Voluntary insurance of real estate

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Voluntary insurance of real estate

Insurance purpose

Compensation for physical damage to Real Estate.

Insurer

A legal entity that has permission to conclude an agreement on this type of insurance.

Insurance incident

An event provided for by the insurance contract, resulting in damage, deterioration or destruction of the insured property and leading to the formation of the insurer's obligation to make insurance payments, occurred

Fire or lightning strike;
Explosion, earthquake, thunderstorm, hurricane, flood, flood flood;
Impact of road vehicles;
Theft by hacking or attempted theft;
Ground drift, soil subsidence or uplift;
Damage caused by glass breakage.

Destruction or damage to insured property as a result of changes in groundwater levels;
Indirect losses, including loss of profits, loss of market and any other indirect losses and losses resulting from loss of Labor remuneration and/or delay;
Difference of currency exchange course;
Events resulting from gross negligence or biased actions of the insured or beneficiary.

The insurance amount is the amount for which the insurance object is insured in accordance with the insurance contract, which is the final (maximum) limit of the insurer's obligations and on the basis of which the insurance premium must be calculated. When determining the cost of insurance, the parties should be guided by the legislation in force.
The amount of insurance is determined in the amount of its full value (insurance value) based on the existing market price of the property to be insured at the time of the conclusion of the insurance contract.
The insured amount cannot exceed the insured value of the insured property, and the insurer does not bear any responsibility and does not make payments on the part of the insured amount that exceeds the insured value.

The insurance premium is calculated by the insurer on the basis of the information provided by the insured and is indicated in the insurance certificate or in the annexes adopted to the insurance contract.
The insurance premium is paid by the insured upon receipt of the account provided by the insurer or other document containing information about the amount of the insurance premium and the procedure for its payment.
The insurance premium can be paid in a lump sum or in installments according to the agreement of the parties, in accordance with the schedule of payments recorded in the Annex adopted to the insurance contract.

Providing information about the insured event

In the event of an insured event, it is required that the insured be notified to the insurance company immediately.

Amount of exemption

The insurance contract may establish unconditional exemption, that is, part of the insured's expenses, which are not covered by the insurer in the event of an insured event.
In the event of several insured events, the exemption amount is deducted from each insurance payment, unless otherwise provided by the insurance contract.

Insurance coverage area

Insurance coverage is valid only in the area specified in the insurance contract. Unless otherwise specified in the insurance contract, the insurance contract may be concluded only on immovable property located in the territory of the Republic of Azerbaijan and on movable property specified in the contract.

Dispute resolution

Disputes arising from this law shall be resolved in accordance with the procedure established by the legislation of the Republic of Azerbaijan, including in court.

Term of insurance contract

Unless otherwise provided by the contract, the insurance contract shall enter into force on the day of payment of the first part of the insurance premium or in full at 24:00, but not earlier than the date of the start of the insurance period specified in the certificate.