Contracts on compulsory real estate insurance must be extended - Azerbaijan Insurers Association
BAKU, Azerbaijan, Nov. 17
By Fidan Babayeva – Trend:
The contracts on compulsory real estate insurance must be extended in accordance with the legislation in Azerbaijan, Executive Director of the Azerbaijan Insurers Association Elmar Mirsalayev told Trend on Nov. 17.
"Compulsory insurance of real estate is regulated by the Law of the Republic of Azerbaijan "On Compulsory Insurance",” the executive director said. “Big enlightenment work was carried out on this type of insurance in late 2019, as a result of which most of the population insured their real estate."
The insurance contracts are valid for one year.
"As the Azerbaijan Insurers Association, we want to notify citizens and entrepreneurs that the validity of these agreements must be extended by one year,” the executive director said. “Otherwise, citizens may face certain restrictions."
Mirsalayev also stressed that the insurance companies paid 3.4 million manat ($2 million) on compulsory real estate insurance to the population from January through September 2020.