Compulsory Property Insurance
To provide compulsory insurance types on the territory of Azerbaijan Republic, it is obligatory for the insurance companies to be registered as a member of the Compulsory Insurance Bureau. “Mega Insurance” OJSC has been a member of Compulsory Insurance Bureau since 28th March 2012.
The purpose of Compulsory Property Insurance is indemnification for losses to a real property arising out of fire and other perils.
Compulsory Property Insurance covers losses arising out of fire, domestic gas explosion, short circuit, internal water, natural disasters, illegal malicious damage of the third parties and other perils.
According to paragraph 35.2 of “Compulsory Insurance” law of Azerbaijan Republic effective since 18-th October 2011, it is compulsory to insure real properties belonging to natural and juristic person as well as state owned assets.
The premium for the compulsory insurance of the property belonging to the Juristic and Natural persons used in their business is based on market value, purpose of use and deductible.