The purpose of Corporate Property Insurance is to indemnify damage caused to the company’s property and to ensure the sustainability of the company. Buildings, devices, goods and office equipment account for only a portion of the property which a company should give thought to insuring.
When insuring a company’s property, the objects to be insured and the extent of the desired insurance coverage can be freely chosen, on the basis of which an insurance solution meeting the company’s needs will be prepared.
The minimum level of protection is fire coverage, which covers damages arising from fire, direct lightning strike, explosion or sudden engagement of the fire extinguishing system. We also recommend insuring property against pipe leakage, storm and hail damage, and offences against property. The aforementioned comprises Package Insurance A.
A broader level of protection is offered by comprehensive insurance, which, in addition to the above, also covers damage caused by other unexpected and unforeseen events.
Upon insuring property, it is of particular importance that property with a depreciation of less than 50% would be insured for its reinstatement value, i.e. in the amount that is necessary for the acquisition of similar property at the insurance location (e.g., including transportation and installation expenses). Values that change over time (e.g., goods) shall be insured based on the maximum amount of goods in stock. Upon insuring buildings and equipment, one should consider whether construction or the acquisition of equipment might become more expensive over time.
This page consolidates together the requirements developed by the various working groups of the Estonian Insurance Association and the principles governing the prevention of losses.