Property insurance

Property insurance

Voluntary property insurance 

The object of insurance is the property interests of the Insurant (insured), associated with the possession, use and/or disposal of property and buildings referred to in these Rules or the insurance contract (hereinafter – the “Property”), as well as with the loss or non-receipt of expected revenues as a result of interruption (termination) of the activities. 

Accepted for insuring shall be: buildings, structures, construction in progress, houses and privatized apartment with all their structural elements, garden houses, cottages, outbuildings, owned by citizens and legal entities, as well as their individual architectural and structural parts and components (parts of buildings, residential and non-residential premises, separately their interior decoration, elements of civil engineering infrastructure), vehicles not operated for their intended purpose, material assets, property located in refrigerators, furniture, tools, household goods belonging to the Insurant (insured). 
Not to be insured are the items listed in this clause, unless otherwise provided by the contract of insurance:
- cash in any currency;
-shares, bonds and other securities;
- manuscripts, plans, schemes, drawings, negative and positive films, negatives, files, accounting and business books and other documents;
-information on all types of media;
-samples, models, mockups, prototypes, exhibition copies;
- precious metals in bars and precious stones without frames;
- collections of stamps, coins, banknotes and bonds, drawings, paintings, sculptures and other collections and works of art;
- explosives and ammunition;
- machines serviced with coins or tokens;
- property in the process of construction;
- ground;
-vehicles in the operation;

The sum insured under the insurance contract shall be established:

1. for buildings, structures – the cost of buildings, structures based on market prices in this area, district, for a building taking into account its depreciation, operational and technical condition;
2. for machinery, equipment, tools and household effects – based on the amount needed to purchase the same item, net of depreciation;
3.for inventory (including raw materials, semi-finished products), purchased by the Insured – based on the purchase price at the time of concluding the contract;
4. For inventory items that are made by the Insured – based on the actual costs of production at the time of concluding the insurance contract;
5. When insuring the interior design – based on the cost of the repair works of the claimed amount taking into account depreciation, operational and technical condition;
6. For the property being used by the Insured – on the basis of the contractual relations with third parties – in the amount of property responsibility of the Insured but not above the value of the property as determined by these Rules. 
The insurance amount cannot exceed the actual value of the property.
The insurance premium is established in the insurance contract

The insurance contract is concluded for the period of 12 (twelve) months, or to the other period stated by the Insured.

The insured event

The insured event when insuring property is loss (total loss) or damage to property as a result of the following events: 
1) fire, explosion;
2) lightning strike;
3) natural disasters (earthquakes, storm, hurricane, storm (gusty) wind, flooding, mudslide, volcanic eruption or the action of subterranean fire, landslide, avalanche (including snow), tornado, flood, hail, mudflows, mudslide, ice damage, deposition of ice (ice formation);
4) water damage(damage from the faulty water supply, sewage, heating systems, water intrusion from strange for the Insured premises) including as a result of false triggering of automatic fire suppression (sprinkler systems). Under the false triggering of sprinkler systems in this case is understood sudden activation of devices and equipment directly related to the sprinkler installation, contrary to the established norms of their operation;
5) unlawful act of third parties, including burglary, robbery, assault;
6) the fall of manned aircraft and their fragments

The amount of the insurance premium shall be calculated according to the insurance rates based on the conditions of the contact and risk assessment. 

The term of the contract of insurance is set by agreement of the parties.