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Insurance of collateral property

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Insurance of collateral property is necessary for both the borrower and the creditor bank. In the event of damage or loss of the collateral property the Insurer compensates for its cost which enables the borrower to repay the credit in due time without putting its reputation at risk and the bank to secure a guarantee against non-repayment of the credit.

The insurance of collateral property is prescribed by the RF legislation (art. 343 of the RF Civil Code, RF Law “On pledge” No 2872-1 as of 29.05.92).

Insured objects:

• Property of legal and natural entities acting as the borrowers including basic funds and current assets:
• Buildings and facilities, accommodations;
• Equipment in stock and operation;
• Merchandise inventory (goods in circulation);
• Any other property.

Insurable risks:

• Fire, thunderbolts, utility gas explosion;
• Natural disasters (earthquakes, storms, tornados, hurricanes, flood, etc.);
• Explosion of steam boilers, gas storage, gas pipes, machines, apparatuses and other similar appliances;
• Property damage by water from water supply, sewage, heating systems and fire extinction systems;
• Burglary, robbery;
• Third parties’ malicious acts;
• Fall of piloted flying objects and their fragments on the insured property;
• Property collision with the ground vehicles.

Collateral property can also be insured under the following programs

• Equipment and vehicle insurance against breakage and latent defects;
• Insurance of products stored in refrigerators;
• Motor insurance;
• Mortgage insurance;
• Insurance of agricultural risks.

Approximate insurance premium rates*:

Insured objects	Insurance premium rate of the annual sum insured
Buildings	0,07 – 0,3%
Production equipment	0,09 – 0,4%
Office equipment, furniture	0,1 – 0,3%
Warehouse stocks:
Clothes, footwear, food, drinks	0,11 – 0,4%
Household appliances, computers	0,105 – 0,45%
Timber	0,15 – 0,8%
Elevator grain, oil	0,16 – 0,5%
Oil products	0,1 – 0,6%
Automobiles in salons and open parking lots	0,1 – 0,9%
Fuel stations	0,095 – 0,8%
Insurance of electric appliances	до 0,7%
Insurance of products in refrigerators	до 0,6%

*Note: The rates are indicated for information purposes, are not an offer and can be both increased or reduced depending on the rate of the insured sum or risk factors.