A lot of licensed insurance companies offer various kinds of property insurance. Both immovable property (houses, villas, offices, business buildings) and movable property (furniture, technique, appliances, business property, machines, equipment, etc.) owned by companies, organizations and citizens, can be objects of insurance.
The basic risks they cover, are:
Fire and its consequences;
Natural disasters – storms, hailstorms, heavy rains, floods, damages of snow or ice, freezing;
thunderbolts, explosions, collision of falling of a manned aircraft;
water supply and drainage failures;
ill-intentioned actions by third parties – breaking of windows, shop-windows, advertisement notices, signs, etc.;
damages due to a vehicle collision;
landslides or collapsing of earth layers, underground waters;
damages due to sea waves;
strikes and civil unrest.
The insurance sum is usually determined by the client, and depends on the value of the property. The price of the insurance (the insurance bonus) is determined by the insurance company in accordance with the type of the property, the insurance sum, the risk circumstances, the chosen cover and the insurance duration.
In cases of damage, the insured client has to inform the insurance company within 24 hours. The client should not undertake any actions that might increase the size of the damage. The damage is established through an inspection by representatives of the insurance company, the insured client and an independent expert.
The insurance compensation is determined within the insurance sum or in accordance with the responsibility limit. In cases of total damage, the size of the damage is equal to the actual value of the damaged property, but it cannot exceed the insurance sum. In cases of partial damage, the damage is determined in accordance with the expenses necessary for recovery of the property to its state before the event. The compensation is usually paid within 15 days after presenting all the documents necessary to prove the event and determine the damage size.