Azerbaijan applies compulsory insurance of real estate

Azerbaijan has expanded the list of risks covered by the compulsory insurance of real estate,  the Compulsory Insurance Bureau reported on Monday.
 
Based on the Law "On compulsory types of insurance", which took effect from Dec.16, 2011, apartments, houses of individual are now subject to compulsory insurance. In this case the insured event will be considered related to damage to this property as a result of fire, explosion, lightning, short circuit in the electrical system, an accident in the sewer or water system, natural disasters, etc.

To provide greater social security for the population, there was set a minimum level of compensation for each region. Under the law, the insurance sum is set at 25,000 manat for Baku, and the release amount at 250 manat. The figures are 20,000 manat and 200 manat, respectively, for Sumgait, Ganja and Nakhchivan and 15,000 manat and 150 manat for other regions. The insurance for compulsory kinds for the recipients of addressed social assistance will be provided through the state budget.

The Law "On compulsory types of insurance" regulates the four types of compulsory insurance - real estate, liability of owners of motor vehicles, passenger insurance, and liability insurance while exploiting the real estate.


/Trend/