Property Insurance

1. The object of insurance – property interests of the insured or beneficiary that do not contravene the laws of the Republic of Moldova related to damage, destruction or loss of housing or other buildings owned by them/in their possession.

2. Insurers – International Insurance Company JV “TRANSELIT” JS, legal entity licensed to practice this type of insurance that undertakes in exchange for the collected insurance premium to pay compensation if it occurs one or more events which were mentioned in the contract as an insurance risks.

3. Insured – legal entity or individual with legal capacity who has attained the age of 18 years old and owns a house or another building with ownership or possession right under a certificate issued by the landlord or the owner or other constructions for signing of insurance contracts.

4. Territoriality – insurance of housing and / or other constructions is valid only in the Republic of Moldova.

5. Shelf life – housing and / or other constructions insurance contract is usually contracted for a period of a year. At the request of the insured, the insured period may be shorter than one year but not less than three months. The insurance contract can be renewed at the request of the Insured.

6. Insured Risks insurer provides insurance protection in the limit of the insured amount on the insured s property for the following risks:
a) fire, including direct material damage caused by: total or partial carbonization; melting with and without flame; release of gases or vapors as a result of the fire; staining with smoke due to fire;
b) lightning, even if it was not followed by a fire;
c) explosion, whether followed by fire or not, even if it occurred outside the building without being caused by explosive devices;
d) storm;
e) hurricane;
f) hail;
g) landslide;
h) snow avalanche;
i) the weight of the snow / ice;
j) river flooding or heavy rain;
k) terrorism, vandalism;
l) drinking water or sewage network flood;
m) fall of some things, except for explosive devices;
n) strike by a motor vehicle;
a) earthquake.

7. Insured amount – the maximum limit of liability of the Insurer, the amount of money the insurer undertakes to pay insurance compensation on if the insured event occurs. Insurance contract for an amount exceeding the actual value of the insured property is not allowed.

8. Insurance Compensation – The insurer reserves the right, directly or through authorized people, with the Insured or its delegates or by experts to verify the authenticity of the causes and extent of damage, the findings being registered in a report, signed by both parties. Damage assessment and determination of compensation is done in relation to the condition, state of the building / construction from the time of the insured event. Payment of compensation is done only on the basis of documents attesting the damage existence, its size, the circumstances in which it happened, validity of the policy, the quality of the Insured or the Beneficiary of the person claiming compensation, and other documents relating to the damage. Compensation cannot exceed the amount of the damage, the insured sum neither the value of the building at the moment of the insured event.

9. Damages not paid by the insurer – the insurer is not liable for damages caused directly or indirectly by:
a) war (whether declared or not), invasion, or the action of an external enemy;
b) civil war, revolution, rebellion, insurrection, military dictatorship, conspiracy, acts of terrorism;
c) confiscation, expropriation, nationalization, requisition, seizure, destruction or damage from the order of any authority of fact or law;
d) nuclear explosion, radiation or radioactive infestations;
e) wear, oxidation, corrosion, and smoking, resulting from a normal heat source;
f) faulty construction or of improper materials, wrong design;
The insurer does not pay compensation for:
a) expenses incurred for converting or improving the insured building / construction compared to the state before the insured event;
b) expenses incurred for the current repairs and periodicals;
c) expenses incurred for the repair of accidents or damages produced by causes not covered by insurance ;
d) expenses incurred to unsuccessful repair, rebuild or restore unsuccessfully;
e) expenses resulting from the inability to use the building / construction affected by the insured risks that took place.
In the contract may be referred other claims where the liability of the insurer does not intervene.

10. Confidentiality – The Insurer and the Insured are obliged to observe strictly the confidentiality regarding business, technical, financial and other information that they know about each other. Disseminating such information to third parties, publication or other disclosure may be made only with the prior consent of the other party. In case of disclosure of any party of the insurance contract, at the request of the other party, the contract may be terminated with the obligation to make reparation for all incurred damages and loss of earnings.
11. The insurance premium – payment for insurance. The insurance premium is determined on the basis of the premiums tariff according to the Special Conditions and through negotiation applying the premium rate to the insured sum.