Question 1

The object of insurance

Accepted Answer

The object of insurance is the property on the right of possession, use and disposal and/or possible losses or expenses.

The insured may be property purchased on credit and/or pledged to JSC “CREDITWEST BANK”.

Question 2

Insurance risks and insurance limitations

Accepted Answer

·         Natural disasters [earthquake, landslide, collapse, landslide, subsidence, sinkhole, soil erosion, rockfall, heavy rainfall, hail, heavy snowfall, snow pressure resulting from heavy snowfall, severe frost, extreme heat, strong winds, including squalls and tornadoes, severe dust storms, heavy snow accumulation, high water levels (floods, floods), flooding (rising groundwater levels), avalanches, mudslides, heavy fog, wind turbine, wind breaker, lightning strike, falling trees]·         Fires.·         Explosions.·         Smoke damage.·         Carrying out works related to construction/reconstruction of real estate objects located next to the insured property or neighboring premises that do not belong to the Insured ·         Crashes of manned aircraft, their parts, cargo and baggage carried by them, as well as fuel spills.·         Collision with the insured property or collision with this property by vehicles moving under or without human control and using any type of energy for movement.·         Accidents in heat, water, and gas supply systems, electrical networks, and industrial accidents (including emissions of overheated masses, spread of toxic gases and vapors, and leakage of aggressive substances).·         Falling of poles, lighting masts, other structures, except for those cases caused by their improper installation or mounting.·         Unlawful acts of third parties [hooliganism, theft, robbery, robbery, intentional destruction or damage to property (including vandalism, arson, undermining)], except for the said acts that occurred during civil war, public unrest, strike or as a result of a terrorist act.·         Exposure to water and/or other liquids in the event of an accident (including damage, rupture, freezing) of water supply, sewage, heating and fire extinguishing systems and/or penetration of water and/or other liquids from neighboring premises resulting from: rupture or freezing of water supply, sewage, water and steam heating systems, including water taps, hydrometers, heating batteries, steam boilers, boiler rooms, water and steam heating equipment, fire extinguishing systems.·         Sudden damage, rupture, or freezing of taps, valves, tanks, bathtubs, radiators, heating boilers, and boilers directly connected to water supply, sewage, water and steam heating systems.

Question 3

Minimum and maximum amounts of the sum insured (limit of responsibility)

Accepted Answer

The sum insured (liability limit) is set within the pledged value of the real estate determined in accordance with the terms of the pledge agreement and the loan agreement. In this case, the sum insured may not exceed the market value of the insured property as of the date of the insurance agreement.

Question 4

Minimum and maximum amounts of insurance premium and/or insurance tariff

Accepted Answer

The minimum insurance rate is 0.01%.The maximum insurance rate is 10%.

Question 5

Type, minimum and maximum franchise amounts

Accepted Answer

The minimum franchise fee is 0%.The maximum deductible is 1%.Deductible is the amount of loss that is not reimbursed by the insurance company.Type of franchise: unconditionalThe specific amount of the deductible is specified in the insurance contract by agreement of the parties.

Question 6

The territory and term of the insurance contract

Accepted Answer

The Insurance shall be valid only at the address where the property of the Insured (Beneficiary) is located.

The minimum term of the insurance contract is one (1) year.

The maximum term is determined in accordance with the maximum term of the loan agreement.

If the term of the agreement exceeds one year, its validity is divided into separate annual insurance periods.

The insurance contract may be extended by concluding a new contract or an additional agreement to the existing contract.

The Insurance shall come into force from 00:00 hours of the date of commencement of the Agreement specified in the Agreement, but not earlier than the day following the day on which the Insured pays the Insurance Premium (first instalment of the Insurance Premium) to the current account or to the Insurer's cash desk, and shall be valid until 24:00 hours of the day specified in the Agreement as the date of expiry of the Agreement.

Question 7

Possible consequences for the consumer in case of failure to fulfill his/her obligations, specified in the insurance contract

Accepted Answer

The Insurer shall have the right to decide to refuse to pay insurance indemnity in case of late notification by the Insured (person specified in the insurance contract or legislation) of an event having signs of an insured event without valid reasons or failure to fulfill other obligations specified in the insurance contract or legislation, if this has resulted in the Insurer's inability to establish the fact, causes and circumstances of an event having signs of an insured event or the amount of damage (loss) caused. If the insurance premium is paid in installments, if the Insured fails to pay the second and each subsequent installment in the amount specified in the contract, the Insurer's liability under the contract shall terminate at 00:00 a.m. on the day following the day specified in the contract as the date of the deadline for payment of the relevant installment. Any events that occurred during the period of termination of the Insurer's liability shall not be considered or recognized as insured events.

Question 8

Information on the possibility of purchasing an insurance product separately if such product is offered together with a related and/or additional product

Accepted Answer

An insurance product is not additional to other goods, works or services that are not insurance.

Question 9

Сonditions for obtaining a discount on an insurance product and promotional offers of the insurer

Accepted Answer

Discounts and promotional offers are not available.

Question 10

Information that is essential for the assessment of insurance risk

Accepted Answer

Before concluding the contract, the Policyholder shall inform the Insurer (Insurance Intermediary) of any circumstances known to him that that are of significant importance for assessing the insurance risk (determining the probability and likelihood of an insured event occurring and the amount of possible losses), and/or provide him with other information that is of significant importance for the Insurer's decision to conclude the Contract.

information about the Policyholder;
information requested by the Insurer to identify insurance restrictions (e.g., whether the property is in an emergency condition, whether the property is used for its intended purpose, whether commercial activities are carried out on the insured premises, whether residents live on the insured premises permanently/seasonally, etc.);
information about other insurance contracts concluded in relation to the insured object;
address of the insured object;
construction material of the private residential building;
actual value of the insured object.

The Policyholder shall be responsible for the accuracy and completeness of the information provided to the Insurer upon conclusion of the Insurance Contract.

The Insurer shall have the right to request from the Policyholder any additional information and documents necessary for assessing the insurance risk upon conclusion of the Insurance Contract.

Question 11

Disclaimer

Accepted Answer

The policyholder is obliged to familiarise themselves with the following information prior to concluding the insurance contract:

exclusions from insured events and grounds for refusal to make insurance payments;
limits of the insurer's liability for a specific object of insurance;
insurance risks and insurance restrictions;
the procedure for calculating and the conditions for making insurance payments.