Insurance of pledged property
Protect your property, ensure peace of mind for you and your loved ones!
Insurance of pledged property is a process where the pledgor (property owner) is required to insure their property against risks of loss and damage in favor of the pledgee (creditor). Unless otherwise specified in the mortgage agreement, the pledgor must insure the property for its full value.
Insurance of property for legal entities plays a crucial role in ensuring business safety and stability. It helps prevent financial losses from property damage or loss and ensures swift recovery after an insured event.
Insured Risks:
- Fire, explosion, lightning strike, natural disasters.
- Third-party unlawful actions.
- Falling aircraft or their parts.
- Falling foreign objects.
- Glass breakage, smoke damage.
- Liability to third parties.
Compensation Process for Insured Events:
- For partial or total loss of insured property: Compensation is provided based on its actual value at the time of the insurance contract.
- For partial or total damage to insured property: The company reimburses restoration costs, including materials and spare parts required for repairs, labor costs, and expenses for delivering materials and labor to the repair site.