Bulgarian property Insurance Information about My Sunny Bulgaria Ltd - insurance, types of cover, anticipated costs and where to find the best insurance companies.
You are the new owner of a real estate in Bulgaria or you have just paid the deposit for a new development due to be ready in several months! In both cases it is advisable that you insure the property against loss/damage from specific events e.g. fire, theft, storm and flood or your home contents.
We from My Sunny Bulgaria Ltd. work with experienced insurers, ones of the leading companies on the Bulgarian insurance market. In the years of state monopoly on the insurance activities, OUR Leading Companies have specialized in aviation, marine, cargo, construction risks insurance, as well as other insurance lines servicing the foreign economic activities and international commerce. Our Companies has close business relations with leading insurance and reinsurance companies from Great Britain, France, Germany, Switzerland, Italy, the USA, Japan and the Scandinavian countries.
Property Insurance in Bulgaria
The property insurance provides protection for real property and related interests of legal entities and sole traders as well as personal property of individuals.
These companies can offer large variety of insurances for your home, office, shop, hotel, manufacturing enterprise or construction site and the related business interests or liabilities: Combined Fire Insurance, Combined Hotels Insurance, Combined Insurance for owners/tenants of shops and offices, Theft Insurance, Money Insurance, Household Property Insurance, Electronic Equipment Insurance, Cable Television Customers Insurance, Construction and Erection Risks Insurance.
All company managers run the risk of various unfavourable events, which may cause serious property damage and difficulties in performing their activities. The concept that “it will not happen to us” is totally wrong and quite often the ordinary precautionary measures turn out to be insufficient. Therefore a prudent manager will look for a reliable partner to help him in such a situation. Our Insurance Companies provide insurance cover against:
The Combined Property Insurance provides insurance cover for buildings, plant, machinery, production output, goods, stock and other property against loss or damage, resulting from:
Fire, including the consequences from extinguishing the fire, explosion, stroke of lightning and impact from aircraft
Natural disasters, such as storm, hurricane, hail and flood
Landslide or subsidence
Falling trees and branches, resulting from natural disasters
Pressure from natural drifts of snow and ice
Escape of water resulting from damage to pipes and drains
Malicious act of third parties (vandalism)
Impact from motor vehicle or animal
They covers additional expenses:
for removal of debris, dismantling or demolition, fencing or consolidating, architects’ and experts’ fees
The following additional risks are covered in combination with the above:
Burglary
Earthquake
And additional coverage is offered against:
Business Interruption
Liabilities
Machinery breakdown and others.
Insurance cover is provided under a separate clause within the Combined Property Damage policy against loss of gross profit (net profit plus standing charges) resulting from interruption of business caused by an insured event.
The amount payable as indemnity shall be:
in respect of reduction of turnover
in respect of additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding and diminishing the reduction in turnover The period of indemnity is optional and can be respectively:
6 months
12 months
18 months
up to 24 months
other, upon agreement
The sum insured depends on the financial results of the company and shall reflect the estimated gross profit at risk in the course of the indemnity period.
The Combined Hotels Insurance was designed for owners or tenants of hotels, vacational villages and places for recreation and entertainment. It provides them with insurance protection for buildings, sports and infrastructural facilities, contents, fixtures and fittings, stock and others against:
fire (including the consequences of extinguishing the fire), explosion, stroke of lightning, impact from aircraft or other aerial device, or any parts or cargo falling therefrom
storm, hurricane and hail; flood, falling trees and branches as a result of natural disasters
andslide and subsidence
pressure from natural drifts of snow and ice
escape of water, resulting from damage to pipes and drains
malicious damage of third parties
impact from motor vehicle or animal
These comapanies will also recover:
the expenses incurred for debris removal, dismantling or demolition; fencing or consolidating; architects’ and experts’ fees
Additional cover is provided in combination with the above for:
liability to visitors and guests
personal belongings
temporary removal of property
machinery breakdown, explosion of boilers and machinery under internal pressure
glass, mirrors, neon signs and sanitary fixtures
deterioration of goods in refrigerator or freezer
goods in transit
>money
employer’s and tenant’s liability
personal accident
theft and burglary (in a separate insurance policy)
This Combined insurance provides insurance protection to owners/tenants of shops and offices, warehouses, fast food, medical or dental surgery, travel agencies etc. in respect of their buildings, fixtures and fittings, stock, shop fronts, office equipment etc. against:
fire (including the consequences of extinguishing the fire)
explosion of vessel under pressure
storm, hurricane and hail; flood; falling trees and branches as a result of natural disasters
escape of water, resulting from damage to pipes and drains
malicious damage of third parties
impact from motor vehicle or manned aerial device, or any parts or cargo falling therefrom
In addition to the above they insure the risks of:
theft
earthquake
As well as:
money in safe
employer’s and tenant’s liability
liability to clients and visitors
glass
buildings
deterioration of goods in refrigerator or freezer
goods in transit
and others.
Insurance indemnity is paid in case of armed robbery or theft of insured property by way of destruction, damage or undermining of fences and walls soundly built up to protect people or property. Insurance cover is provided either as a separate policy or as additional clause under the Property Damage insurance.
These insurance companies will provide insurance cover against all risks for loss or damage to money kept:
in safe or cash register in the working hours
in safe out of the working hours
in a bank vault
Money in transit, conveyed by special cash carrying vehicles escorted by safeguards and authorised employees of the insured.
Covered under the policy are the residential building, as well as farm buildings and other premises of special type and the adjoining fences, gates, swimming pools etc.
The basic cover provides insurance indemnity for loss or damage resulting from:
fire (including the consequences of extinguishing the fire)
explosion of vessel under pressure
impact from motor vehicle or manned aerial device, or any parts or cargo falling therefrom
Against payment of additional premium the following risks can be covered as well:
storm, hurricane
hail
flood
falling trees and branches
pressure from natural drifts of snow and ice
escape of water resulting from damage to pipes and drains
malicious damage of third parties (vandalism)
impact from animal or motor vehicle, not belonging to the insured
theft
earthquake
Our partners insures electronic equipment used for commercial or industrial purposes, against material loss or damage, or expenses, resulting from any sudden, unforeseen events, such as:
man-made – negligence, untrained or improper handling, malicious damage of third parties, theft or burglary
Fire – all kinds of explosion, implosion, stroke of lightning, damage caused by extinguishing, demolition or clearance of any damage caused by such events
Water – tap water, tidal water, flooding, rain water, steam, moisture, corrosion
Natural disasters
Technological errors in construction, material defects, manufacturing discrepancies, overvoltage
Our Insurance partners will indemnify the insured for loss of or damage to:
equipment installed in the premises
movable and portable equipment outside the insured premises within specified territorial limits
The scope of the insurance may be extended to cover:
Data media (including the information stored thereon) if damaged or destroyed by any of the above events, so that it is neither machine-readable nor able to store data, or if lost as a result of theft or burglary
Additional expenses made in order to continue operation after occurrence of an insured event, including expenses for external equipment, alteration of the normal working procedure, hiring of extra staff, external services etc.
Investors, contractors or subcontractors may insure any public, industrial, engineering or private building sites under the Construction and Erection Risk insurance of the leading companies.
The subject matter insured comprises:
the whole building site, the construction works, performed under the contract
materials
plant and machinery
the investor’s or contractor’s legal liability for property damage or bodily injury caused to third parties
They will pay indemnity in case of:
loss of or damage to the insured property, resulting from all risks of any sudden unforeseen events, except those explicitly excluded damage caused to the health, life or property of third parties.
Additional cover is provided by Our partners for:
Loss or damage, resulting from strike, riot and civil commotion.
Extended maintenance of construction works
Extra charges for overtime, night work, work on public holidays, express freight
Damage due to earthquake
Property in off-site storage.
Damage to underground cables, pipes and other facilities
Designer’s risk
Vibrations, removal or weakening of support.