1. How is indemnity determined in case of property insurance?

 Insurance indemnity shall be determined by the insurer based on documents submitted by the insured and results of its own investigation of insurance event circumstances conducted to calculate actual damage and determine the insured’s right to insurance indemnity.

 2. What measures should be taken by the insured in case of an insurance event?

 The insured must promptly inform the competent authorities (police, fire brigade, etc.) about the inception of risk and obtain the corresponding documents confirming circumstances, cause and the guilty party.

 3. What happens if property has been insured in the amount smaller than the actual cost of the damaged property?

If property has been insured in the amount smaller than its actual cost or upon inception of risk it turned out that the insured amount specified in the insurance contract is smaller than the actual cost of the damaged property, the indemnity shall be equal to the actual amount of damage.

 4. Who determines the condition of insured property?

 Before conclusion of the insurance contract, the insurer shall jointly with the insured verify the existence and condition of the insurable property, as well as its storage conditions, and sign, if necessary, a corresponding document stating the actual state of property and correctness of information reported by the insured, involving different specialists where applicable, etc.

 5. Does the Insurer provide an additional term of payment in case of non-payments of any of insurance premium installments?

 If any of insurance premium installments has not been paid, in case of agreed payment in installments, the insurer may provide the insured, at the expense of the latter, an additional two-week payment period. In case of occurrence of insurance event after expiration of the above period, if the insured has not paid the premium, the insurer is exempt from its obligation.

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