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Purpose of the insurance
Compensation for physical damages to immovable property.
Insurer
A legal entity having permission to conclude a contract for this type of insurance.
Subject-matter of insurance
Immovable property owned by an individual or legal entity.
Insurance accident/claim
This is an accident, specified in the insurance contract, which leads to damage, deterioration or destruction of the insured property, and to payment of compensation by the insurer.
Insurance risks
- Loss as a result of fire or lightning, explosion, earthquake, storm, hurricane, flood, vehicle impact, burglary or attempted theft, landslide, broken glass, landslide and etc.
- Exclusion from insurance coverage
- Destruction or damage of the insured property as a result of changes of groundwater level.
- Consequential damages, including loss of profits as a result of loss and / or delays in wages, market losses and any other consequential losses and damages.
- Exchange difference.
- Accident as a result of negligence or deliberate actions of the Insured or the Beneficiary.
Notifying the insurer about the insurance accident
In case of insurance accident, the Insured must immediately notify the insurance company.
Sum insured
In accordance with the insurance contract, this is the amount within which the object is insured, is the final (maximum) limit of the Insurer's liability and on the basis of which the insurance premium is calculated. When determining the cost of insurance, the parties should base on applicable law.
Insurance premium
The insurance premium is calculated by the insurer on the basis of information provided by the Insured and is indicated in the insurance policy or in the attachments to the insurance contract.
The insurance premium is paid by the insured after receiving an invoice from the insurer or other document containing information on the amount of the insurance premium and the payment procedure.
The insurance premium can be paid fully or according the agreement between the parties, partially in accordance with the payment schedule specified in the attachments to the insurance contract.
Decuctible
Deductible can be specified in the insurance contract, this is a part of the costs which is not paid by the insurer in case of the insurance accident.
In case of several insurance accidents, deductible is deducted from each insurance payment, unless otherwise is specified in the insurance contract.
Territory of insurance coverage
The insurance coverage is valid only on the territory specified in the insurance contract.
Insurance contract can be concluded only in relation to immovable and movable property located on the territory of the Republic of Azerbaijan, unless otherwise is specified in the insurance contract.
Period of the insurance contract
The insurance contract (insurance coverage) is valid from the date of coming into force of the insurance coverage specified in the insurance policy, or from the moment of transferring of ownership of the insured property to the insured (beneficiary) at 24:00 Baku time, and is considered invalid from the date of expiration of insurance coverage specified in the insurance policy at 24.00 Baku time.
Regulation of disputes
Disputes arising from this law are resolved in accordance with the legislation of the Republic of Azerbaijan and judicially.
