My neighbors – program of voluntary insurance of third party liability of apartment owners
The object and subject of insurance
The insurance object shall be the property interests of the Insured associated with its liability determined by the civil legislation of the Republic of Kazakhstan to reimburse damage caused to the property of third parties as a result of operation of its apartment which is owned on the right of ownership.
The subject matter of insurance agreement shall be the insurance of third party liability of apartment owners to the third parties living with the Insured on the adjacent territory (in the same house).
Liability of real estate owners shall not be insured if real estate:
- is moved out of housing stock (addition to structure, separate structures within courtyard, movable modules etc.);
- is in temporary use of inhabitants;
- is frame-reed, sun-dried and ramshackle building with over 30 years of operation.
In accordance with conditions of this Program the damage caused to any movable property within insurance territory shall not be covered by insurance.
In accordance with conditions of this Program the Beneficiary shall be the third parties (neighbors) who suffered damage caused by the Insured as a result of insured event agreed in insurance agreement.
INSURED AMOUNT, INSURANCE PREMIUM, FRANCHISE
In accordance with conditions of this Program the insured amount under an insurance agreement shall be KZT 300,000 (three hundred thousand tenge).
The insurance premium shall be KZT 3,000 (three thousand tenge). The insurance premium shall be paid as a lump sum by cash or in the form of non-cash payment within 2 (two) business days upon signing an insurance agreement.
Insurance agreement provides for the unconditional franchise as a percentage of insured amount:
- in case of damage caused to real estate of the third parties – 1.0% of insured amount;
- in case of total loss of real estate of the third parties (if the damage exceeds 85% of actual value of real estate) – 10.0% of insured amount.
Insured event shall be the fact of establishing the third party liability of the Insured for reimbursement of damage caused to property of the third parties living on the adjacent territory, and the liability of the Insured to reimburse damage caused to property interests of the third parties as a result of operation of its property, based on voluntary admission of guilt by the Insured, with written consent of the Insurer or final effective court decision.
Insured event under this Program shall be a damage or destruction of real estate of the third parties as a result of the following events:
- fire, explosion, explosion of gas consumed for domestic purposes;
- flooding by water-pipe, splinter, sewage and heating systems;
- damage caused by efforts taken to rescue real estate of the Insured when extinguish the fire or preventing its spread;
- repair works including alteration of premises subject to obtaining appropriate permits from relevant authorities.