Property Insurance

Commercial property insurance is a type of voluntary insurance that provides compensation against damage and minimises losses incurred by your company due to property damage. You can choose the risks that, in your opinion, pose the greatest threat in the framework of your company's business.

Objects of Property Insurance

The objects of insurance are the property interests of the Insured related to the ownership, use and disposal of property in case of damage or destruction as a result of fire and other risks.

The objects of insurance may be:

• Buildings
• Constructions 
• Construction in progress
• Transmission units
• Power, working and other mechanisms
• Equipment 
• Inventory
• Products
• Raw materials
• Fuel
• Exhibit items 

Objects, subject to insurance under individual terms and conditions:

• Cash
• Shares, bonds and other securities
• Manuscripts, plans, drawings, accounting and business books
• Models, samples
• Precious metals in bullions and precious stones
• Technical storage media (magnetic films, magnetic disks)
• Stamps, coins, banknotes, drawings, paintings, sculptures
• Explosives, other ammunition
• Goods in storage or under commission
• Means of transport, mobile structures, agricultural or other machinery
• Property not owned by the Insured, but located in the insured premises

Property Insurance Coverage

Standard Risks:

• fire and smoke;
• lightning strike;
• an explosion of gas used for domestic purposes;
• natural disasters (storm, hail, earthquake, flood and flooding);
• burglary, robbery and accompanying acts of vandalism;
• malicious acts by third parties;
• damage caused by breakage or overflow of water, sewer, heating or fire fighting communications.

Risks not included in the standard coverage:

• leakage of sprinkler systems;
• hurricane, storm, whirlwind;
• fall of trees, masts, other objects;
• landslide;
• avalanche;
• an explosion of steam boilers and other similar apparatus;
• snow pressure;
• volcanic eruption;
• broken window panes;
• spontaneous combustion;
• machinery and equipment breakdown;
• damage to computer equipment;
• a collision of vehicles (including owned vehicles);
• riot, civil commotion, strike;
• sonic boom (when breaking the sound barrier);
• the occurrence of underground fire;
• domestic transportation;
• terrorism;
• cash on hand insurance;
• failure to fulfil contractual obligations;
• additional costs.

As part of the property insurance program, we offer the following coverage packages:

A. Property Insurance Against Fire Risks – is the primary (mandatory) coverage and is included in all property insurance programs.

As part of this package, we offer you insurance cover against fire and smoke; lightning strike; gas explosion; falling or crashing of manned aircraft or their debris. This package is the minimum coverage under property insurance.

Other types of property insurance are optional and can be used in any iteration with the mandatory inclusion of fire risks insurance.

B. Property Insurance Against Water Damage

According to the terms of this package, the property of your company is provided with protection against damage caused by water as a result of breakage of water, sewer or fire fighting systems. In addition, if your company has a sprinkler system, separate coverage is provided against the false activation of the sprinkler system.

C. Property Insurance Against Natural Disasters

This package provides protection against natural disasters and catastrophic natural phenomena – storms; hail; heavy rain; snow pressure; vortex; earthquake; landslide; flood.

D. Property Insurance Against Malicious Acts By Third Parties

By purchasing this package, you protect the property of your Company from damage caused by burglary or robbery, as well as acts of vandalism.

E. Business Interruption Insurance

Under this package, the company receives financial protection and insurance against loss of profit, as well as compensation of fixed and additional costs incurred as a result of insured event occurrence leading to business interruption.

In addition, we offer you extensions to these packages:

* plate glass insurance;

* war risks insurance;

* property insurance against damage caused by civil commotions and riots;

* property insurance against damage caused by strikes or lockouts.

Buying a property insurance program, you can insure buildings and structures, as well as their interior decoration, improvements, fixtures (including outdoor light advertising), office furniture and equipment, stocks of raw materials and finished products at book value, market or replacement cost throughout Ukraine.

The price of insurance will directly depend on:

• selected insurance risks
• sum insured
• deductible amount
• the probability of insured event occurrence (depending on the individual features of the company)
• degree of safety of the insurance object

Given the individual features of your company, we can offer property insurance against the risks listed above at the following rates (insurance premium is calculated based on the insured amounts):

* Buildings/structures – 0.03%-0.25%;

* Interior decoration and furniture – 0.03%-0.25%;

* Computer and office equipment – 0.03%-0.25%;

* Buildings/structures of warehouse facilities – 0.03%-0.35%;

* Products in stock – 0.03%-0.35%.

Our employees will help you calculate the cost of the program, choose the optimal policy among reliable insurance companies, prepare documents for compensation in the event of an insured event occurrence, and also advise on all insurance issues.

More detailed terms and conditions of insurance for the property of your business, as well as the list of risks to be covered, will be provided after you fill out the questionnaire.