Property Damage Insurance
ABOUT THE PRODUCT
Property damage insurance provides comprehensive protection for both the immovable and movable assets of your company, tailored to your specific needs. It covers not only property owned or co-owned by your company, but also property belonging to third parties. This may include items you use under a written agreement or items taken over when providing services based on a contract, order, or job order.
This insurance primarily protects against natural hazards, and its coverage can be customised according to your requirements.
For proper protection of your property, it is essential to set the sum insured correctly. The sum insured represents the insurance value – the total value of your insured assets – and is the maximum limit for the insurance claim payment in the event of an insured incident.
The insurance value is specified in the policy by a particular price, which determines how the insurance claim payment is calculated. Typically, we use the replacement cost, which includes the expense of restoring or replacing the damaged item with one of the same type and quality.
INSURED RISKS
Property insurance helps to protect your assets against various risks that could lead to damage or total loss. When choosing insurance, you typically have two main options.
Risks listed in your property insurance policy
Most clients prefer insurance that covers specific risks, which are clearly listed in the insurance policy.
Basic natural hazard insurance – This provides coverage in the event of fire, a direct lightning strike, explosion, or the impact of a flying object, with or without a crew.
Advanced natural hazard insurance – This offers advanced protection against additional risks, such as aerodynamic bangs, smoke, hail, avalanches, the impact of a motor vehicle driven by the insured or by a third party, falling trees, poles, and other objects, high winds, snow load or icing, volcanic eruptions, landslides, and rock or soil collapses.
You can separately insure your property against the risks of:
- flooding and inundation,
- earthquake,
- breaking glass,
- theft, robbery, and vandalism,
- water-supply pipe damage, including unexpected and sudden leakage of water, steam, or other liquids inside any building or structure from any permanently installed water or sewage pipes, heating, air-conditioning, solar or fire-fighting systems, as well as connected sanitary installations, fittings, or equipment connected to such systems, or internal pipes designed to drain atmospheric precipitation, including tanks over 50 litres.
ALL RISKS coverage for property protection
The second option is ALL RISKS coverage, which provides protection against all risks, except for those explicitly excluded in the policy.
Choosing the right insurance risks ensures comprehensive protection for your property against unexpected events. Always consult your insurance agent to ensure proper coverage for your specific needs.
ADDITIONAL INSURANCE
When insuring your property with PREMIUM Insurance Company, you have the option to enhance your coverage with various additional insurances, designed to cover extra costs incurred after an insured event.
We offer not only standard additional insurances commonly available in the market but also tailor-made solutions to meet your specific needs and requirements. Feel free to contact us for personalised insurance options that address your unique situation.
What additional insurance can you use?
- Costs of vacating the place of insurance after an insured event
- Costs of repairing damage to construction components
- Costs of disassembly and reassembly of undamaged insured items in connection with the repair or replacement of items damaged in an insured event
- Costs of repairing objects placed outdoors on buildings, e.g. business signs and advertisements
- Costs of restoring carriers, including data and records stored on them
- Additional insurance of valuables placed in safes and during transport
- Additional insurance for works of art and exhibition models
- Repayment of VAT paid to the state budget in the event of thefts
Choosing the right additional insurance will help you minimise financial losses and provide comprehensive protection for your property.