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PROPERTY INSURANCE

Extract from Insurance Agreement PM00001, executed on 1 April 2008 between Property Management Services EOOD and QBE Insurance (Europe) Limited Sofia Branch

I. Covered Risks and Exclusions under Home and Contents Insurance

(i) Fire or explosion, but not loss or damage to any item caused by scorching, melting, or charring without flames;

(ii) Storm (including cylclone or hurricane) and/or rain, which may be accompanied by snow, sleet or hail, but not loss or damage caused by:

(a) mildew, mould and other microorganisms ;

(b) atmospheric or climatic conditions other than storm;

(c) water entering the property through an opening made for the purpose of alterations, additions, renovations and repair;

(iii) Lightning or thunderbolt, but not loss or damage caused by fluctuations in the power supply, unless there is evidence that the damage was caused by a lightning strike;

(iv) Earthquake, provided:

(a) all destruction or damage occurring within a period of 48 hours of the earthquake is regarded as the one insured event;

(b) the amount of the due indemnity in respect of each occurrence shall be reduced with 3% of the sum insured of the home and/or contents;

(v) Flood (inundation of normally dry land by water from any watercourse, lake, canal, dam or reservoir), provided the amount of the due indemnity in respect of each occurrence shall be reduced with 3% of the sum insured of the home and/or contents;

(vi) Theft of electronic appliances by forcible and violent means, but not more than Euro 1000 for one occurrence and in aggregate for one insurance coverage period;

(vii) Malicious acts, but not loss or damage intentionally caused by the insured, a member of the insured's family, a direct or lateral relative of the insured, a tenant of, or visitors of a tenant of, the home;

(viii) Bursting or leaking of fixed pipes used to hold or carry liquid of any kind, but not loss or damage which occurs gradually over time, provided:

(a) the insurer shall not pay for repair or replacement of the apparatus, tank or pipe itself;

(b) the due indemnity in respect if each occurrence shall be reduced with Euro 100;

(ix) Impact by:

(a) a vehicle, an aircraft or a waterborne craft;

(b) space debris or debris from an aircraft, rocket or satellite;

(c) an animal;

(d) a falling tree or part of a tree;

(e) a mast or a television or radio aerial that has broken or collapsed;

but not loss or damage caused by:

(a) an animal kept in the home;

(b) rodents, vermin, or moth.

II. Ways of Determining of the Due Indemnity under Home and Contents Insurance

The indemnity due by the insurer for loss or damage to the home and/or contents shall be equal to:

(i) the amount of the reasonable expenses for repair of the home to a condition substantially the same as the condition of the home prior to the occurrence of the insured event, or the replacement value of the home, as solely determined by the insurer, but not to exceed the sum insured of the home;

(ii) the amount of the reasonable expenses for repair of the contents to a condition substantially the same as the condition of the contents prior to the occurrence of the insured event, or the replacement value of the contents, as solely determined by the insurer, but not to exceed the sum insured of the contents; and

(iii) the amount of the reasonable expenses for removal of debris after the occurrence of up to 5% of the amount of the damage or loss to the home and/or contents, provided the aggregate of such indemnity and the indemnity payable under items (i) and (ii) above may not exceed the aggregate of the home's and contents' sums insured.

In case of underinsurance of contents, the insurer shall pay indemnity on a first loss basis. This clause does not apply in case of underinsurance of a home.

III. Covered Risks and Exclusions under Home Owners Liability Insurance

The insurer shall cover any liability of the insured arising out of his title of ownership to the home for payment of any amount as compensation for:

(i) bodily injury caused to a tenant or a visitor of a tenant of the home; and

(ii) property damage or bodily injury of a third party other than a tenant or a visitor of a tenant of the home,

provided that:

(i) such bodily injury or property damage is neither expected, nor intended by the insured;

(ii) the event causing such bodily injury or property damage and the bodily injury or property damage itself have occurred during the respective insurance coverage period;

(iii) the insurer has been notified of the event causing such bodily injury or property damage during the same insurance coverage period within which the event has occurred.

The insurer does not provide coverage for liability arising from:

(i) bodily injury or property damage directly or indirectly caused by the existence, mining, handling, processing, manufacture, sale, distribution, storage or use of asbestos, asbestos products and/or products containing asbestos;

(ii) any agreement, unless liability would have attached to the Insured if that agreement did not exist;

(iii) bodily injury to the insured, a husband or partner of the insured, or a direct or collateral relative of the insured;

(iv) bodily injury to anyone employed by the insured or Property Management Services EOOD;

(v) any workers compensation legislation;

(vi) the use of the home for other than residential purposes;

(vii) vibration or the weakening of or interference with support to land, buildings or other property;

(viii) building work, construction or demolition of a building, including the building comprising the home;

(ix) the lawful seizure, confiscation, nationalisation or requisition of the home;

(x) destruction of or damage to the home by any government or public or local authority;

(xi) fines or other administrative penalties.

Within the limit of liability the insurer shall cover legal expenses of the insured provided the amount of such expenses has been approved by the insurer in writing prior to such expenses being made by the insured, the lawsuit is conducted before a Bulgarian court and the subject of the lawsuit is a liability of the insured covered under the insurance agreement. The liability of the insurer under this article may not exceed 10% of the indemnity due by the insurer in regards to the respective occurrence. The insurance coverage for legal expenses is included in the limit of liability under the Home Owners Liability Insurance and does not form an addition thereto.

The amount of indemnity due by the insurer under Home Owners Liability Insurance shall be determined on the basis of an out-of court settlement agreement approved by the insurer or a final court decision issued by a Bulgarian court. The insurer shall not be liable for payment of any indemnity under the Home Owners Liability Insurance in case the amount of such indemnity has been determined by a court decision issued by a non-Bulgarian court.

IV. Surveys and Instructions

The insurer shall be entitled to conduct a survey of the home.

The insurer shall be entitled to issue written instructions in respect of the use and/or safekeeping of the home. In case of non-compliance with any such instructions the insurer shall be entitled to reduce the amount of indemnity or refuse to pay any indemnity under any of the Home and Contents Insurance and the Home Owners Liability Insurance, provided the occurrence of the insured event and/or the amount of damages is a consequence of the non-compliance with the instructions given by the insurer.

V. Occurrence of an Insured Event. Settlement of Claims

If an event happens which may give rise to a claim for indemnification the insured must:

(i) take all reasonable precautions to prevent further loss, damage or liability;

(ii) keep the home and/or the contents in the condition they have been immediately after the occurrence of the insured event (except for changes in result of actions taken for prevention of further loss, damage or liability) in order to allow the insurer to conduct any necessary survey and investigation;

(iii) notify the police if any property is lost, stolen, or maliciously or intentionally damaged;

(iv) notify the insurer immediately but not later than 48 hours of becoming aware of the event;

(v) supply the insurer with all information required by the insurer to settle or defend the claim, including but not limited to:

(a) a copy of the Short Term Letting Agreement;

(b) documents evidencing the insured's title to the home;

(vi) notify the insurer of any other insurance covering the same loss, damage or liability;

(vii) cooperate with the insurer fully in any action the insurer may take to recover any money payable under the insurance agreement from any other person.

If an event happens which may give rise to a claim, the insured must not:

(i) authorise repairs to or arrange replacement of the home or the contents in connection with any claim without the consent of the insurer, other than emergency repairs necessary to prevent further loss;

(ii) admit liability or enter into any settlement agreement if an accident occurs which is likely to result in a claim being made against the insured.

If the insured does not take reasonable care to:

(i) protect and maintain the home and/or the contents;

(ii) minimize the cost of any claim under the insurance agreement, or

(iii) comply with all statutory obligations and by-laws or regulations relating to the safety of persons or property,

the insurer may refuse to pay for any loss or damage to which this failure to take reasonable care contributes.

The insurer may refuse to pay or to reduce the amount of a claim if:

(i) it is in any way fraudulent, or

(ii) any fraudulent means or devices are used by the insured or anyone acting on the insured's behalf to obtain any benefits under the insurance agreement.

The use of the home or contents for other than residential purposes is a "significant circumstance with a view to the covered risk" in the sense of art. 188 of the Bulgarian Insurance Code. If the home and/or contents is/are used for other than residential purposes and an insurance event has occurred as a consequence thereof, the insurer may refuse to pay indemnity.

VI. General Exclusions

The insurance agreement does not provide coverage for any liability, loss, damage, cost or expense directly or indirectly caused by, contributed to by, resulting from, arising out of or in connection with any of the following, regardless of any other cause or event contributing concurrently or in any other sequence to the loss:

(i) the lawful seizure, confiscation, nationalisation or requisition of the property insured;

(ii) destruction or damage to property by any government or public or local authority;

(iii) the deliberate application of heat;

(iv) inherent defects, structural defects, faulty workmanship, faulty design, breach of, or non-compliance with, any mandatory technical standards or requirements, or any gradual process;

(v) wear, tear, rust, corrosion, depreciation or gradual deterioration;

(vi) mold, mildew, algae, fungus, spores or other micro-organism of any type, nature, or description, including but not limited to any substance whose presence poses an actual or potential threat to human health, provided this exclusion applies regardless whether there is

(a) any physical loss or damage to insured property;

(b) any insured peril or cause, whether or not contributing concurrently or in any sequence;

(c) any loss of use or of occupancy of insured property, or loss of functionality of insured property;

(vii) settling, shrinkage or expansion in buildings, foundations or walls;

(viii) the removal or weakening of supports or foundations for the purpose of alterations, additions, renovations or repair;

(ix) any consequential loss;

(x) any process of cleaning involving the use of chemicals;

(xi) rodents, vermin and moth;

(xii) erosion, subsidence, landslide or earth movement other than as a direct result of one of the following insured events :

(a) storm;

(b) earthquake;

(c) explosion;

and occurring no more than 72 hours after the event.

(xiii) the action of the sea, high water, tidal wave, tsunami;

(xiv) discharge, dispersal, release, seepage, migration or escape of pollutants into or upon land, the atmosphere, or any water course or body of water of any solid, liquid, gaseous or thermal irritant or contaminant, including but not limited to smoke, vapour, soot, fumes, acids, alkalis, chemicals and waste, including material to be recycled, reconditioned or reclaimed;

(xv) ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel;

(xvi) the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof;

(xvii) any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter;

(xviii) the radioactive, toxic, explosive, or other hazardous or contaminating properties of any radioactive matter, provided the exclusion in this clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful proposes;

(xix) any chemical, biological, bio-chemical, or electromagnetic weapon;

(xx) war, invasion, acts of foreign enemies, hostilities or war-like operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or amounting to an uprising, military or usurped power, confiscation or nationalization or requisition or destruction or damage to property by or under the order of any government or public or local authority, as well as any action taken in controlling, preventing, suppressing, retaliating against, or responding to any of the above actions;

(xxi) mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, insurrection, rebellion, revolution, military, or usurped power, as well as any action taken in controlling, preventing, suppressing, retaliating against, or responding to any of the above actions;

(xxii) any act of terrorism or any action taken in controlling, preventing, suppressing or in any way relating to an act of terrorism, provided for the purpose of this clause an "act of terrorism" includes any act, or preparation in respect of action, or threat of action designed to influence the government de jure or de facto of any nation or any political division thereof, or in pursuit of political, religious, ideological or similar purposes to intimidate the public or a section of the public of any nation by any person or group(s) of persons whether acting alone or on behalf of or in connection with any organization(s) or government(s) de jure or de facto, and which:

    1. involves violence against one or more persons, or

 

    1. involves damage to property, or
    1. endangers life other than that of the person committing the action, or

 

    1. creates a risk to health or safety of the public or a section of the public, or

(d) is designed to interfere with or to disrupt an electronic system;

(xxiii) any intentional act of the insured.

VII. Exclusion Damage to Electronic Data

The insurance agreement does not provide coverage for any loss, damage, destruction, distortion, erasure, corruption or alteration of electronic data from any cause whatsoever (including but not limited to computer virus) or loss of use, reduction in functionality, cost, expense or whatsoever nature resulting therefrom, regardless of any other cause or event contributing concurrently or in any other sequence to this loss.

For the purpose of this clause:

"Electronic data" means facts, concepts and information converted to a form useable for communications, interpretation or processing by electronic and electromechanical data processing or electronically controlled equipment and includes programs, software and other coded instructions for the processing and manipulation of data or the direction and manipulation of such equipment;

"Computer virus" means a set of corrupting, harmful or otherwise unauthorized instructions or code, programmatic or otherwise, that propagate themselves through the computer system or network of whatsoever nature, which are self-multiplying, and are of nature to affect computer systems or computer data, to engulf computer resources, to change, destroy data or in other way to prevent the normal work of a computer, computer system or computer network.

However, in the event that a fire or an explosion results from any of the matters described above in this paragraph, the insurance agreement, subject to all its terms, conditions and exclusions, will cover physical damage occurring during the respective insurance coverage period to insured property caused by such fire or explosion.

Should electronic data processing media insured under the insurance agreement suffer physical loss or damage insured by the insurance agreement, then the basis of valuation shall be the cost of the blank media plus the cost of coping the electronic data from back up or from originals of a previous generation. These costs will not include research and engineering nor any costs of recreating, gathering or assembling such electronic data. If the media is not repaired or restored the basis of valuation shall be the cost of the blank media. However the insurance agreement does not insure any amount pertaining to the value of such electronic data to the Insured or any other party, even if such electronic data cannot be recreated, gathered or assembled.

VIII. Notifications

All notifications to the insurer must be in written form and sent to the address specified below, or to any other address which the insurer has notified to the insured in writing. Notifications may also be made by fax to the number specified below, or to any other fax number, which the insurer has notified to the insured in writing.

Sofia
Oborishte Region
26-28-30 Bacho Kiro Str.
fax #: (02) 930 19 20

IX. Dispute Resolution. Competent Court. Applicable Law.

The relations between the insurer and any insured in respect of the subject matter of the insurance agreement shall be settled solely on the basis of the provisions of the insurance agreement. The insurer's general conditions for property damage and liability insurance shall not apply in respect of the insurance cover provided under the insurance agreement.

Any issues which are not resolved in the insurance agreement shall be settled on the basis of the provisions of the applicable Bulgarian legislation.

All disputes and claims arising out of, or related to, the insurance agreement, which cannot be resolved through negotiations shall be resolved by the competent Sofia court, unless the dispute or claim should be settled by another Bulgarian court by operation of a mandatory statutory provision.

  1. Definitions

 

Villa shall mean a solid detached or semidetached house

Contents shall mean all items which:

(i) belong to the insured;

(ii) are located in a home; and

(iii) are used for residential purposes,

except for the following:

(i) jewelry, objects made of precious metals, precious or semi-precious stones and works of art;

(ii) cash, collections of any kind or collectibles, negotiables, financial transaction cards and documents;

(iii) animals;

(iv) any plant life;

(v) any property:

(a) illegally in the possession of the insured;

(b) stored in a dangerous or illegal way;

(c) any equipment connected with growing or creating any illegal substance;

(vi) commercial or retail trade stock;

(vii) property used in connection with a profession, trade or business, or otherwise for reward;

(viii) motor vehicles and bicycles;

(ix) items being cleaned, repaired, restored or located for any other reason away from the home;

(x) items stored or installed in the open air (including terrace, or balcony).

Insurance Agreement shall mean Insurance Agreement No. PM00001, executed on 1 April 2008 between Property Management Services EOOD and QBE Insurance (Europe) Limited-Sofia Branch.

Short Term Letting Agreement shall mean an agreement entered into between Property Management Services EOOD and the owner of a home, whereby Property Management Services EOOD undertakes to carry out activities related to the maintenance, safekeeping and management of the home.

Home shall mean an apartment or a villa which is:

(i) subject to a Short Term Letting Agreement;

(ii) subject to an issued deed for establishing of the construction works' readiness for acceptance (attachment #15) in the sense of art. 7. para. 3, item 15 of Ordinance #3 on Issuing of Deeds and Protocols at the Time of Construction;

(iii) used solely for residential purposes; and

(iv) not a building or a part of a building in the course of being constructed, reconstructed, demolished, or that is vacant pending any such activity;

excluding:

(i) any ideal parts, attics or basements pertaining or corresponding to apartments;

(ii) outbuildings (not having the quality of a building), installation on the outside walls of buildings, swimming pools, tennis courts, spas, saunas, jetties and pontoons;

(iii) improvements of the surrounding ground, pathways, driveways, retaining walls, fences, gates, plant life; and

(iv) any other items located or installed outside the building.

Bodily Injury shall mean death or permanent disability.

Property Damage shall mean physical damage or loss of tangible property.

For more information and the rates of the insurances please contact us at:

 

 
 
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