Commercial property insurance
Insured object means the property interests relating to the damage, destruction or loss of immovable (buildings) and/or movable (equipment, furniture, inventory, computers, goods, stocks, etc.) property indicated in the insurance contract caused by insured events.
What events are insured events?
The client can chose all risk or chose a risk from the list of risks:
- All Risks Commercial Property Insurance. An insured event means destruction, damage or loss of insured property caused by any events which suddenly and unexpectedly occurred during the effective period of insurance coverage, unless they are uninsured events
- Defined Risks Commercial Property Insurance. The insurance benefit shall be payable for a sudden and unexpected destruction, damage or loss of insured property caused by the following insured events:
- Fire – caused by a fire, explosion, strike of lightning or the fall or impact of an operated flying object or parts or cargo thereof
- Water damage - water of the water-supply system, sewerage, heating system; damage from frozen pipes; water from a sprinkler system; water from neighbouring apartments
- Natural forces - storm, hail, sudden and unpredicted flood, a heavy shower, pressure of snow, avalanches, contraction of the ground, sliding of the ground
- Burglary (burglary; vandalism after a burglary; robbery)
- Breakage of glass
- Acts of third persons
- Crash with vehicles
- Damage to electric installations caused by the effect of electric current, whether resulting in flame or not
- Shock wave
- Robbery during transportation in Lithuania
All insurance conditions are provided in Regulations of Commercial Property Insurance No. 057 (ERGO, ĮTDT, 2009)
Business Interruption Insurance
It is the insurance against possible financial losses that might be incurred as a result of an insured event resulting in property loss that leads to the cessation or discontinuation of business.
This type of coverage may be taken out by profit-oriented undertakings.
What may be covered?
Business interruption insurance provides the coverage against the following possible financial loss resulting from business interruption:
- Lost profit
- Regular costs
- Part of variable business maintenance costs
What gives rise to a claim?
Where this type of insurance is acquired, ERGO Lietuva will compensate for financial losses incurred as a result of corporate property loss (due to a fire, an explosion or any other insured risk listed in property insurance policies).
All insurance conditions are provided in Regulations of Fire Business Interruption Insurance No. 015 (ERGO, DGPUT,2002).
