An owner and holder of any material property (such as an apartment building, private house, land, house, ger, furniture, electric appliances, equipment, heavy cargo transport vehicles and heavy machinery) can subscribe for this insurance product to protect his property against any possible risks and prevent from any consequences which might occur.
This type of insurance package aims to give its customers a chance for peace of mind by providing a partial or whole compensation for the damages caused to their property by the customer’s own and other people’s wrongful actions or by force major events in accordance with the previously agreed conditions.
Property insurance requirements
- Ownership or possession rights over the property;
- Market price of the property should be determinable;
- The property should have its unique serial number and features to distinguish from other properties.
Possible risks against the property
- Fire and explosions;
- Natural disasters;
- Electric current fluctuations;
- Plumbing;
- Robbery, burglary;
- Intentional or unintentional acts of a third party;
- Domestic accident;
- Hidden damage.
List of required documents
- Information about the owner - ID card, legal entity certificate;
- The property certificate and other documents;
- The property name, model, serial number and other information;
- Market value of the property or financial documents of purchase**.
List of required materials for insurance claims
- Application by the insured;
- Review made by relevant organizations ( for example, by Apartment Owners Association, Apartment Maintenance and Service office and etc);
- Damage evaluation report;
- Insurance contract, original copy of the insurance policy;
- Other required materials.
*An insurance company has different types of risks and associated rates vary for that particular property to be insured.
** Though the insurance valuation fully depends on the choice of the insured, the insurer usually advises to fix the insurance valuation at a rate equal to market value because percentage of the damages to be indemnified is defined based on pro-rata allocation principle.
