Property insurance

The insurance covers the total loss or partial damage that the insured would suffer with the insured property, in the realization of an insurance risk.

The main insurance coverage includes the risks:

• fire;
• explosion;
• implosion;
• lightning strike;
• a blow from an airplane or
• other aircraft
• or objects falling from them.

Additionally, coverage can be negotiated for:

• natural disasters;
• severity of natural accumulation of snow or ice;
• subsidence or collapse of layers of earth; wetting as a result of
• failure of plumbing, sewerage, heating and steam installation, and
• appliances included in them;
• impact by a road vehicle or animal;
• malicious actions of third parties, vandalism;
• flood, earthquake, breakdown of machinery, accident, liability to third parties;
• other risks covered by insurance companies

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The period of insurance may be one year or longer as agreed by the parties. Insurance coverage begins at 00.00 on the day indicated in the policy for commencement. The insurance cover takes effect after the payment of the insurance premium or the first premium installment for the policy in case of deferred payment of the premium. The cover is terminated upon the contract’s expiration, upon its termination by any of the parties, or in the case of a delay in the payment of a due premium installment when the delay exceeds 15 (fifteen) days after the respective due date.

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The cover is valid for only for the address on the territory of the Republic of Bulgaria, specified in the policy.

The insurance premium is determined on the basis of the insurer's tariffs and depends on the nature and amount of the risk, the chosen clause with covered risks, the type of insured property, the amount of the insured amount and the availability of a franchise. It can be paid once or in installments. The insurance policy has no effect before payment of the premium or the corresponding deferred part of it, unless otherwise agreed.

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The form of the insurance contract is the insurance policy, accompanied by the statement of the insured, all annexes to it, general conditions, addenda and special conditions, as well as accounts for the paid insurance premium, which are an integral part of the insurance contract.

The insurance contract is concluded based on a proposal-questionnaire filled out by the applicant for insurance.

The sum insured is understood to mean the amount for which a property or group of assets is insured. The sum insured is the upper limit of the insurer's liability. It is entered in the insurance policy separately for each property or group of property accepted as objects of insurance. The insured amount is determined by the insured and cannot exceed the actual value of the insured property. The value against which, instead of the insured property, another of the same type, quality and condition at the date of conclusion of the insurance can be purchased is considered actual.

Upon the occurrence of an insured event, the insurer is obliged to pay insurance compensation equal to the damage actually suffered on the day of the occurrence of the event, except in the case of underinsurance and insurance at the agreed insurance value.

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Upon the occurrence of an insured event, the insured fills out a notification of the occurrence of an insured event, on the model of the insurer. In the notification, the insured answers comprehensively all questions put to him by the insurer, aimed at establishing the causes and circumstances of the occurrence of the insured event.

In order to make a claim for payment of insurance compensation, the insured must submit all requested documents from the insurer. To determine the amount of damage, the insurer shall inspect the insured property in the presence of the insured or his representative and, if necessary, an expert. The amount of insurance compensation is determined individually for different groups of property within the insurance amount for them. The amount of compensation for all insured events during the term of the contract may not exceed the insured amount for the respective property.

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