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  1. MATERIAL ASSETS PROTECTION - NON - LIFE INSURANCE

  2. FINANCIAL ASSETS PROTECTION - THIRD PARTY LIABILITY AS A COVER AGAINST THIRD PARTIES

  3. PROTECTION OF THE FUTURE INCOMES AND EXPENSES - LOSS OF PROFIT INSURANCE

  4. HUMAN CAPITAL PROTECTION

1. PROTECTION OF MATERIAL ASSETS - FIRE AND ALLIED PERILS

What can be an object insured?

The property of the physical persons and legal entities, intangible property, tangible property, incl. cash, valuables, property of the third parties.

What can you be insured against?

Basic scope of cover includes the following risks:
  • Fire
  • Explosion 
  • Lightning 
  • Impact or fall of a manned aircraft

This basic scope of cover can be extended to the following risks and offered as allied package with convenient rate: 

  • Inundation
  • Flood
  • Windstorm
  • Hail storm
  • Landslide
  • Falling rocks or land
  • Avalanche
  • Fall of trees
  • Fall of lamppost
  • Earthquake
  • Weight of snow
  • Water damage

What does the insurance company pay?

The insurance is possible  to carry out for the new replacement value or the book value. When the sum insured is a new replacement value, the insured is indemnified in the full amount  ( except the agreed deductible), however provided  the sums insured stipulated in the policy are in the new replacement value. When the limit of indemnity is a book value the insured is indemnified to the amount of the book value, meaning the new replacement value decreased by the respective level of depreciation provided the sum insured is stipulated in the policy as a book value.

What  determinates the amount of the Premium?

The rate of the Premium  and thus the respective amount depends to the above mentioned risks  from  several factors as for instance:
  • Fire protection means (electronic fire alarm system, automatic extinguishers, manual extinguishers, hydrants, own fire brigade, the distance to the nearest public fire brigade, security service, object standing by itself, construction parts of the building, operation type, type of tangible property, etc.
  • Other risks (return period of floods and inundations)
  • Loss history

1. PROTECTION OF MATERIAL ASSETS - MACHINERY BREAKDOWN COVER

What can be an object insured?

Own machinery  and machinery of the third party.

What can you be insured against?

  • False construction
  • Steam, gas, or liquid pressure or underpressure
  • The lack of water in the boiler
  • Unbalance or rip by the centrifugal force
  • Fall or the unknown object
  • Failure of the measuring, regulation or security and safety facilities
  • Wrong handling, tenter, malicious act, negligence, inattention, unwieldiness
  • Frost and floating ice
This basic scope of cover can be extended to the following risks:
  • Natural perils (some insurers includes them in the basic cover)
  • Burglary and robbery
The scope of the cover can be further extended to:
  • Allowances  for overtime, night shifts, holidays  and weekend shifts
  • Allowances for express delivery of spare parts and travel expenses of experts from abroad

What does the insurance company pay?

The insurance is possible  to carry out for the new replacement value or the book value. When the sum insured is a new replacement value, the insured is indemnified in the full amount  ( except the agreed deductible), however provided  the sums insured stipulated in the policy are in the new replacement value.  When the limit of indemnity is a book value the insured is indemnified to the amount of the book value, meaning the new replacement value decreased by the respective level of depreciation provided the sum insured is stipulated in the policy as a book value.

What  determinates the amount of the Premium?

The rate of the Premium  and thus the respective amount depends on the above mentioned risks  from  several factors as for instance:
  • The age of the machinery
  • The loss history

1. PROTECTION OF MATERIAL ASSETS - ELECTRONICAL EQUIPMENT INSURANCE

What  can be an object insured?

Basic scope of cover includes the following risks.

What is the object insured?

  • False construction, material flaw or product defect
  • Short circuit, induction, overstrain
  • Fall of the object,  impact
  • Malpractice,, tenter, malicious act, negligence, inattention, unwieldiness
This basic scope of cover can be extended to the following risks:
  • Natural perils (some insurers includes them in the basic cover)
  • Burglary and robbery

The scope of the cover can be further extended to:

  • Allowances  for overtime, night shifts, holidays  and weekend shifts
  • Allowances for express delivery of spare parts and travel expenses of experts from abroad

What does the insurance company pay?

The insurance is possible  to carry out for the new replacement value or the book value. When the sum insured is a new replacement value, the insured is indemnified in the full amount  ( except the agreed deductible), however provided  the sums insured stipulated in the policy are in the new replacement value.  When the limit of indemnity is a book value the insured is indemnified to the amount of the book value, meaning the new replacement value decreased by the respective level of depreciation provided the sum insured is stipulated in the policy as a book value.

What determinates the amount of the Premium?

The rate of the Premium  and thus the respective amount depends on the above mentioned risks  from  several factors as for instance.:
  • The age of the electronic devices
  • The loss history

1. MATERIAL ASSETS PROTECTION - CAR & EAR COVER

What is an object insured?

The construction  or erection works from the moment of the respective construction components transport to the site till the finish of the contracted works, including the the testing period as from the investor or contractor. Besides the works the plant and equipment of the contractor on the site can be covered.

What can you be insured against?

Basic scope of cover includes the following risks:
  • Fire and Allied perils
  • Fall of the object,  impact
  • Malpractice, tenter, malicious act, negligence, inattention, unwieldiness
This basic scope of cover can be extended to the following risks:
  • Burglary and robbery
  • TPL
  • Damage or loss incurred and caused by the construction or erection works within the guarantee period
The policy can cover expenses due to an insured event as:
  • Allowances for overtime, express delivery, night shifts, holidays and weekend shifts
  • Allowances for transport by air
  • Debris clearance

What does the insurance company pay?

  • In case of the damage to or loss of construction works, reasonable costs of  bringing the object insured to the state before the loss or damage incurred
  • In case of the damage to or loss of  the object insured excluding the construction works, reasonable costs of  bringing the object insured to the state before the loss or damage incurred
  • In case of the damage to or loss or theft of the object insured excluding the construction works, the book value of the object in the time  the loss or damage incurred

What determinates the amount of the Premium?

The premium reflects the interoperation of several factors as:
  • The experience of the insured whatever it is, new construction, addition, annex, reconstruction, superstructure, restoration, modernization
  • Insured period
  • Base ratios
  • Groundwater level
  • Flood or inundation  exposure
  • Fire, explosion increased exposure

1. MATERIAL ASSETS PROTECTION - BURGLARY - ROBBERY COVER

What is an object insured?

The property of the physical persons and legal entities, intangible property, tangible property, incl. cash, valuables, property of the third parties, employees, construction components as a part of the security means against the burglary and robbery  ( windows, door, locks, electronic security systems), etc.

What can you be insured against?

The basic cover includes the following risks: burglary, robbery, which can be extended to the following risks: deliberate damage to or loss of  separate thing, vandalism, steal of the bestowed insured property (embezzlement).

What does the insurance company pay?

The insurance is possible  to carry out for the new replacement value or the book value. When the sum insured is a new replacement value, the insured is indemnified in the full amount  ( except the agreed deductible), however provided  the sums insured stipulated in the policy are in the new replacement value.  When the limit of indemnity is a book value the insured is indemnified to the amount of the book value, meaning the new replacement value decreased by the respective level of depreciation provided the sum insured is stipulated in the policy as a book value. The insurer takes into consideration when indemnifies the insured the security means taken according to the amount of the lump sum settlement and the policy wording.

What determinates the amount of the Premium?

The rate of the Premium  and thus the respective amount depends for the above mentioned risks  from  several factors as for instance: abandoned property, in closed fenced area, in hired area, in open area, outside the building, with alarm system security, watched by security guard etc., glass constructions furnished with safety screen or security leaf. Loss history.

1. MATERIAL ASSETS  PROTECTION - NON - LIFE INSURANCE - VANDALISM

What is an object insured?

  • buildings and constructions ( residential, administrative, production halls, …) can be obliterated from outside or from inside on the interior, that creates a part of the construction, equipment, furnishing and stock, tangible assets - common furnishing
  • machinery, apparatuses, production devices, stock - those can be damaged due to the burglary or  without connection with
  • Motor vehicles - those should be covered by casco coverage if interested which includes vandalism for example loss incurred on a parking lot

What does the insurance company pay in case of vandalism?

Vandalism  is a willful damage or willful loss of  property caused by other person thus not the by the  owner or lessee or  a close relatives or any other person which lives with the insured. For example: broken glass on a building,  damage to inner furnishing. Such a loss has to be in any case  reported to the police and investigated by the respective authorities. After the investigation of the incurred loss by the police gives this the statement of investigation regarding the known or unknown culprit This is the sort of vandalism  recognized by some insurers:
  • Vandalism caused by recognized culprit
  • Vandalism caused unrecognized known culprit
In the most cases can the police not to convict the culprit so it is unrecognized and it is important to extend  the insurance of  the vandalism to such scope of the cover.

What does the insurance company pay?

  • In case of the damage to or loss of pays the insurer reasonable costs of  repair or adaptation after the deductible application
  • In case of loss, pays the company reasonable replacement costs or expenses incurred with securing of manufacturing of a new property of the same make and quality. The limit of indemnity is defined by the amount of the sum insured stipulated in the policy wording.

The sum insured is in the policy wording stated as a new replacement value of the object insured. Even though there are some cases when insurers limit the settlement by the book value loaded by the value of the recoveries and the agreed deductible.

What determinates the amount of the Premium?

First of all it is the agreed scope of the cover to be taken into consideration. In the case of the exterior vandalism and recognized culprit is the calculated premium reasonably lower compared to the complex insurance of the exterior and interior with the more exposed unrecognized culprit.
The taken security means play an important role to mitigate the possible loss caused by this risk. The probability of loss occurrence is very low with having the fenced plot, 24 hours security guard. This is reflected in the premium calculation, which is within the lower rate range. The risk location plays an important role as well. The address and city quarter can mitigate the exposure.

1. MATERIAL ASSETS PROTECTION - CREDIT INSURANCE

What is the object insured?

The insurance covers various financial losses incurring in the business practice. Insurers offer:
  • Receivables cover after the maturity date, against the risk of not being paid off by the purchaser
  • Credit payment cover - the ability to pay the credit  installments in the agreed amounts and within the agreed period
  • Leasing installments payments cover - the ability to pay the leasing installments in the agreed amounts and within the agreed period
  • Exchange rate insurance
  • Commercial crime insurance, Computer crime insurance - SW misuse for fraudulent acting, fraud, embezzlement
    For those lines of business there are strict definitions of situation when the insurer is obliged to indemnify.
The insurer mitigates the exposure of potential loss or damage at the concluding of the policy by assessing the risk and the overall financial situation of the insurer, and as far as  the covered risk demands, its business partners as well.

What does the insurance company pay, what financial risk is covered?

This line of business strictly defines the scope of cover in the policy wording along with the situations when the insurer is obliged to indemnify.
The insurance of each particular  financial risk is to offer coverage for:
  • Real incurred financial losses the insured suffered or reasonable unavoidable expenses incurred as a consequence of the insured event
In such events the respective deductible is applied as well.

What determinates the amount of the Premium?

The most significant is:
  • The scope of the cover of the financial risks
  • The risk assessment for the particular insured company based upon the available information, policy questionnaire
  • Agreed deductible
  • Loss history - companies with higher loss frequencies pay a supplementary premium or the cover is declined

1. MATERIAL ASSETS PROTECTION - MOTOR PHYSICAL DAMAGE

What is the object insured?

The insurance covers the vehicles on terra firma, such as:
  • Persons vehicle
  • Estate car
  • Motorcycle
  • Truck
  • Bus
  • Special vehicle
  • Tractor
  • Tractor trailer, bus trailer, truck trailer, semi-trailer, persons vehicle trailer, small motorcycle, tricycle, quadricycle, tower, junction vehicle, tractor junction vehicle, side-car
  • Device with number plate
  • Other vehicles
The insured vehicles with number plate assigned by Slovak authorities are during the insurance conclusion mobile and have the license and valid certification of evidence and technical certificate of the vehicle or trailer. Along with the motor vehicle the policy covers:
  • Basic equipment, supplied for the local market by the manufacturer, obligatory equipment defined by the law, usual equipment. The value of the usual equipment is to be included in the sum insured of the vehicle and is not a supplementary object insured
  • Special equipment, bought additionally by the vehicle owner, audio set, loudspeakers, boosters, CD changers, etc. and discs of the wheels from the light alloys etc. This equipment has to be firmly connected with the vehicle and can not be a subject to the supplementary individual cover. The owner is obliged to submit the certificate of acquire when insuring the above mentioned.
As supplementary cover is possible:
  • Luggage
  • Special luggage, notebook
  • Personal accident cover
    • Death due to an accident
    • Permanent disability due to an accident

What does the insurance cover?

The MTPL insurance covers:
  • Third party liability property losses
  • Third party liability health
Motor physical damage covers:
  • Clash, accident, fall, impact
  • Fire, explosion, lightning
  • Flood, inundation, hail, windstorm
  • Third party act - vandalism
  • Burglary, robbery
  • Vandalism and respective damage or loss has to be reported to the police and investigated by the authorities

What does the insurance company pay?

Partial losses:
  • The insurer pays the repair costs in the car repair according to the invoice issued by the company. The deductible agreed in the policy wording is applied.
Total loss or theft:
  • The insurer pays the book value of the vehicle ( = new replacement value - deterioration ) after deduction of the recoveries and the agreed deductible.

What determinates the amount of the Premium?

Basic factors are as follows:
  • Scope of the cover agreed, territorial scope of the insurance, cover for SK or Europe
  • The amount of the deductible agreed, the higher the deductible is the lower premium the insured pays
  • Number of installments per year - the more installments has the policy (quarterly, every half of the year)  the higher premium is calculated
  • Loss history - drivers with frequent accidents have no title for bonuses or pay supplementary premium
  • Security means are important - protection of the vehicle against theft
  • Age, experience and number of persons driving the vehicle

1. ASSETS PROTECTION - MARINE CARGO INSURANCE

What is the object insured?

Consignment carried by the transport means while this consignment is a property of the insured, not the transport mean. There is a possibility to cover or not to cover with some insurers the fragile cargo, explosive cargo, or any other dangerous cargo, livestock, cargo with historical value - masterpieces.

According to the territory  of the transport insured we differ:

  • Inland
  • Worldwide
The insurance can be concluded for a particular transport or for regular annual transports.

What is covered, when you insure the cargo?

Basic cover includes:
  • Damage to or loss of the cargo caused by natural perils or by the transport mean accident
For supplementary premium can be covered:
  • Damage to  or loss of  cargo due to, breakage, crumple, disperse, spill during loading up, overlay and unloading
  • Damage to or loss of cargo due to freezing or cold atmosphere device malfunction

What does the insurance company pay?

  • If is the insured property damaged pays the insurer the value of the cargo impairment after the agreed deductible deduction
  • In the case of loss of the insured cargo pays the insurer the value of the consignment in the time of taking over for the transport, after deduction of the agreed deductible

What determinates the amount of the Premium?

It is critical:
  • The agreed scope of covered risks
  • Supplementary cover for  risky cargos
  • Territorial scope
  • Deductible
  • Number of premium installments - the more installments has the policy (quarterly, every half of the year)  the higher premium is calculated
  • Loss history - clients with frequent insured events have to pay  a supplementary premium

1. MATERIAL ASSETS PROTECTION - VESSELS AND AIRCRAFTS COVER

VESSELS

What is the object insured?

The scope of cover includes:
  • River and sea motor vessels
  • Trailer for the vessel transport
Along with the vessel we recommend to cover:
  • Vessel third party liability

What is covered, when you insure the vessel?

  • Clash, accident
  • Fire
  • Natural perils
  • Explosion
  • Theft of the vessel or outboard motors
  • Vandalism - act of the third person
  • Accident on terra firma during the transport of the vessel

What does the insurance company pay?

Partial losses: 
The insurer pays the repair costs in the vessel repair according to the invoice issued by the company. The deductible agreed in the policy wording is applied. 
Total loss or theft:
The insurer pays the book value of the vessel ( = new replacement value - deterioration ) after deduction of the recoveries and the agreed deductible.

What determinates the amount of the Premium?

Basic factors are:
  • The agreed scope of covered risks
  • Territorial scope -insurance within the territory of inland waters SK,CZ, H, PL, or in the area of Europe and inland waters of Europe and Mediterranean  coast states
  • Deductible - the higher is the  clients retention the less is the calculated premium fro insurer
  • Number of premium installments - the more installments has the policy (quarterly, every half of the year)  the higher premium is calculated
  • Loss history

AIRCRAFTS AND OTHER AIRBORNE TRANSPORT MEANS

What is the object insured?

The above stated line of business represents a special category of property. These transport means are uniformly defined, with particular evidence just like motor vehicles. Besides the casco cover insuring the material damages, and it is indispensable to conclude TPL cover. Territorial scope of the cover must reflect the area of the assumed routes of the transport means, whereas some countries  could demand for the respective cover relatively high limits with high sum insured reflecting premium.

2. FINANCIAL ASSETS PROTECTION - THIRD PARTY LIABILITY AS A COVER AGAINST THIRD PARTIES TITLES

Third party liability insurance

Represents comparatively big group of business lines, which is recently increasing. It covers  the property damages, health, or the titles of the other persons -  third parties. The legal philosophy of the obligatory insurance defines that every person involved in any activity which could cause a damage of or loss to any third person or the property of this person, is for the incurred losses liable.

General third party liability

This insurance covers the legal liability of the insured for any damage or loss to the third party in connection with the health of this person caused by any personal accident, disease, loss or damage to property which the third person owns or use.
Provided that the insured is for the loss liable and it occurred within the insured period of the policy. The territorial scope is limited by the activity accomplishment within the territory of SK or if agreed otherwise outside the territory of SK.

What is covered?

  • Property damage or loss
    • Real loss - the impairment of the insured’s property
    • Loss of profit - what would have the insured achieved  if the loss has not occurred
  • Loss to the health or life

What does the insurance company pay?

The principle is to indemnify the damaged or injured person. The amount of the settlement can be defined as:
  • Real material loss
  • Proved loss of profit
  • Respective legal stipulations (damage to the health)
  • Decision of the  Court or any other authority

What determinates the amount of the Premium?

The main parameter for the liability assessment  is the sort of the activity of the insured. The amount of the premium is calculated according to the turnover of the firm and the number of employees. Significant role plays naturally the limit of indemnity. The final premium is determined also by the agreed deductible.

2. FINANCIAL ASSETS PROTECTION - THIRD PARTY LIABILITY AS A COVER AGAINST THIRD PARTIES TITLES - PROFESSIONAL LIABILITY

It is a specialized line of TPL insurance as a cover for doctors, dentists, notaries, auditors, advocates, accountants, tax advisors, bankrupt administrators, security guards.

What is covered?

  • Property damage or loss
    • Real loss - the impairment of the insured’s property
    • Loss of profit - what would have the insured achieved  if the loss has not occurred
  • Loss to the health or life

What does the insurance company pay?

The principle is to indemnify the damaged or injured person. The amount of the settlement can be defined as:
  • Real material loss
  • Proved loss of profit
  • Respective legal stipulations (damage to the health)
  • Decision of the  Court or any other authority

What determinates the amount of the Premium?

The main parameter for the liability assessment  is the sort of the activity of the insured. The amount of the premium is calculated according to the turnover of the firm and the number of employees. Significant role plays naturally the limit of indemnity. The final premium is determined also by the agreed deductible.

2. FINANCIAL ASSETS PROTECTION - THIRD PARTY LIABILITY AS A COVER AGAINST THIRD PARTIES TITLES - PRODUCT  LIABILITY

The object insured of this line of business is the coverage of any loss caused to the consumer by defect of the used product if the injured party is able to prove the fault of the supplier or manufacturer. The losses from the inappropriate security are in concern etc.
Product means any movable object including the case when constituting a part or component of any other movable or immovable object in the moment of its putting into circulation.
As a manufacturer is considered the manufacturer of the final product, semiproduct or the basic raw material.

What is covered?

The insurance covers the losses caused by the products defined in the policy wording, and these were manufactured within the insured period and the los occurred during the validity of the policy. If agreed otherwise the cover applies to the foreign markets including USA and Canada.

What does the insurance company pay?

The insurer pays the losses caused by the defect product in amount defined by the civil code as for health, life, and property  or any other material loss in connection with the aforesaid. The scope of the cover can be extended to the loss of profit coverage for the injured party including the legal fees and defense costs. This line of business does not cover product recall expenses.

3. PROTECTION OF THE FUTURE INCOMES AND EXPENSES - LOSS OF PROFIT INSURANCE - BUSINESS INTERRUPTION INSURANCE

What is covered?

This line of business covers the losses sustained by the company, firm, due to the business interruption as a consequence of a loss occurrence. Such material loss can be caused by:
  • Natural perils (fire, explosion, lightning, fall of a plane - or due to a allied perils)
  • Damage to or a loss of due to a machinery or technology breakdown
It however possible to conclude an BI insurance ALL RISKS policy due to a material loss (covering all risks except  standard exclusions thus including burglary and robbery risks or vandalism).

What does the insurance company pay?

The scope of cover includes fixed costs and loss of profit within the insured period ( usually 12 months) when is the company, machinery or technology idle due to the above mentioned risks, namely:
  • Gross profit (operating profit + operating fixed costs)
  • Increased operating costs (costs linked with the mitigation of decrease of the turnover  or  linked with total elimination of turnover decrease - overtime shifts, production relocation, work up for the production loss by other company)
    The scope of cover can be extended to another risks causing the BI of the insured. The most used are: suppliers cover (the cover of any loss incurred by not fulfilling the obligations of insurer’s suppliers caused by any material loss of the supplier).
  • Customer cover (coverage of any loss caused by the contract cancellation by the customer due to any material loss of the customer)
  • Bar - out coverage (coverage of any loss due to a bar out from the operation. for instance evacuation due to a smoke cloud, explosion exposure  or bomb attack - official bar out)
  • Public supplies cover (this line of business covers the failure of the public supply net (public grid, public gas main, water main or public communications net the insured uses))
  • Cargo transport cover (BI due to damage to the cargo during the transport)
  • Loss of markets cover (loss of attraction, brand name, reputation) due to a BI
  • Political risks cover (BI due to a strike, riots, public commotions, sabotage, war or any other loss due to a government body decision)

What determinates the amount of the Premium?

There are many factors influencing the premium rate. The most important are:
  • The type of production and the respective primal material loss exposure
  • Sum insured - the maximum financial  limit of indemnity  from the insurer
  • Insured period - the maximum time period for the insurer’s settlement availability
  • The amount of deductible

4. THE HUMAN ASSETS  PROTECTION - DIRECTIORS AND OFFICERS LIABILITY - COVER OF MANAGEMENT

What is covered?

As from 1.1.2002 comes into existence the  Slovak republic Commercial law regularization, stipulating that each member of any statute  body of a company guarantees with all his belongings and property for the breach of the legal obligations. The scope of the cover includes the director, member of the board of directors or any other statute body or any other manager namely stated in the policy regarding with the accomplishment of their leading position in the company. The insurance policy covers the liability of the managing persons against any malpractice or wrongful act within the insured period.

The wrongful act is usually defined as:

  • Breach and neglect of obligations and duties
  • Authority misuse
  • Mistake, negligence
  • Gerrymander, deceive
  • Breach of the principles or orders agreed by the company bodies, especially by the general meeting, members meeting etc.
  • The breach of the scope of the statute limitation of the statute authorization
The scope of the cover includes any further liability for any loss to any legal entity stipulated in the policy wording, of which any director, member of the board or other statute body, or any manager who is a insured person, and the defense costs against  the claimed titles.
If stated in the policy wording, covered are any daughter companies provided they are established or acquired within the insured period after the inception date of the policy and subject to the supplementary premium.

What does the insurance company pay?

The insured event is defined as any loss occurrence  the insured is liable for and obliged to pay and leading to the obligation of the insured to indemnify, if there if a body deciding the loss lump sum settlement, it is agreed that the insured event occurred on the date which is the date defined as the date when  the legal authority decision regarding the lump sum settlement became  legally valid, provided the decision is to be made by the authority within the insured period.

The scope of cover can be extended to:
  • Specified period prior to the inception date of the policy / retroactive cover
  • Unauthorized interference of the right for the personality protection ( insurer indemnifies the loss consequence - any material or non-material loss
  • The extended loss report period, after the insured period expiry
  • Territorial scope outside the territory of SK

What determinates the amount of the Premium?

There are many factors influencing the premium rate. The most important are:
  • The type of production and the respective primal material loss exposure
  • Sum insured - the maximum financial  limit of indemnity  from the insurer
  • Insured period - the maximum time period for the insurer’s settlement availability
  • The amount of deductible