Insurance is concluded on the basis of information provided by the client for negotiated and desired covers and limits, so the payable annual premium is calculated on this basis. When insuring Production facilities – factories, hotels etc, before concluding the insurance the client is required to fill in a Questionnaire – Offer. Its aim is to declare all important circumstances and details which have substantial importance while calculating ‘risk’ – ‘price of insurance’!

Risks covered

• Section “A” – Fire, lightning, explosion, impact or fall of aircraft and/or its parts, or cargo, impact of a vehicle, storm, hail, torrential rain, flood, subterranean water activity, pressure of natural snowdrifts, and/or ice, frost and freezing, soaking from taps forgotten open, or as a result of a failure of water supply, central heating, sewage, steam pipe, heating, air-conditioning, sprinkler installations, destructive impact of waves, short circuit, and/or electric shock, breaking of window panes, landslide – in some of the insurance companies this risk is covered only by the conditions of “Industrial Fire” Insurance
• Section “B” – Earthquake and its consequences
• Section “C” – Malicious acts by third parties, vandalism
• Section “D” – Burglary + theft by means of a technical device and robbery
• Section “E” – Liability to third parties, as a result of guiltily inflicted damages by the owners, or the users of the residence – Expenses for limiting the damages and clearing debris after the occurrence of insurance events This insurance is extremely useful, practical and attractive, having in mind the ratio between Insurance Amount – Insurance Premium! Statistical data in our country show that about 80% of buildings in Bulgaria are still not insured and for that reason this type of insurance has great future prospects both for the Insurance companies and the users of insurance services! The forecast is that a gradual increase in the demand for this type of insurance is expected in the future.

The insurance is taken out for the term of construction of a given site, or its stages, and it is possible to be granted additional cover for the guarantee period as well. Cover – material damage which could arise during the execution of the construction works, as well as liability towards third parties for inflicted material and non-material damages, where the holder of the Policy can be the:

• Investor, who commissions a project for execution
• Building contractor who performs the construction works
• Suppliers
• Subcontractors

Risks covered:

• Burglary and robbery
• Malicious acts by third parties, vandalism
• Fire, explosion, lightning, impact or fall of aircraft and/or its parts, or cargo, detonation, fire extinguishing
• Natural disasters
• Earthquake, landslides, soil collapse
• Liability to third parties for material and non-material damages
• Faulty production
• Defects in the materials used
• Expenses for limiting the damages and clearing debris after the occurrence of an insurance event
• Strikes, civil unrest, riots