In what cases is the Insurer ready to pay for damaged property?
When you choose the insurance coverage, you should know the following:
An insured event under the property insurance contract is destruction of, damage to or loss of the insured property as a result of unforeseen factors, including the following:
fire, explosion (including gas explosion), lighting strike, natural disasters, land slide, earthquake, impact of water or other liquids, illegal third-party actions (including theft, robbery, disorderly conduct, mugging, arson), falling of trees and other foreign items etc.
In fact, the above list contains basic fears of a common person, and all of them can be insured.
Full or partial indemnity?
We are the only ones to decide what payment to expect because we assess the value of the insured property on our own at the beginning of the insurance procedure, and if this assessment is consistent with the actual market value, we can expect full compensation for losses.
In case the insured amount as of the date of the Contract constitutes a portion of the value of the property insured under the Contract (partial value), the indemnity is paid in respect of the same portion of the losses within the insured event.
If the building/apartment is found to be a total loss, the full value of the property is subject to indemnity.
The list of exceptions is the list of cases with no coverage. It should be considered on your own or together with professionals to make sure that it does not contain so called hidden pitfalls and ambiguous wordings.
It should be noted that the following expenses are generally not subject to indemnity:
– as a result of collapse of the building or parts thereof due to design or construction errors; construction material defects, disrepair of the structure, partial destruction or damage following long-term operation.
Can it be a basis for denial of the claim with no adequate expert opinions and evidence? – No, it can’t.
The insurance company takes a decision on indemnity only after the certificates issued by the competent authorities responsible for establishing the causes of the corresponding event are considered.