insured property. Such value is considered to be the actual value of the insured property at its location on the day the insurance contract (insurance policy) is concluded.
INSURANCE RATE
The Insurance Premium is the payment for insurance and is determined in accordance with insurance rates, which represent the rate of the insurance premium per unit of the sum insured, taking into account the object of insurance, the nature of the insurance risk, as well as other insurance conditions, including the presence of a deductible and its amount in accordance with the terms of insurance. Consideration of factors affecting the degree of insurance risk is carried out by applying a risk coefficient, calculated by multiplying increasing or decreasing coefficients.
The insurance rate for a specific insurance contract (insurance policy) is determined by agreement between the Policyholder and the Insurer by multiplying the base tariff rate by the risk coefficient, calculated by multiplying increasing or decreasing coefficients, based on circumstances material to determining the degree of insurance risk, considering the insurance term and the included insurance risks.
The insurance premium under the insurance contract (insurance policy) can be paid by the Policyholder in a lump sum – a single payment for the entire insurance period or in installments – in the manner established by the insurance contract (insurance policy).
The insurance premium can be paid in cash to the Insurer (authorized representative of the Insurer) or in non-cash form by transfer to the settlement account of the Insurer (authorized representative of the Insurer) within the terms established in the insurance contract (insurance policy).
INSURANCE PERIOD
The insurance contract (insurance policy) is concluded for a period of up to 12 months or another period as agreed between the Policyholder and the Insurer.
For more detailed information, call us at the following numbers:
+996 (312) 39 82 24, +996 (312) 39 82 78