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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 compensation 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 third parties and other perils.
Note!
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.
Insurance premiums for compulsory insurance of residential buildings and apartments:
| AZN 25,000.00 is a Sum insured for the Property located in Baku | Insurance Premium – AZN 50.00 | |
| AZN 20,000.00 is a Sum insured for the Property located in Ganja, Sumqayit and Nakhichivan | Insurance Premium – AZN 40.00 | |
| AZN 15,000.00 is a Sum insured for the Property located in other inhabited localities | Insurance Premium – AZN 30.00 | |
