BAKU, Azerbaijan, Jan. 9
By Nargiz Ismayilova - Trend:
For compulsory insurance of real estate of individuals in Azerbaijan, only an ID and an extract from the state register of real estate are required, Masuma Talibova, analyst at the Center for Analysis of Economic Reforms and Communications, told Trend.
Talibova noted that for real estate insurance, it is necessary to choose an insurance company and conclude an agreement.
The actual owner of the property is free to choose any insurer who has permission to carry out the specified type of compulsory insurance, the analyst added.
The insurance certificate reflects information about both the insured person (owner of the property) and the insurer, as well as information about the real estate - location address, serial number of extract from the state register or other documents confirming the right of actual ownership of the property, as well as conditions of insurance - insurance amount, premium, deductable, start and end dates of the insurance contract, said the analyst.
The insurance certificate is prepared by order of the Compulsory Insurance Bureau, at the expense of the insurer on special licensed forms, Talibova noted.
The analyst added that a notification on the conclusion of a compulsory insurance contract is sent to the insured via SMS on a mobile phone.
When an insured event occurs, it is necessary to immediately inform the insurance company and the relevant state bodies (Ministry of Emergency Situations, local executive authorities, etc.), and take all necessary measures to prevent possible losses, said Talibova.
“The insurance company should, within 7 days, after providing all the necessary documents, taking all necessary measures related to the investigation of the circumstances of the insured event and determining the amount of damage caused, pay the insurance indemnity or send a written notification to the insurer about the refusal to pay the insurance indemnity,” the analyst added.