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The insurance companies offer a great number of COVID-19 protection insurance products, but how to choose the maximum protection for yourself and your relatives?

It should be noted that the market has two basic approaches to development of COVID insurance programmes:

1) Payment programmes. The programme works as life insurance. In case the insured event occurs (subject to the package, it can be COVID diagnosis, outpatient COVID treatment, inpatient COVID treatment and death benefit), the Insurer effects the fixed payment regardless of the amount of expenses incurred.

The following should be considered in such packages:

• Term of the contract (most insurers offer six-month contracts).
• Deferred period (as a rule, the insurance coverage enters into force in fourteen days following the date of the contract).
• List of exceptions (you should make sure that it does not contain waiver of liability in case of severe related diseases).
• It should be noted that there is a procedure for collecting documents for the compensation, and it will be very important to furnish adequate receipts, medical opinions etc.

2) Medical aid programmes. These are insurance programmes that work as classic health insurance.

The following should be considered in such packages:

• The services always have separate limits, which should be established.
• If the insurance company is unable to arrange free aid in the specific region, compensation for the expenses incurred can only be paid if there are fiscal receipts and doctor’s opinion.
• The contract is made for a year and may be extended. You should check whether the initial PCR test is covered by the insurance.

The insurance company arranges medical aid both in private and state health care facilities regardless of a declaration with a family practitioner.

However, we recommend signing the declaration with a family practitioner.

Why do I need a family practitioner?

According to the order of the Ministry of Health, COVID-19 pertains to the “especially hazardous infections” (alongside with plague, cholera etc.) and is controlled by family practitioners within the state programme, so:

1) If there are any COVID complications, referral to hospital admission can be given to a patient by a family practitioner only.

2) In most cases, a sick leave certificate can be issued by a family practitioner, where necessary.

3) In some Ukrainian cities, private hospitals do not admit patients with suspected COVID and recommend calling the family practitioner. In this case, the insurance company can organise online medical consultation (from a hospital in another city) in order to arrange testing and supply of medicinal products/diagnostics with account of the prescription.

NB: The disease is characterised by aggressive clinical behaviour and quick deterioration in the condition so timely therapy following high-quality diagnostics (which is not performed online) is the only way to ensure quick and positive dynamics.

In this regard, we recommend taking care of yourself and your health in advance and signing the declaration with the family practitioner.

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.

Exceptions

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.

It is up to you whether to ask your relatives and friends for help, to collect money by posting information on social media or to insure your own property/life/health, but, if you favour insurance, your indemnity can only be guaranteed by the well-established insurance contract and the responsible approach to selection of the insurance company!

There are only three factors that influence your indemnity:

1) adequate expectations: before the contract is signed, everyone must understand clearly what is covered, and what is not;

2) the contract must be focused on the broad coverage rather than the lowest price;

3) a reliable insurance company must be selected.

If you have any doubts, we are always happy to share our expertise and help you choose the protection from existing risks!