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Fire and other calamities insurance

The Fire and other calamities insurance policy addresses any authorised person according to special laws(registered sole traders,public notaries,law firms,medical practices,etc) or physical persons who use( or live in ) ,rent,cease into bailment,etc a building/apartment where lucrative activity takes place(productive or commercial).

Any legal person who owns building for diverse purposes(offices,stores,restaurants,storage deposits,workshops,production limits,theatres,cinemas,clubs,museums,galleries) as well as their content.

Buildings and other constructions are insured through this policy,as wellas their content (installations,equipments,office supplies,raw materials,final products and others),for damages as a result of the risks mentioned below.

1. Basic risks

  • fire ,meaning afire of extended proportions in the form of open flames ,causing burning ,which occurred in the absence of a fireplace,or a fire that extended itself from the fireplace ;
  • lightning,respectively atmospheric electrical discharge directly towards the insured building;
  • explosion(followed by fire or not),even if it occurred outside the building without being caused by explosive devices
  • accidental and unintended hitting of the insured building by vehicles other than those belonging to the Insured;
  • falling aircraft(aircraft and space vehicles),parts thereof,of items carried,or their impact.

2. Extended risks

Basic risks are included in this insurance,and the following damages can be added:

  • damages produced by flooding and alluvial deposit,rain,hurricane,storm,tornado,heavy rain
  • direct effect including those cause by water leakage through the roof,walls,doors and windows,following violent manifestation of atmospheric phenomenon,along with heavy rain and hail;
  • snow avalanches and its effects;
  • collapse and/or landslide due to natural causes;
  • weight of snow and/or ice and effects thereof;
  • demolition,dismantling or relocation to another place of the building or of a construction where the insured goods were,if it is done to stop fire spread or sudden flood threat,collapse or landslide.

3. All risks

Extended risks are included ,to which the following damages can be added:

  • damages caused by vandalism through effraction or robbery(act of a person or group that devastate the constituitive elements of the insured content by breaking into the insured building);
  • accidental plumbing damages,sewage,central heating damages(meaning damages caused by accidental water leakge)
  • apartment flooding caused by neighbours` water leakage;
  • earthquake,including indirect effect caused by it,only for the covered risks;
  • accidental fall of cliffs,rocks,trees,poles,etc,excluding the cases that these cases were done deliberately;
  • political risks(strikes,riots and civil commotions) meaning only material damage caused to the insured goods during strikes,riots,civil commotions

Additional insured risks

Through additional insurance premium payment, in basis of special clauses and express anticipation in the policy form,financial losses caused by activity interruption as a cause of insured risk occurrence(Business Interruption Insurance) can be insured.

Availability

Insurance is closed for a one year time period, unless it is specified otherwise in the insurance contract.

Insurance coverage

Goods compensation is covered for the amount declared by the Insured(insurance coverage).The insurance coverage must disclose the goods` insurance value.

Insurance value

For buildings and other constructions,taking into consideration the Insured`s option:

  • new property value(replacement cost),representing reconstruction cost for a new building ,similar to the insured building,according to the type and existing characteristics,resulting from build-outs,bills or other documents;
  • actual value,representing the difference between new property value (replacement cost) and depreciation in proportion with age,utilization and maintenance of the respective goods.

For capital assets and inventory objects(tangible assets),taking into consideration the Insured`s option:

  • new property value,representing the replacement costs of the respective goods with new ones,identical with the insured ones or similar to them,economically and quality-wise;
  • actual value,representing the difference between new property value and depreciation in proportion with age,utilization and maintenance of the respective goods.

For stocks:

  • the production cost,for self-produced goods;
  • acquisition cost ,for other goods
  • museum or gallery objects (if their insurance was stipulated by contract,circulation value being established through technical expertise ,which will be supported by the Insured costwise in agreement with the Insurer.

Insurance premium

The insurance premium is expressed in LEI or currency and will be fully or partially paid .

Compensations

The Insured ,legal or physical person,will receive compensation in the event that one of the insured risks occurs,in maximum 15 days after providing the Insurer all the necessary documents to establish the causes of the insured event and the damage value.

Home Insurance

LION Broker offers you a wide range of insurance offers for buildings (appartments,residential houses,buildings witch commercial purposes,industrial purposes,etc.)against:fire,explosion,carbonization,fumigation,earthquake,flood,natural phenomenon such as thunder,storm,hail.

The Insured,as the owner,tenant,administrator or other legally established status,may assure the buildings and other construction owned by him ,and in exchange of the insurance premium the insurance society will assume all the risks agreed and stipulated in the contract,according to the insured`s option.

Generally,insurance companies indemnify the Insured for material damages directly caused by:

1. Basic risks

  • fire ,meaning afire of extended proportions in the form of open flames ,causing burning ,which occurred in the absence of a fireplace,or a fire that extended itself from the fireplace ;
  • lightning,respectively atmospheric electrical discharge directly towards the insured building;
  • explosion(followed by fire or not),even if it occurred outside the building without being caused by explosive devices
  • accidental and unintended hitting of the insured building by vehicles other than those belonging to the Insured;
  • falling aircraft(aircraft and space vehicles),parts thereof,of items carried,or their impact.

2. Extended risks

Basic risks are included in this insurance,and the following damages can be added:

  • damages produced by flooding and alluvial deposit,rain,hurricane,storm,tornado,heavy rain
  • direct effect including those cause by water leakage through the roof,walls,doors and windows,following violent manifestation of atmospheric phenomenon,along with heavy rain and hail;
  • snow avalanches and its effects;
  • collapse and/or landslide due to natural causes;
  • weight of snow and/or ice and effects thereof;
  • demolition,dismantling or relocation to another place of the building or of a construction where the insured goods were,if it is done to stop fire spread or sudden flood threat,collapse or landslide.

3. All risks:

Extended risks are included ,to which the following damages can be added:

  • damages caused by vandalism through effraction or robbery(act of a person or group that devastate the constituitive elements of the insured content by breaking into the insured building);
  • accidental plumbing damages,sewage,central heating damages(meaning damages caused by accidental water leakge)
  • apartment flooding caused by neighbours` water leakage;
  • earthquake,including indirect effect caused by it,only for the covered risks;
  • accidental fall of cliffs,rocks,trees,poles,etc,excluding the cases that these cases were done deliberately;
  • political risks(strikes,riots and civil commotions) meaning only material damage caused to the insured goods during strikes,riots,civil commotions

Additional insured risks

Through additional insurance premium payment,in basis of special clauses and express anticipation in the policy form,financial losses caused by activity interruption as a cause of insured risk occurrence(Business Interruption Insurance) can be insured.

  • inundatia provocata ca urmare a refularii conductelor de canalizare si a spargerii conductelor de apa;
  • centralele termice, pentru cazuri de avarii accidentale;
  • daune provocate elementelor asigurate ale cladirii prin vandalism fara efractie;
  • furtul elementelor cladirii;
  • bunurile casabile din alcatuirea cladirii;
  • distrugeri provocate de animale;
  • etc.

Excluded risks

The insurance doesn`t cover damages caused by :

  • nationalization,expropriation,confiscation,requisition,sequestration,destruction or damage ordered by the government or other public authority;
  • civil war,revolution,rebellion,insurrection,military dictatorship,conspiracy;
  • war(declared or not)
  • invasion or another act of an external enemy;
  • atomic explosion,radiation or radioactive infestation
  • polution or contamination from any cause;
  • corrosion,as well as those caused by fumigation,soil or burning caused by a normal heat source,etc;
  • etc.

Buildings and other constructions with living purposes

Living purposes,meaning:

  • in case of urban or rural establishments:house ,villa,cabin or other construction with permanent or temporary living purpose,containing the necessary amenities;
  • the apartment(in case of blocks of flats)

Building parts that can be insured

The building will be insured in its constructive integrity:/p>

  • foundation,base,walls;
  • platform,roof,bottom board;
  • windows,doors;
  • stairs,elevator well;

Allong with the building(or ,by case,the establishments extension) as part of the construction,the following are insured:

  • water supply pipe line(including central heaters)inside the building;
  • sewage line;
  • sanitary objects;
  • electrical heating installations;
  • fake ceilings and light units incorporated;

Building parts excluded by the insurance

  • light units such as chandeliers,lamps,electric lamps,etc;
  • fixed instalments of the building(central heating,centralized or local heating installation,elevator,radio /TV/satellite cable ,GPL receiver for heating,boiler,etc);
  • constructive arrangements,useful or artistic(fireplaces,strained-glass window,stoves,certain walls,mural paintings,bas-reliefs and similar)

These elements are considered insured only if their value is included in the insurance coverage and if they were mentioned in the policy or in the insurance specifications.

The insurance of other elements and subsequent policy improvements

Constructive imporvements and installation and equipment endowment subsequent to the policy issue are insured based on an insurance supplement,along with extra premium costs.

Asigurarea anexelor din gospodarie

  • Anexele gospodaresti: magazie, garaj, grajd, sopron, piscina, imprejmuiri si altele se asigura numai ca extindere la asigurarea cladirii de locuit, cu acordul Societatii de Asigurare si mentionarea expresa a acestora in polita de asigurare.
  • In cazul apartamentului in bloc se pot asigura si anexele acestuia (boxa, garaj, camera de serviciu) amplasate in afara apartamentului, cu mentionarea expresa in polita.

Other elements insured as extensions of the establishments:

The following can be insured as extensions of the building policy:

  • costs of redesigning damaged buildings;
  • costs in order to remove ruins,cleaning the space and firemen intervention;
  • costs regarding technical expertise of damage extension;

Policy modification after issuance:

During the policy`s availability,the following changes can be brought:

  • reevaluations;
  • insurance coverage increase;
  • change of address

Insurance coverage

Buildings are insured at the value declared by the insured and agreed with the insurance company,as following:

  • market value-representing the local market price which the owner can obtain for the building,following a real estate transaction,in the context of a balanced,normal market;
  • replacement value(new property value)-representing construction costs,producing or procuring again constituent elements of the respective building,following build-outs,bills or other acquisition documents;

Insurance coverage can be established:

  • in LEI,to attenuate inflation ;at the Insured`s request,the insured amounts can be periodically adjusted(monthly or trimestrial ,as applicable),according to the inflation rate from the end of the established adjustment period through insurance supplements and differential premium payment accordingly;
  • in convertible currency(EURO,USD,etc).

Excess payment /Insurance excess

An excess payment is an agreed amount of money(or percentage of the insurance amount) that the client is liable to pay in the event of a car insurance claim being settled.The excess payment is established and registered within the policy in the same currency as the insured amount.

Insurance closing

The insurance is considered finalised in the moment of the policy issuance by the Insurer and after the insurance premiums have been collected ;it includes coverage for buildings,costs and risk specified in th e policy,exclusively.

The Insurer`s liability starts,at earliest,the day following the policy issuance and once the insurance premium has been collected,ending the last day of the insurance availability period.

In the event of adding supplementary insurance clauses to the existing policy,the Insurer`s liability starts the day following the supplement issuance and ceases along with the existing policy or in the last day of the supplement`s availability period,if the initial policy`s availability period was extended through the supplement.

Minimum insurance period

Usually insurance policies have one-year long availability periods,but,by request,policies can be closed for under one year(but for 3 months minimum),mentioning that any month already begun is considered a full month.

Insurance premium payment

Insurance premium will be paid anticipately ,entirely or by instalments,the first instalment being paid before the policy`s entry into force,the following instalments being left to be paid previously to the dates reffered to in the policy.The number and quantum of the rates are those written on the insurance policy.

Insured risk occurrence

After the insured risk occurs ,the insurer must notify the firemen,the police or other investigating institutions immediately,as well as the insurer,in the term stipulated by contract about the occurrence of the insured risk.

Damage examination findings

In the event following the occurrence of an insured risk,damage examination will be done by the Insurer,along with the Insured or his/hers representatives.

Total loss occurs when the insured building is entirely destroyed ,without any valuable items remaining.

Partial loss occurs when building parts are destroyed or damaged,but can be refurbished and brought back to their initial state,prior to the insured risk`s occurrence.

Claim settlement payment

  • In case of total loss,the compensation value is equal to the maximum insurance coverage
  • In case of partial loss the compensation will be settled in the limit of the insurance coverage ,the costs of reparing the damages,redesign,restauration,reconditioning or replacing damaged or destroyed parts,as well as labour costs in order to restore the damaged or destroyed building to its initial condition,prior to the insured risk occurrence.

Covered risk include:fire ,explosion,carbonization,earthquake,flood,natural phenomenon(thunder,hail,storm),total or partial theft,burglary and its consequences,individual or collective vandalism,accidental damages to goods(caused by different factors such as voltage variations,temperature variations,broken or cracked insured goods).

Portable electronic devices are insured as well.