Legal Entities Property Insurance
Subject of Insurance
* incomplete production.
* foreign properties:
* hired /accepted/ for repair, processing or storage and entered into the company accounting books;
* personal belongings and accessories of company workers and employees, and personal belongings are the common personal items and the ones, which, according to a written order of the employer, must be on the territory of the insured site.
* Peculiar type property – to this group belong properties, which, by purpose, storage or way of use and exploitation, differ by specific peculiarities and cannot be included in any of the other positions.
* Required /expedient/ expenses – expenses carried out by the insured concerning damage limitation or decrease on an insurance contract indicated insured property due to an insurance event, covered under conditions of Clause A, Clause B and Clause Z, including expenses for cleaning and transportation of destroyed property.
Insured Persons
Sole traders, legal entities, institutions and organizations
Covered Risks
Uncovered Risks
The insured is extricated from the obligation to pay compensation to the Insured upon the occurrence of losses, damages and/or required expenses of the insured property directly or indirectly caused by:
The insurance also doesn’t cover:
Also the Insurer does not pay damage compensation if:
Insurance Period
1 year /12 months/ or shorter – upon agreement between the parties.
Insurance Premium Payment
The insurance premium is paid in cash or through a bank, by a lump-sum payment or instalments according to agreement between the parties.
Damage Payment
Payment of insurance compensation is executed not later than 10 /ten/ days after the date on which the Insured has presented all information and documents required by the Insurer and needed for making a decision regarding the claim made by him.
Bonuses
Insurance premium discount is received:
- Tangible Fixed Assets /TFA/ and contiguous property, including:
- buildings, production, administrative, housing and warehouse premises, as well as:
- built in installations /electrical, gas, water-supply, heating, fire extinguishing, fire informing, climatic, ventilation, telephone and others/, representing an inseparable part of buildings with the exception of end devices;
- elevators;
- permanent flooring;
- doors and windows;
- permanent illuminants.
- Machines, installation and equipment;
- Electronic computer technology and automatics;
- Economic inventory;
- TFA acquisition expenses /incomplete construction/;
- Other TFA;
- Transport means /without land vehicles with a State Control No., railroad vehicles, vessels and aeronautical means/.
- Current material assets /material reserves/, including:
- materials;
- production;
- goods;
* foreign properties:
* hired /accepted/ for repair, processing or storage and entered into the company accounting books;
* personal belongings and accessories of company workers and employees, and personal belongings are the common personal items and the ones, which, according to a written order of the employer, must be on the territory of the insured site.
* Peculiar type property – to this group belong properties, which, by purpose, storage or way of use and exploitation, differ by specific peculiarities and cannot be included in any of the other positions.
* Required /expedient/ expenses – expenses carried out by the insured concerning damage limitation or decrease on an insurance contract indicated insured property due to an insurance event, covered under conditions of Clause A, Clause B and Clause Z, including expenses for cleaning and transportation of destroyed property.
Insured Persons
Sole traders, legal entities, institutions and organizations
Covered Risks
CLAUSE А: General coverage of fire and consequences of its extinguishing, including fire caused directly by short circuit; lightning /thunder/, explosion, implosion, blow /collision/ or falling of a piloted aircraft, its parts and/or load falling from it.
CLAUSE B: Additional coverage of thunderstorm /hurricane, vortex and tornado/, including falling trees, branches and parts of them as a result of natural calamities, load from a natural snow or ice accumulation, frost bite /freezing/, geological land slide and earth layers collapse, damage from underground waters or sea waves, wetting due to forgotten faucets or taps or as a result of a failure of water-supply, heating, sewerage, steam conducting, climatic, sprinkler /fire extinguishing/ or other type of installations and/or pipes; damage or destruction due to a motor vehicle blow or from an animal, not under the control of the insured or of a person employed by him; property damage as a result of damage of load-unload machines during loading and unloading.
CLAUSE C: Special coverage: burglary, robbery, malicious actions of third persons /vandalism/, incl. malicious fire /arson/ and malicious usage of explosive devices and/or materials /explosion/; breaking of windows, shop windows, advertising slogans, sign boards and damaged joinery; short circuit or current rush of electric installations and appliances caused as a result of the manifestation of the thunder/lightning risk of Clause “A”, covered according to the provisions of the insurance contract.
CLAUSE Z: Earthquake
CLAUSE Р: Required /expedient/ expenses.
CLAUSE О: Civil liability to third persons for damages, caused by the insured property, as a result of a risk covered by the insurance contract.
CLAUSE B: Additional coverage of thunderstorm /hurricane, vortex and tornado/, including falling trees, branches and parts of them as a result of natural calamities, load from a natural snow or ice accumulation, frost bite /freezing/, geological land slide and earth layers collapse, damage from underground waters or sea waves, wetting due to forgotten faucets or taps or as a result of a failure of water-supply, heating, sewerage, steam conducting, climatic, sprinkler /fire extinguishing/ or other type of installations and/or pipes; damage or destruction due to a motor vehicle blow or from an animal, not under the control of the insured or of a person employed by him; property damage as a result of damage of load-unload machines during loading and unloading.
CLAUSE C: Special coverage: burglary, robbery, malicious actions of third persons /vandalism/, incl. malicious fire /arson/ and malicious usage of explosive devices and/or materials /explosion/; breaking of windows, shop windows, advertising slogans, sign boards and damaged joinery; short circuit or current rush of electric installations and appliances caused as a result of the manifestation of the thunder/lightning risk of Clause “A”, covered according to the provisions of the insurance contract.
CLAUSE Z: Earthquake
CLAUSE Р: Required /expedient/ expenses.
CLAUSE О: Civil liability to third persons for damages, caused by the insured property, as a result of a risk covered by the insurance contract.
Uncovered Risks
The insured is extricated from the obligation to pay compensation to the Insured upon the occurrence of losses, damages and/or required expenses of the insured property directly or indirectly caused by:
- War, invasion, hostile or military activities /regardless of whether there is a declaration of war/ of a foreign army /enemy forces/, military coup, martial law, military drills or other activities of military character, military or usurping force, civil unrest or disturbance – strike, lockout, rebellion, coup, mutiny, internal commotions or unrest, rebellions, civil war, revolution, sabotage or any other activity of a person, group of persons or organization, aimed directly or indirectly against the legitimate authorities. Losses, damages and/or required expenses of an insured property, directly or indirectly caused by persons or groups of persons acting on behalf of or related to organizations aiming at overthrowing or influencing any government through terrorist or violent activities are not covered.
- Confiscation, requisition, nationalization, compulsory expropriation of property or other similar measures, undertaken or attempted by the legitimate power or organizations or other persons regardless of whether their actions are lawful, coming into effect of a normative act and/or imperative injunction of an authorized body of a state or local authority, penalties, property sanctions;
- Confiscation, enacted as a penalty with a sentence for a committed crime in accordance with the Penalty Code for a crime that has come into effect;
- Atomic and nuclear explosions, radioactive product influence and consequences thereof, ionizing radiation, violation of established measures and requirements for nuclear safety that have led to violation of conditions and limits for radioactive influence on the environment according to Bulgarian and international rates and standards;
- Direct or indirect changes or consequences of the physical, chemical or biological properties of waters, including underground waters, of soil or air and consequences thereof;
- Violated construction and technical standards and requirements, construction flaw, poor quality repair or assembly and/or non-eliminated damages resulting from earlier events;
- Placement of explosive, inflammable and other dangerous substances or open fire sources in the proximity of insured properties, except in the cases when this is necessitated by the natural flow of the production process upon observance of all standards and requirements and with the knowledge and written consent of the Insurer.
- Discharge in the atmosphere of powdered or gaseous substances of different types of productions or during the fall of land or rock masses as a result of explosions, carried out by a lawful order of the authorities;
- Demolition, collapse or slide of land and rock masses as a result of human activity, excavation and/or construction and repair works;
- Avalanches.
The insurance also doesn’t cover:
- Direct damages due to own defect of the lost or damaged property (including a production or hidden defect), gradual damage as a result of common usage (amortization, wear and tear, jagging, rust, corrosion of property or parts thereof, damages from micro organisms, fungal formations, mould, must, rotting, humidity, birds, insects and rodents, slow deformation and demolition processes, evaporation, fermentation, weight loss, shrinking, fragrance change, change of colour, consistence, lustre, damages from luminous influence and natural wastage), damages on machines as a result of failure during work, mechanical disturbances, use of unsuitable materials, poor performance, design mistake, surface damages from scratching, contamination, etc.
- Malfunction of those parts of the electric equipment, installations, machines or appurtenances that have caused fire as a result of spontaneous ignition, overload, hypertension, short circuit, overheating or electric flow along the machine corpuses due to electrical or mechanical damage or malfunction, wear and tear of parts or a factory defect. The Insurer pays damage compensation for the remaining part of the equipment, caused by fire or other event, covered by the provisions of the insurance contract;
- Damages from burns with the exception of the cases when the latter have been caused due to the occasion of some of the risks covered by the insurance;
- Direct damages caused by proximate animals under the control of the Insured;
- Damages to property left in the open, of buildings that are not ready for use according to function and of movable property inside them;
- Direct and indirect damages /caused losses, benefits foregone/, arising from deprivation of opportunity for property usage, loss of income and/or profit, devaluation or decrease of market value of the property, loss from inactivity, delay, obligations for payment of all types of interest, demurrage, penalties, property sanctions and defaults due in relation to an occurred insurance event, charges and prices changes, currency rate variations, all kinds of expenses and other direct or indirect damages, which are not a direct damage of insured property and arise as secondary consequences of occurred insurance events.
- Damages caused by a repair company while the insured property is under repair;
- Self-participation of the Insured, marked in the policy /when such an agreement is present/;
- Damages that have arisen during execution of repairs, reconstructions or changes of the insurance place or the advertising slogans, sign boards and installations;
- Damages existing before the insurance start;
- Damages that are a consequence of the sinking of buildings in a guarantee period after repair or initial delivery of the building into exploitation;
- Damages that have arisen on poorly stabilized glass;
Also the Insurer does not pay damage compensation if:
- The insurance event is caused by deliberate activities of the Insured and/or of a person benefiting from the insurance and/or persons related to them in the meaning of the Commercial Act and/or persons, who, by the power of contract, expend labour and/or execute certain activities and services for the benefit of the Insured;
- The insurance event is caused by activity or inactivity, due to negligence on the part of the Insured, while the respective person has had the opportunity to foresee and avert the occurrence of an insurance event and/or to decrease the damage rate, but has not taken due care for that;
- Damages have occurred as a result of harm or destruction of insured properties due to incorrect exploitation and/or lack of suitable qualification for work with the respective type of property and/or ownerless storage and/or exploitation in breach of confirmed technologies and standards;
- There is evidence for the staging of the insurance event and/or the Insured has presented incorrect information regarding the insurance event or the damage scope;
- The insurance event has not arisen in the sense of the definition given in the covered risks characteristics
- The provisions described in the offer upon signing of the insurance contract have not been met;
- The Insured has made constructive or design alterations, additions or improvements upon restoration of damaged property.
Insurance Period
1 year /12 months/ or shorter – upon agreement between the parties.
Insurance Premium Payment
The insurance premium is paid in cash or through a bank, by a lump-sum payment or instalments according to agreement between the parties.
Damage Payment
Payment of insurance compensation is executed not later than 10 /ten/ days after the date on which the Insured has presented all information and documents required by the Insurer and needed for making a decision regarding the claim made by him.
Bonuses
Insurance premium discount is received:
- When you are a new client;
- When you are a corporate client;
- Upon insurance contract renewal and lack of damages from the previous year;
- Complex insurance.