Buildings insurance

An enterprise, institution, organization or other legal entity that enters into an insurance contract for property owned, rented, leased, pledged, etc.

The sum insured shall be set by agreement of the parties in an amount not exceeding the actual value of the insured property.

The available products allow us to tailor an insurance solution to the client's needs or existing insurance budget.

There are two main types of insurance coverage: all-risk and named perils.

• Coverage on «all risks» basis covers all events of damage or destruction of property, except for exclusions specifically stipulated in the insurance contract.
• On the contrary, coverage on the basis of «named perils» covers events that are explicitly provided for in the insurance contract.

This is the broadest of all possible types of property insurance. It provides additional protection against unforeseen situations that have not yet occurred, the existence of which the insured was not aware of and, accordingly, which could not be reflected in the insurance contract in advance. In other words, the insurance contract covers all risks of damage or destruction of property that are not excluded by the contract.

Examples: falls, collisions with equipment, lifting mechanisms, other objects, accidental damage from a neighboring building, rain (which cannot be considered a downpour according to the amount of precipitation), activation of a powder fire extinguishing system, collapse of buildings, roofs, etc.

The following extensions are most commonly used:

• Extension of coverage to newly acquired/improved property.
• Possibility to restore the sum insured after payment of the insurance indemnity (subject to additional proportional premium).
• Strikes, civil unrest.
• Terrorism (acts of terrorism).
• Additional coverage for territory clearing costs.
• Additional coverage of fire extinguishing costs.
• Additional coverage of expenses for specialists and rescue (temporary relocation of property).
• Possibility of property insurance on the basis of «replacement cost».

It is important to remember that additional coverage is provided by separate agreement and leads to an increase in the insurance rate.

If the property is pledged to a bank, it can be insured by naming the beneficiary (the bank) in the insurance contract. Banks usually introduce a procedure for accrediting (admitting) insurance companies to insure pledged property. Insurance contracts are agreed with banks and contain their requirements for insurance coverage.

For information on INGO's accreditation, please contact the company's specialists using the feedback form..

INGO offers support in risk management through its own Engineering Center. The center's specialists analyze and classify existing and potential risks, and then provide suggestions for improving the company's protection. This is an effective way to minimize the occurrence of losses.

Algorithm of the Engineering Center's actions:

• Initial analysis of documentation
• On-site assessment
• Final report
• Providing suggestions for risk reduction