Property insurance
Railway transportation insurance
Insurance subject matter
The insurance hereunder shall cover the property interests of the Insured related to possession, use, disposal of railway transport (the “transport”) due to damage, loss, non-return or destruction (hijacking, theft) of the transport as a result of an insurance event stipulated in Insurance Agreement.
The insurance shall cover railway transport owned by an Insured on the right of possession, use, disposal, being in technically sound condition, meeting the requirements of relevant standards as well as the requirements of the Railroad Technical Operation Rules of the Republic of Kazakhstan.
The following items shall be accepted for insurance:
- traction rolling stock: locomotives, electric locomotives, diesel locomotives, gasoline locomotives, steam locomotives, gas turbo locomotives, motor locomotives, automatic locomotives etc.;
- motor-wagon rolling stock: electric trains, diesel trains, turbo trains, battery trains, special self-propelled rolling stock, railways handcars etc.;
- freight railcars by groups:
- Group 1 – boxcars, gondola wagons, platforms;
- Group 2 – pellet wagons, wagons for vehicle transportation, dump wagons;
- Group 3 – grain wagons, mineral wagons, fitting platforms, soda wagons, tank wagons;
- Group 4 – wagons: cement carriers, container carriers, transporters with number of axles up to 12 inclusive, other wagons, including specialized wagons not included in other groups;
- Group 5 – refrigerator wagons, transporters with number of axles 16 and more;
- Group 6 – thermos wagons.
- passenger wagons: passenger, baggage wagons, mail wagons, baggage and mail wagons, service wagons, restaurant (cafe) wagons, other special-purpose wagons etc.
Railroad transport shall be accepted for insurance as a whole, including:
- body frame;
- internal premises, including wiring, insulation, finishing, devices and systems, main and auxiliary mechanisms, boilers, diesel generators and other equipment and machinery;
- separate structural elements, which are not included in basic equipment and installed by an Insured additionally for the purpose of increasing safety of train and shunting operations, passenger service etc.
The following transport shall not be accepted for insurance:
- transport subject to confiscation on the basis of a court decision that has entered into legal force;
- which is a museum piece, whether or not it is in motion;
- transport used for the purposes other than those specified in factory design;
- technically defective, disassembled.
Insurance event
Insurance event is an event that has occurred during validity period of Insurance Agreement, within the insurance territory, which has caused loss (destruction) or damage to insured transport. An insurance event shall be of random and probabilistic nature.
- An insurance event under Insurance Agreement shall include damage, loss or destruction of insured transport as a result of:
- wreck, accident, collision or derailment (both during travel and shunting operations);
- collapse/destruction of bridges, tunnels;
- fire, explosion;
- natural disasters, earthquake, volcanic eruption or underground fire, ground subsidence, landslide, rock slide, storm, whirlwind, hurricane, flood, hail, downpour, lightning strike;
- unlawful action of the third parties;
- theft, attack of the transport or its separate structural elements committed in the form of robbery or attack, on the fact of which a criminal case has been initiated;
- falling of manned aircrafts, their wreckage or objects and cargoes thereof onto insured transport.
Insurance amount and insurance premium
Insurance amount shall be determined by balance or market value of the transport at the moment of conclusion of Insurance Agreement on the basis of accounting documents and market conditions.
Amount of insurance premium payable under Insurance Agreement is calculated according to insurance tariffs determining the rate of insurance premium charged per unit of insurance amount taking into account insurance facility and nature of insurance risk. Payment of insurance premiums shall be made in the national currency of the Republic of Kazakhstan – tenge.