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Property damage insurance

Subject of the insurance contract for property insurance may be any right, that the is estimable in money for the insured person.

The insurance amount is the amount that the property is insured for and can not exceed the actual or the replacement value of the property. Actual value is considered the one for which you can buy another property of the same quality.

Replacement value is considered the cost that recover property of the same type, including all relevant costs for procurement, construction, installation, etc., without applying any depreciation. When otherwise in not stated, it is assumed that the insurance amount is determined under the actual value of the property.

To determine the actual value the insurer is entitled to examine the property.

Limitation period - 3 years from the date when the insurance event occurred.

Motor “Casco” Insurance

With the contract of Motor “Casco” Insurance the insurer, after a paid premium, assumes particular risks on the insured vehicle, under the “Terms” proposed by the insurer.

The scope of protection of the insurance contract includes land vehicles, excluding rail vehicles - cars, motorcycles, mopeds, buses, trolleys, trucks, tractors, their trailers and semitrailers, motorized chassis, electro trucks, forklifts, large-size agricultural and construction equipment with Bulgarian state registration or inventory numbers, moving under its own power.

The Motor “Casco” Insurance cover the damage caused to the insured property, automobile, motorcycle, truck, bus or other vehicles, occurred as a result of accident, theft, fire damage or other agreed in the insurance contract event. Full Motor “Casco” with all risks included covers total loss. The cover might be for a separate risks, explicity specified in the insurance contract.

Typically, the insurance cover is limited to the territory of the country, but it might be extended to the territory of the EU Members, also the Green Card agreement.

The insurance amount is stated in the insurance policy and can not exceed the actual value of the vehicle at the time of the concluding of the insurance . The Actual value is considered, the one for which a vehicle of the same mark, model and quality can be purchased.

The Compensation under Motor “Casco” insurance must be equal to the amount of damage on the day of the event.

Total damage of a motor vehicle is a damage, where the value of the cost of necessary repairs exceeds 70 percent of its actual value.

In case of partial damage the compensation must be equivalent to the damaged part or to the cost needed for repair.

The compensation shall be determined after an inspection of the damaged vehicle by authorized representatives of the insurer in the presence of the insured or his representative.

In accidents

Necessary actions if an insurance event occurred:

If an accident occurred the Traffic Policeman must be notified, who draw a written statement about the accident to. The insurer must be notified according to the period specified in the General Terms.

Documents required to lay a claim

1. Written statement about the accident or Statement of findings

- The statement of findings is drawn up in case someone is hurt and the following traumatic injuries exists – average bodily injury, grievous bodily injuries or death.

- Written statement about the accident is drawn up in case that only property damage is identified.

2. Insurance policy

3. Receipts for paid insurance premiums

4. Talon of the vehicle

5. Driving license

6. A copy of the Civil liability insurance

7. Notice of damage

8. Description of damage

9. Statement if benefits has been received by third parties

10. Inventory of the documents

In case of theft of motor vehicles

Necessary actions if an accident occurred:

The insurer and the police must be notified within 24 hours of becoming aware the theft.

Documents required to lay a claim:

1. Insurance policy

2. Receipts for paid insurance premiums

3. Certificate from the Police station in the area where the theft occurred

4. Notice of damage

5. Inventory of the documents

6. Spare key of the vehicle

7. The talon of the vehicles – both /big and small/

8. Order by the District Prosecutor's Office to stop the pre-trial procedure / issued if the vehicle is not found within the pre-trial procedure - about two months /

9. Statement if the benefits has been received by third parties

Property Insurance

Object of Property Insurance are:

- real property: buildings, or parts of them, other buildings - greenhouses, sheds, fences, roads
- equipment – wind generators, water heater, bridges, etc.
- movables - machinery, equipment, furniture, goods, materials, manufacturing, antiques and other valuables, money, etc.

In property insurance coverage might be concluded for all risks or for risks specifically listed.

The Insurance cover might be for the following risks: fire, lightning, explosion and impact of aircraft, parts of it or its cargo.

This minimum is required for each property insurance policy.

In addition to the insurance one or more of the following risks might be covered:

Natural disasters (alone or in combination), including storms, heavy rain, hail, frost, flood, weight of snow, earthquake (although the earthquake is a kind of natural disaster due to the specifics of the manifestation of risk (low probability, high correlation damage, a small number of empirical observations, etc., the supply is always separately);

Landslide or collapse of earth layers;
Water accidents or breakdown of other installations designed to carry water or steam;
Malicious acts of third parties (malicious fire or explosion);
Short circuit or electric shock;
Impact of a vehicles or animals;
Theft or robbery;

In addition to direct material damage, the insurance coverage might be extended to cover:

Financial or other intangible losses resulting from:

Third party liability

Loss of income (due to business interruption or loss of rental income);

Accident of persons non-residents at the address of the insured property;

Or indirect losses, such as:

Costs for clearing of remains, cleaning, dismantling or demolition;

Costs of  limitation of the damage, relocation, protection or preservation of the affected property;

Cost of alternative accommodation or transport;

Costs of urgent repair or many others.

For specific categories of property, such as electronic equipment, the coverage can be expanded both in scope (and coverage of certain intangible assets, software licenses) and to the risks covered ( moisture, induction, errors in installation, defective material , loss of data, etc.)

In special terms, normally uninsured risks are included, such as terrorism, sabotage, strikes, riots, civil commotion.

The insurance amount is equal to the actual value of the insured property.

Insurance with Clause first risk -  the first damage will be paid in full by the amount of the insurance amount, for the following damage the applicable is the proportional rule.

Documents required to lay a claim:

1. Insurance policy

2. Receipts for paid insurance premiums

3. Official notice by the Police Department and / or District

Office of the Fire and emergency safety - in case of theft and / or fire

4. Certificate from the meteorological office – in case of floods, thunderstorms and other natural disasters

5. In case of landslide or collapse of the ground - letter by the Geological Survey, an earthquake - a letter from a seismological institute, documents

6. Proving the rights of the insured on the damaged insured property

7. Notice of damage

8. Inventory of the documents

9. Order by the District Prosecutor's Office to stop the pre-trial procedure / issued if the vehicle is not found within the pre-trial procedure - about two months /

10. Statement if the benefits has been received by third parties.

11. Other documents required by the Insurer in writing, referring to the case;


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