Property Insurance

Risks covered:

• Fire and the consequences of extinguishing it, lightning, explosion and implosion, impact from aircrafts or parts and objects falling therefrom;
• Storm, hurricane, damage from falling branches and trees, torrential rain, flood from natural disaster, damage from gravity due to natural accumulation of snow or ice, action of underground water, sea waves, landslides, hail, falling avalanche;
• Vandalism, incl. malicious fire and malicious explosion;
• Accident of plumbing, sewerage, heating and air conditioning systems, short circuit and electric shock, impact from a road vehicle or animal, damage to property during its transportation from one address to another by own or rented transport;
• Earthquake;
• Burglary as per Article 195, para. 1, i. 3 of the Penalty Code and additional damages (incl. damage to barriers, doors and locking devices) caused by the perpetrators during the intrusion. By agreement, the cover may be extended in respect of theft committed using a technical device within the meaning of Art. 195 para. 1 i. 4 of the Penalty Code and robbery according to Art. 198 of the Penalty Code).
• Civil liability of the Insured, arising from risk covered by the policy.

The insurance is intended for objects (manufacturing enterprises, organizations in the budget sphere, etc. with economic or non-economic activity), the total sum insure of which is over one million Levs.

Subject-matter of insurance is own or foreign property, which is owned or used by the Insured on a legal basis, including:

tangible fixed assets – buildings, equipment (machinery and equipment), means of transport (excluding those with registration plate number, vessels, railways and aircraft), business inventory, other fixed assets;

expenses for acquisition of fixed assets, stock – materials, products, goods, products in progress, other assets – according to accounting data or individualized by inventory list.

Risks covered:

• • The main cover includes the risks: fire, incl. the consequences of its extinction; lightning; explosion; collision or fall of a manned aircraft, its parts or cargo therefrom;

  The cover may include additional risks selected by the Insured, such as:

• malicious actions of third parties, vandalism
• disasters: storm, hail, torrential rain, flood, burden of natural accumulation of snow and/or ice, freezing;
• Earthquake;
• leakage of water and steam
• strikes, civil commotion, mutiny and riots;
• implosion;
• landslides and-or action of subsoil waters;
• action of sea waves;
• impact of vehicle;
• accident with loading and unloading machines when loading and unloading;
• breaking glass
• leakage of sprinkling installations;
• damages when changing the place of insurance;
• shock/sound wave;
• short circuit and/or electric shock;
• other expenses: necessary to limit the damages in connection with the insurance event occurred when the Insured has acted with the necessary for the case care.

Term of insurance – The insurance is usually concluded for a period of 1 (one) year.

Sum insured and insurance premium

The sum insured can be determined on the basis of actual or replacement value or on the basis of accounting data (accounting value or book value). The insurance premium is determined on the basis of the tariffs of the selected insurance companyр depending on the type of the insured property, agreed scope of coverage and specific risk factors.

Upon occurrence of an insurance event, the Insured shall, within 3 (three) days from the occurrence or finding out about it, notify the Insurer in writing, and subsequently provide him with all necessary data, information and documents to prove his claim on grounds and size.

The cover under Industrial Fire Insurance could be supplemented by the following insurances:

• Burglary and armed robbery;
• Machinery breakdown;
• Business interruption.