Insurance of financial risks

	Insurance of financial risks

We offer depository insurance, consumer loan insurance, and insurance of financial risks of business activity.

• depository insurance (insurance is connected with the risk of nonrepayment of monetary amount of the depository because of bankruptcy of a bank);
• consumer loan insurance (insurance against nonperformance of the liabilities by the Counterparty in case of consumer loan) insurance of risk of nonrepayment of consumer loan is carried out together with insurance of lien object;
• insurance of financial risks of business activity (insurance against nonperformance by the Counterparty of the Insured of the contractual liabilities under the civil agreements between them);

Insurance object under the financial risk insurance agreement shall be the insurable interest of the Insured connected with nonperformance (full or partial) by the Counterparty of the contractual liabilities under the civil agreements (agreements, contracts) between them.

The insurable risk under the financial risk insurance may be:

• bankruptcy of the Insured’s Counterparty;
• borrower’s death (physical person);
• non-availability of funds at the current account of the Counterparty and/or its cash account during the term, which is stipulated as the term for performance of the financial liabilities in particular agreement;
• blocking of the Counterparty’s account in banks;
• impossibility to provide services, execute works, and deliver goods timely and to the full extent;
• abusive practice of the Counterparty’s personnel;
• fire, emergency, accident, unexpected effect of unforeseen circumstances, explosion, theft, robbery, assault, stealing, and vandalism;
• causes, which are beyond the Counterparty’s will, resulting in nonperformance of the terms of transaction.

Sum insured shall be set upon agreement between the parties within the limits of the sum of loss that may be incurred by the Insured in case of nonperformance of the contractual liabilities by its Counterparty .

Insurance tariff shall be 2,0 % до 10,0 % of the sum insured.

Insurance premium shall depend on the area of activity of the Insured and its Counterparty, term of their cooperation, payment terms, validity period of the insurance agreement, frequency of delivery of goods and other special conditions of transaction.

Insurance against loss of the ownership right (title insurance).

Insurance against loss of property as a result of termination of the ownership right or title insurance provides protection in case if the real estate unit, which is acquired title to, is retrieved from the owner for a variety of reasons: conclusion of the purchase-sale agreement in contravention of the norms of the law, reservation of rights for the real estate unit after its alienation from the third parties, inability or incapacity of the seller, etc.

Insured event

The insured event under the title insurance agreement shall be the loss of the insurance object by the Insured as a result of declaring the sales transaction invalid or retrieval of the insurance object from the illegal ownership of the Insured.

The sum insured may be set on the basis of the following factors:

• real (market) value of the insurance object upon the date of conclusion of the insurance agreement;
• the insurance object price under the purchase-sale agreement;
• cost of the insurance object on the basis of the TIB assessment;
• other factors;

The sum insured may not be higher than the real value of the insurance object. This sum may be adjusted during the insurance term. For instance, in case of capital repair made by the Insured it may increased by the sum, expended on repair