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Under the insurance agreement the followings can be insured:
Under Section 1. Property insurance against any kind of risks:
The company provides insurance protection to the Insured/Beneficiary’s property interests against any direct unforeseen accidental physical damage, loss or destruction of the property.
Under Section 2. Equipment breakdown insurance:
Under this Section it is covered unforeseen and unexpected material damage to equipment specified in the agreement or its loss in case this equipment is at the insured site due to casting or materials defects, project mistakes, production defect or poor-quality installation, mishandling, insufficient experience, negligence, water shortage in the boiler, physical explosion, disruption resulted from centrifugal force effect, short circuit, current system effect or any other reasons requiring repair or replacement.
The procedure for insurance indemnity payment:
a) in case of the complete destruction (loss) of all or part of the insured property - in the amount of the actual value of damaged property as of the date of conclusion of the insurance agreement but not more than the insurance amount;
b) In case of damage (partial damage) of the property - in the amount of recovery costs but not more than the insurance amount.
Recovery costs include:
a) expenses for supplies and spare parts for repair (restoration);
b) expenses for repair work;
Under equipment insurance against breakdown:
a) in case of the complete destruction (loss) of all or part of the insured property - in the amount of the actual value of damaged property as of the date of conclusion of the insurance agreement but not more than the insurance amount. The actual value is defined by deducting the appropriate amount of depreciation applied to the property from its recovery value;
b) In case of damage (partial damage) of the property - in the amount of recovery costs but not more than the insurance amount. Recovery value means expenses for replacing equipment by similar equipment of the same condition.
Recovery costs include:
a) expenses for supplies and spare parts for repair (restoration);
b) expenses for repair work;
c) expenses for delivery of materials to the repair site and other expenses necessary to restore the insured property to the state it was before occurrence of insurance event.
The Company shall pay insurance indemnity to the Insured/Beneficiary within 15 (fifteen) days from the date of signing the Accident Report.