Property insurance
Business Property insurance
Business Property Insurance is a necessary characteristic of every business entity, from an moderately sized office to a large factory. In case business property is mortgaged, this insurance is also required by banks and other financial institutions.
Under business Property Insurance the following facilities can be insured: whole building or its part, processing areas, warehouses, ramps, transport junctions. In case a company rents their office, they may only insure interior finish.

Insured Value equal to replacement value of subject matter insured that depends on its conditions and technical characteristics. Scope of insurance cover may vary: from minimum cover („fire") to full set of risks („all risks") including additional risks.

    Apart from real estate policy cover may be extended to include protection for furniture, office appliances, operating equipment, raw materials, manufactured goods etc. In this case insured value is determined by company fixed assets, which is provided to accountants, or by list of company effects to be insured that constitutes part of a policy.

    Business Property Insurance also includes cover for stored goods. These can be insured by their owner or warehouse keepers. As the amount of goods stored constantly changes, insurance value is chosen between either maximum or average quantity that may be stored.

    Business Interruption
    Business Interruption covers losses of the Assured when it is impossible to continue commercial activity of the company due to the following events:

    • fire, stroke of lightning, gas explosion
    • explosion of technological equipment working under pressure
    • natural catastrophes
    • damage to property caused by liquid discharged from heating, water supply, fire extinguishing & sewer systems
    • malicious damage of third parties and running-down of a vehicle
    • burglary and robbery
    • the crash of an aircraft or its parts
    Compensation under Business Interruption is paid only if insured property of the company is damaged or destroyed as a result of an insured event and it is paid by the Insurer.

    Business Interruption covers losses caused by discontinuance of activities during the maximum period indicated in the policy. Compensation paid according to the last finance reports of the Assured.

    Business Interruption cover is offered only as part of Business Property Policy.

    Technical Risks Insurance
    Additionally to standard Business Property Insurance the following risks can be insured:

    Contractors Part and Machinery (CPM) is intended for machinery: agricultural & forestry machines, building equipment, loaders, tractors, excavators, bulldozers etc. Apart from traditional property risks (fire, natural catastrophes, unlawful acts of third parties) CPM also covers unintended breach of operation norms and rules, mechanical exterior impacts, subsidence, overturning and other unforeseen & unexpected damages occurring during operation, movement or standstill.

    Under Machinery Breakdown policy Assured is indemnified against unexpected and unforeseen internal damages of subject matter insured during its operation, movement or standstill. The cover is designed for any industrial equipment. Machinery Breakdown can be insured as a separate risk or as addition to CPM

    Electronic Equipment Insurance protects respective equipment (laptops, computers, audio / video devices, telecommunication / medical / measure equipment etc) against damage or loss caused by:

    • short circuit, overvoltage, excess voltage, change to voltage due to lightning strike
    • breach or error by operating staff
    • internal electric or mechanical failure
    • falling of an object onto subject matter insured or similar accident
    EEI policy also covers expenses on recovery of damaged or lost software. EEI is often extended to cover portable equipment (notebook, video projector) outside of the place of insurance indicated in the policy. In case of, for example, damage in a traffic accident Insurer will pay the loss.

    Contractors All Risks (CAR) & Erection All Risks (EAR)
    Contractors all risks (CAR) & Erection all risks(EAR) Insurance is a civilized way to protect investments and own funds of all parties involved in construction, erecting and engineering projects. This insurance is obligatory in most cases for presenting to clients and partners of a contractor.

    The following can be insured:
    • Facilities under constructions, including new and unfinished buildings, major overhaul, renovation
    • manufacturing equipment and stock used at building site
    • building materials
    • temporary building and facilities erected for the period of construction, scaffolding
    • loss or damage caused to third parties occurring during the maintenance period
    • third party liability for personal or property damage occurred during construction works

    This service is provided only in Estonia.
    Commonhold Insurance
    Conditons of Commonhold Insurance are clearly defined and developed according to needs and interests of Commonhold and its occupants, their obligations to a bank in cases when it is involved. Commonhold Insurance policy usually consists of two parts: property and third party liability.

    Subject matter insured: parts of an apartment house that belong to tenants in proportion to owned property. These parts are walls, roof, balconies, outer windows, staircases, cellars, attics, technical systems (heating, water and power supply, ventilation etc)

    Risks insured:
    • fire
    • natural catastrophes
    • water leakage (from water supply and heating systems, sewer pipes)
    • vandalism
    • burglary
    • third party liability and liability to tenants
    It is also possible to include additional cover. For example, debris removal costs in order to clean the site, removal costs and expenses for renting temporary lodging if the subject matter insured is unfit for living as a result of insured event.

    Commonhold may also be insured against "all risks". The essence of it that an insured case is every unexpected and unforeseen event. Conditions state not insured risks, but cover exclusions. The latter as a rule are premeditated actions and cases when damage can be avoided by following rules of maintenance. It should be taken into account that insurance premium for "all risks" cover is higher than for standard cover.

    Home Insurance for private client
    Our home is our castle. But a castle also needs protection. How is it possible to protect one's dwelling?

    Variant One
    Standard risks, which are also accepted by credit institutions:

    • Fire, direct stroke of lightning, explosion, crash of aircraft
    • Hail & storm
    • water discharged from the internal water supply network, sewer, heating, cooling systems
    • vandalism
    • burglary, robbery

    Variant Two

    "All Risks" cover – is maximum protection, when insured event is any unexpected and unforeseen accident. Conditions of Insurance in this case state only exclusions (i.e. events that are not indemnified): tear and wear, corrosion, mould, damages caused by rodents and other vermin, subsidence, errors in engineering, in other words all events that can be foreseen and prevented.

    What can be insured?

    Apartment – only interior finish (floors, ceilings and walls), supporting structure and external walls are not insured in this case. Apartment is insured at its replacement value. Apart from interior finish automatically covered: electrical system, electricity supply meter, built-in sanitary equipment. Interior also includes built-in wardrobes, ovens, suspended ceilings.

    Apartment ownership – Insurers also offer to insure not only interior finish, but also so called "legal share" of apartment building, i.e. external, a part of cellar or attic, common balcony and corridors.

    In case of a building covered: interior finish, external walls, roof, porch, stairs. Along with a building also covered: fence, terrace, street lightning, playgrounds and other similar small constructions. Larger constructions are to be separately indicated in the policy.

    Insuring summer cottage or a house with non-permanent residence does not differ much from insurance of a building. But as people usually do not live in such places permanently, the risks that Insurers cover are higher and the policy costs more. Some of the Insurers do not cover leakage from pipes and burglary is included only if there is a alarm system connected to a security company.

    Unfinished building is also possible to insure in case walls, roof, windows and doors are in place, but the set of risks will be limited.

    Small (auxiliary) buildings, such as saunas, sheds, greenhouses are also may be insured, but the risks are limited.

    Household (movable) property located in an apartment or house. It is not necessary to include the list of the property insured. In some cases movables are distributed between groups: furniture, electronics, clothes etc. Expensive items are to be separately indicated in the policy.

    Sum insured of a dwelling (house, apartment) is a replacement value to its condition prior to insured event and is completely different from a market value. For example, a house in the country is cheaper, than similar one in a city, but rebuilding of both will cost the same.

    In both new and old buildings different accidents with water supply, heating etc systems. These may result in damage not only to Assured's but also to third parties (for example, neighbours downstairs). That is why it is reasonable to include civil liability into hope property policy.

    © 2023 Kominsur Insurance Broker Ltd.
    Kominsur Kindlustusmaakler OÜ
    +372 66 44 388

    Kominsur Kindlustusmaakler Latvijas Filiāle
    +371 67 582 203

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