Collateral Property Insurance

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Under the insurance agreement there can be insured:

The Insured’s property interests related to possession, use and disposal of insured property put in pledge which could be damaged in case of the insurance event.

Under insurance agreement, the Company provides insurance coverage to the insured property specified in the agreement in case of insurance event resulted from the following risks: storm, hurricane, rain, hail, heavy snowfall, landslide, mud, lightning, earthquake, fire, explosion, burglary, illegal actions of the third parties.

The procedure for insurance indemnity payment:

  1. a) in case of the complete destruction (loss) of all or part of the insured property - in the amount of the actual value of this property as of the date of conclusion of the insurance agreement but not more than the insurance amount;
  2. b) In case of damage to all or part of the insured property - in the amount of recovery costs but not more than the insurance amount for each part of the property.

Recovery costs include:

  1. a) expenses for supplies and spare parts for repair (restoration);
  2. b) expenses for repair work;
  3. c) expenses for delivery of supplies to the repair site necessary to restore the insured property to the state it was before occurrence of insurance event.

The Company shall pay insurance indemnity to the Insured/Beneficiary within 15 (fifteen) days from the date of signing the Act on Insurance Event.