Fire and other calamities Insurance Policy

Applicability



Any legal person owning buildings with different destinations (offices, shops, restaurants, merchandise storehouses, workshops, production units, theatres, cinematographs, clubs, museums, exhibitions), as well as the content thereof. 

Any authorised natural person conducting their activity under special laws (authorised natural persons, notary publics, legal offices, medical offices, etc.) or natural persons using, renting, assigning in commodatum, etc., a building /apartment, where a lucrative activity (productive or commercial) is conducted.  

   

Covered risks

The buildings and other constructions, as well as the content thereof (installations, tools, office supplies, raw materials, finite products, etc.) are insured by the fire and other calamities insurance policy, for damages caused by:

- basic risks: fire, thunder, explosion, falling of flying appliances, hitting by road vehicles not belonging to the insured; 

- extended risks: basic risks, to which there are added: flooding, storms, hail, pouring rains, falling or slipping of land, weight of the snow, ice layer or avalanches, demolishing or movement of the building where the insured goods are located, if this is made for the stopping of the fire spreading, or another sudden threat, falling or slipping of land;  

- all risks: extended risks, to which there are added: earthquakes, accidental damage by water installations, duct or central heating, flooding of the apartments caused by the neighbours, theft (by breaking and entering or by heist actions), political risks, vandalism.  

Additionally, the financial loss caused by the activity interruption as a consequence of insured events occurrence (Business Interruption Insurance). 

  

Validity


The insurance is concluded for a period of one year, if not otherwise mentioned in the Insurance Contract.

Insured amount


The goods are insured for the amount stated by the insured (the insured amount).  The insured amount must express the insurance value.

The insured value signifies:


 
• for the buildings and other constructions, depending on the insured’s option: 

- the value as new (replacement price), which represents the cost for the reconstruction of a new building, similar to the insured one, depending on the pre-existent type and features, resulting from the estimates, invoices and other documents;   

- the real value, which represents the value as new (replacement price), from which the wear in report to the age, use and state of maintenance of the respective goods is subtracted;


 
 • for the fixed means and inventory objects (tangible assets), depending on the insured’s option:     

- the value as new, which represents the replacement cost of the respective goods, with new ones, identical or similar to the insured ones, from the quantitative and economic point of view;

- the real value, which represents the value as new  from which the wear in report to the age, use and state of maintenance of the respective goods is subtracted;

- the accounting value, which represents the value remaining in the accounting of the respective goods, at the insurance conclusion date, after the deduction of the appropriate depreciation;


• for the stocks :

- the price cost (production cost), in the case of the goods deriving from the inner production; - the purchase price, in the case of the other goods. 

- for the museum or exhibition objects (if the insurance thereof was agreed), the circulating value established by the technical expertise borne by the insured and approved by the insurer.  

Insurance premium


The insurance premiums are expressed in lei or foreign currency and will be paid in installments or integrally. 

Compensation



The insured, a physical or natural person, will receive compensation in case of one of the insured risks occurrence within a few days after the provision to the insurer of all the documents necessary for the establishment of the insured event occurrence and of the damage quantum.