Property Damage Insurance

Property damage insurance protects immovable and movable property to the extent preferred by and depending on the specific requirements of the client. The subject of the insurance may be property owned or co-owned by the insured, as well as property owned by third parties, which the insured uses on the basis of a written agreement or took over when providing services on the basis of a written contract or order. The scope of the insured property is adapted to the specific requirements of the client in order to protect from natural hazards.

The volume of the insured property, which is called the insurance value, is in the insurance policy expressed by the sum insured. The sum insured thus represents the highest limit of the insurance claim payment of the insurer in the event of an insured event. The insurance value is determined in the insurance policy as a specific price, which represents the method of calculating the amount of insurance claim payment. The most frequently used is the new price, which represents the cost of restoration of the damaged item or recovery the destroyed item - of the same kind and in the same quality.

Insured risks

Property is insured against risks that may cause damage or its destruction. Property may be insured against specified risks, which are stated in the insurance policy. This method of insurance is preferred by clients. The second method of insurance is based on the so-called all-risks principle, where the property is insured against all risks except those excluded in the insurance policy.

Insurance against specified risks:

• basic natural hazard insurance: crash or fall of a flying object with crew; crash or fall of an unmanned flying object, fire, direct lightning strike, explosion
• advanced natural hazard insurance: sonic boom, smoke, hail, avalanche, crash of motor vehicle driven by the insured, crash of motor vehicle driven by a person other than the insured, tumble of trees, poles, and other objects, high winds, weight of snow or icing, volcanic eruption, landslide, collapse of rocks or soil
• flood, inundation
• earthquake
• water-supply pipe damage means any unexpected and sudden leakage of water, steam, or liquid inside any building or structure from any permanently installed water or sewage pipes, heating, air-conditioning, solar or fire-fighting systems, including connected sanitary installations, fittings or equipment connected to such systems, or from internal pipes intended to remove any atmospheric precipitation and from tanks of more than 50 litres
• breaking of glass
• theft, robbery, and vandalism

Additional insurance

As part of property insurance, additional costs that may arise in connection with the insured event may also be insured. We offer standard additional insurance, which is common practice in the insurance market. However, our clients may be also offered specific additional insurances that take into account their specific situation.

Offer of additional insurance coverage:

• costs of vacation of the place of insurance after the insured event
• costs of repairs of the damage caused to building components
• costs for dismantling and re-mantling of undamaged insured items in connection with the repair or replacement of items damaged by the insured event
• costs of repair of objects placed outdoors on buildings, e.g. business signs and advertisements
• the cost of recovery of media carriers, including the data and records stored on them
• additional insurance of valuables in safes and during their transport
• additional insurance of works of art and exhibition models
• repayment of VAT paid to the state budget in the event of thefts