Insurance of borrowers and
customers of financial institutions
The object of insurance
Program for insurance of borrowers and customers of financial institutions (second tier banks, mortgage and micro-credit organizations, leasing companies).
The insurance object shall be the property interests statutorily compliant with the laws of the Republic of Kazakhstan associated with possession, use and disposal of movable/immovable property of the insured registered as collateral or transferred to financial leasing specified in insurance agreements as well as with additional expenses that may arise upon occurrence of insured event:
- Voluntary insurance of collateralized property and property transferred to financial leasing;
- Voluntary insurance of collateralized transport and transport transferred to financial leasing;
- Voluntary insurance of borrowers against accident.
The insurance object under this Insurance Program shall be the property interests of the Insured and/or Beneficiary associated with causing injury to life and health of insured borrowers as a result of accidents.
Voluntary insurance of collateralized property and property transferred to financial leasing:
The insured event shall be taken to mean a loss or destruction of property occurred as a result of the following events (in the aggregate or any combination thereof):
- fire (explosion), lightning;
- natural disasters: volcanic eruption, effect of subterranean fire, subsidence, landslides, mountain slides, rock fall, pressure of snow, avalanches, hurricane (storm), whirlwind, tornado, mud flows;
- flooding by water from water-pipe, sewerage, heating systems caused by pipe breakage;
- hit by motor vehicles;
- fall of trees on the object;
- fall of piloted aircrafts, their debris or items and cargo from them on the insured property;
- penetration of water from neighboring premises;
- illegal actions of the third parties: theft, robbery, plunder, intentional destruction (damage) of property by the third parties, hooliganism.
Collateralized transport and transport transferred to financial leasing:
The insured event shall be taken to mean a damage, loss or destruction of the insured motor vehicle as a result of:
- theft (stealage) of motor vehicle committed by theft, robbery, plunder;
- road traffic accident;
- fire, explosion;
- natural disasters, lightning;
- fall of various items on the insured motor vehicle namely: snow, ice, trees and branches, parts of buildings/structures, items thrown from windows or other openings of buildings;
- hit (impact) the fixed or moving objects (buildings, structures, barriers, fences, animals, trees etc.) outside a road surface;
- flooding, other damage to motor vehicle as a result of accidents of utility lines, networks (underground, ground, air);
- illegal actions of the third parties (hooliganism).
Voluntary insurance of borrowers against accident:
- death of the Insured occurred within 180 (one hundred eighty) calendar days from the date of accident;
- assignment of disability of the I, II, III group to the insured as a result of accident.
The insured amount shall be the market value of the insured object, but the insured amount shall also be the amount of loan that does not exceed the market value of the property.
Under voluntary insurance of borrowers against accident the insured amount shall be the amount of balance of principal under bank loan agreement in accordance with repayment schedule as of the date of conclusion of Insurance Agreement.