Houses Insurances

According to the provisions of the Law nmb. 260/2008 regarding the mandatory home insurances against earthquakes, landslides and floods, republished, with the subsequent modifications and completions, the juridical and physical persons are obliged to insure against the natural disasters, in the conditions of this law, all the buildings with the destination of home, from the urban or rural environment, found in their property and registered in the fiscal organs evidences.

According to the art. 2, b) letter from the above mentioned law, by a natural disaster we understand : earthquakes, landslides and floods, as natural phenomena.

The home owners are fulfilling this obligation by the conclusion of a mandatory insurance policy – PAD.

The PAD mandatory insurances are exclusively issued by the insurance company named THE INSURANCE POOL AGAINST THE NATURAL DISASTERS S.A. (PAID), founded based on the Law nmb. 260/2008 and authorized by the Financial Surveillance Authority (details about the company are available on www.paidromania.ro).

This means that, in case of damages caused by an earthquake, landslides or floods manifested as natural phenomena, the owner of the home insured by PAD (the insurance policy against the natural disasters) will be compensated by PAID.

The risks covered by the mandatory PAD insurance policy = earthquakes, landslides and floods, manifested as natural phenomena.

The insured amount which can be granted based on the present law, named herewith the mandatory insured amount, is the equivalent in ROL, at the exchange currency course communicated by the Romanian National Bank at the date of the conclusion of the mandatory home insurance, at :

a)   20,000 euro, for each type A home;
b)   10,000 euro, for each type B home.

The proper bonuses for the insured amounts provided ar the (1)-st paragraph, named herewith mandatory bonuses, are the equivalent in ROL, at the Romanian National Bank course valid at the date at wihich the payment was made, at :

a)   20 euro, for the amount provided at the (1)-st paragraph, a) letter;
b)   10 euro, for the amount provided at the (1)-st paragraph, b) letter.

The mandatory insured amount, as well as the mandatory afferent amount cand be modified by the order of the C.S.A. President.The criteria that may stay at the basis of the modification are settled by the application norms of the present law and they must regard at least the home surface, the replacement costs and the inflation rate. 

The qualification on home types of the houses which present in the same time the specific elements foe both A type and B type, is made in the conditions established by the norms issued by C.S.A., after the criterion of building materials value.


THE OPTIONAL INSURANCE POLICY

You may find below the risks / the general expences of the insurers from the Romanian market. 

THE RISKS AND THE COSTS / THE COVERED EXPENCES

The optional policies insure to compensate the policyholder for the material damages caused by the next risks / risks packs effectively covered according to the Policyholder’s option expressed in the Questionnaire – Request and / or mentioned in the Policy Specification by checking, in the limits of the insured amounts specified in the specification. 

The FLEXA risks (Fire, Thunderbolt, Explosion, Falling of aerial corps).

Within this pack of risks there are compensations granted for both the direct damages and for the indirect damages (total or partial carbonization, melting, failures of the fixed installations that belong to the insured building, the smoke staining, gas or steam escape) caused by the above mentioned events over the buildings and the goods insured by the Policy. Within the same pack of risks, the damages made by the fire and/ or by the explosion caused by the earthquake, are not compensated. 

The NATURAL DISASTERS pack, representing:

Natural disasters – earthquake (including the fire and / or the explosion as a conseguence of the earthquake), floodings and landslides, if they manifest as natural phenomena. For these risks there are covered the material direct and/ or indirect damages caused to the house and/ or to the insured goods by any of the above mentioned forms of manifestation of the natural disaster. 

The FORCES pack, representing the next risks :

  • - Atmospheric phenomena (storm, hail, torrential rain, the weight of the snow or ice layer and snow avalanche).
  • - Landslide.
  • - Collision with vehicles or motor vehicles and sonic boom.
  • - Corps fall.
  • - Strikes, riots, civil disturbances. Within these risks there are compensations given for the material damages caused by the action of the persons that take part to the strikes, riots, civil disturbances, respectively by the action of any authority legally formed in order to suppress or to try to suppress or to limit the conseguences of any strikes, riots, civil disturbances.
  • - vandalism. Within this risk, there are compensations given for the material damages caused by the action of the persons who take part to vandalism acts, respectively by the action of any authority legally formed in order to suppress or to try to suppress or to limit the conseguences of any vandalism act.

 

SUPPLEMENTARY COVERAGES

Pipe and repression water (maximum two damages caused to the house and / or to the insured goods during the insurance period for which the compensation requests have been formulated). 

The thievery :

-      by burglary of the goods specified in the Policy Specification, found at the address specified in the Policy Specification;
-      by robbery acts of the goods specified in the Policy Specification, found at the address mentioned in the Policy Specification, over the Policyholder, over the persons that constantly live together with the Policyholder and/ or have the quality of husband / wife or over the persons for which he is liable according to the law, or over a reppresentative of the Policyholder.
-      of the insureg goods by using the original keys, but only if these keys were obtained by robbery facts.

The civil liability of the Policyholder over third parties, assumed after the occurrence of some insured events, by one or more of the insured risks / the risk packs expressly mentioned (checked) in the Policy Specification (excepting the case in which the occurrence of the respective risk represents a case of force majeure which is exonetrated from the civil liability according to the law), the insured events occurred at the insured house and/ or goods. The covered risks are those for the occurrence of the material damages (physiscal damages consisting in the damaging or the destruction of one or more goods), for the occurrence of the corporal damages or death, of some third persons, during the period specified in the Policy Specification, by the insured events occurred during this period, damages for which the Policyholder is liable from the civil point of view, according to the law and in connection with which the Policyholder has received a complaint / a compensation request during the same insured period.


COVERED COSTS / EXPENCES

Besides the expenses caused by the reparation / replacement of the insured goods as a conseguence to the occurrence of any event insured by Policy, there are given other compensations (within the insured amounts mentioned in the Policy Specification, without their increase) also for the next categories of costs / expenses :

-      costs / expences for the prevention of the damages that might be caused by any insured imminent event (e.g. : imminent fire of the insured goods), in the limit of 20% from the insured amount of the goods threatened by the respective event;
-      costs / expenses occasioned by the movement and intervention of the firefighter teams, in the limit of 20% from the insured amount of the goods affected by fire, if the Firefighters Brigade requests the payment of such costs / expenses;
-      costs / expenses for the limitation of the effects of any insured event, including for the demolition, dismantling or movement (in this purpose) in other place of the insured goods (mobile or immobile), in the limit of 20% from the insured amount of the goods affected by the occurrence of the insured event;
-      costs / expenses for the removal of the conseguences of any event insured by Policy, respectively for the cleaning works (e.g. : rising the rubble) for the place where the damage occurred, in the proportion in which they are in connection with the events insured by Policy and they are necessary for the execution of the reparation works, in the limit of 10% from the insured amount of the goods affected by the respective event;
-      costs / expenses occasioned by the damage expertise, in the limit of 20% from the insured amount of the goods affected by the occurrence of the insured event;

In the case of the thievery risk insurance, costs / expenses occasioned by :

-      damages occurred by breaking in or by the damage caused by thievery or by thievery attempt by burglary of the walls, roofs, ceilings, doors, windows and floors at the buildings or at other constructions belonging to the Policyholder, as well as of the furniture,
-      the replacement of the damaged latches, for a sublimit of 10% from the insured amount of the insured contained goods, but no more than 3,500 ROL or the equivalent, for any event. 

In the case of the civil liability insurance, the covered expenses are those made by the Policyholder in the civil lawsuit, if he was obliged at compensation (including in the case in which the criminal action started is no longer being judged, and the civil action remains in the competence of the criminal instance), emerged from the insured events occurred in the validity period of the Policy. 

OPTIONAL HOME INSURANCES

Important : Home owners that have already concluded optional home insurances at July 27-th 2013, that also include the risks provided by the Law nmb. 260/ 2008, republished, with the subsequent modifications and completions, have the obligation to conclude the PAD at the expiration date of the optional insurances constracts.

Remember : By the conclusion of an optional insurance, the house owners may extra protect themselves also for other risks. The optional insurance contract represents an act of will of the parties, respectively of the authorized insurers and of the potential policyholders. Such a contract may cover the mandatory insured risks, but only for amounts that surpass the limits of 10,000 euro or 20,000 euro, or other risks for houses according to the insurance products offered by the insurers. 

The insurance conditions (the insured amount, the insurance bonus, the risks covered, the exclusions, the procedure of finding the damages and payment of the compensations etc) are established by the contract concluded by the policyholder with the company chosen by him. 

Attention : These conditions may differ from an insurance company to another.

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