Monument of cultural heritage is insured in Azerbaijan

Monument of cultural heritage is insured in Azerbaijan

Azerbaijan, Baku, Nov 23 / Trend N.Ismayilova/

The Azerbaijani Ateshgah Insurance Group has insured the fire-temple Ateshgah, which is regarded as the first antique of Azerbaijan's cultural heritage, Akbar Madatli Deputy Chairman of Ateshgah Heyat, which is part of the insurance group spoke about it at a joint press conference with the Ministry of Culture and Tourism on Wednesday

"The Temple Ateshgah is insured at the Group's own expense of $3 million. The purchaser under the contract is the Ministry of Culture and Tourism and the risks are reinsured in the frame of a contract on the obligatory programme Ateshgah Heyat on the European market, by the German company Hannover Re," Mr Madatli said.

He said it is the first case of cultural and historical monument insurance in Azerbaijan.
"The company has studied the global cultural heritage insurance experience and took the idea to the Ministry of Culture and Tourism, which has welcomed it," Mr Madatli said.
The historic monument is insured against fire by lightning, explosions, natural disasters, from damages, i.e. against all risks, usually provided in property insurance.
"Today, the company does not conduct negotiations on the insurance of other cultural and historical monuments, but we can't exclude the possibility of their conclusion in the future.

"We want the other members of the insurance market to move in this direction, since it is often practiced on the world markets and enhances the local insurance market."
Insurance cover will run for one year, which is the usual term used in similar practices. However, Mr Madatli doesn't exclude the possibility of extending the contract upon its expiration.

The company chose the cultural-historical monument Ateshgah due to the fact that the insurance group has a similar name.

According to Vagif Aliyev the Deputy Minister of Culture and Tourism, it is a very important, because the temple should be considered as a candidate for registration as a cultural heritage of UNESCO. Its insurance may affect the decision on the inclusion of a monument to the list.

Ateshgah is located 30 kilometres from the centre of Baku, on the south-eastern outskirts of Surakhani on the Absheron Peninsula. The current Ateshgah was built in XVII-XVIII centuries in place of eternal, inextinguishable fires - burning natural gas output. It was built by a Hindu community which lived in Baku, most of whose members came from North India and belonged to the Sikh caste.
Ateshgah Heyat is the first life insurance company in the country, established in December 2008.

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