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Azerbaijan starts application of new compulsory insurance type

22 April 2011 07:57 (UTC +04:00)

This type of insurance is used for the purpose of reimbursement of damage suffered by the third persons during exploitation of relevant property, as well as construction, repair, reconstruction and other activities. The question is about the activity of legal entities and individuals engaged in the ownership of business activity for the implementation of building, installations and areas which he/she exploits.

According to law, persons who have such property must insured by this insurance type. When we speak about insurance event on this type of insurance, we speak about flood, impact of any outside matter occurred as a result of accident took place in water and sewer lines, short circuit in power cords, gas blast, as well as results of measures taken for prevention of fire occurred as a result of use from electric or gas appliances.

Amount of insurance for health of individual for damage suffered by the third persons is considered to make AZN 50 000, for damage suffered by third person â€“ AZN 5 000.

The amount of insurance on damage to property of the third person during insurance event has been determined AZN 50 000. According to draft law, the amount of insurance on this insurance type is determined by control organs on insurance.