Comprehensive mortgage insurance

Under the insurance agreement there can be insured:

  1. Property insurance
  2. Third Party Liability Insurance
  3. Insurance of losses as a result of ownership suspension
  4. Insurance of expenses related to legal protection.

Under property insurance the insurance event is:

- Loss, destruction or damage to property resulting from any direct accidental physical damage, loss or destruction of the insured property specified in the agreement.

Under third party liability insurance the insurance case is:

- The Insured’s Civil liability for causing damage to property and/or life, health of third parties as a result of possession, use, disposal of property during the insurance period.

Under insurance of losses resulted from ownership suspension the insurance event is:

- Loss of property as a result of the Insured's ownership of the property suspension within insurance period upon occurrence of which the Company is obliged to pay the insurance indemnity to the Beneficiary.

Under insurance of expenses related to legal protection the insurance event is:

- Damage to the property interests of the Insured in connection with expenses related to the legal protection of the Insured.

The procedure for insurance indemnity payment:

In case of destruction or damage to property - in the amount of recovery costs but not more than the insurance amount specified in the agreement minus deductible.

Recovery costs include:

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

In the event of third parties liability - in the amount specified by mutual agreement or by the decision of the Court.

In case of property loss as a result of ownership suspension:

- expenses for re-registration of the property title to the Insured’s name and/or

- if it is impossible to completely restore the lost property rights in the amount of the loss incurred but not more than the insurance amount.

Under expenses related to legal protection:

- Post expenses related to sending legal acts;

- amounts payable for carrying out expert examination appointed by the court;

- expenses for calling the witness, examining evidence on the spot if the court made Insured responsible for this and it was agreed in writing with the Company;

- expenses for lawyer for services to protect the rights of the Insured;

- amounts due to experts, witnesses and translators for their services and expenses incurred by them in connection with a court visit if they were hired by the Insured with the written consent of the Company, and if these duties are not within the scope of their official duties;

- legal expenses related to consideration of the case in court if they were imposed by the court.

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