Insurance of property that is the subject of collateral (for clients of JSC CB "PrivatBank")

Property under ownership, use, or disposal rights as specified in the insurance contract, which is associated with:
● insurance interests of the Policyholder (Beneficiary);
● insurance risks covered under the Contract.

The insurance covers property that is the subject of a bank mortgage or pledge.

Insurance Risks: 

• fire, including arson, explosion, lightning strike;
• falling of manned aircraft or parts thereof, or cargo, onto the insured property;
• illegal actions of third parties: burglary, robbery, assault;
• illegal actions of third parties aimed at damaging or destroying property, vandalism, hooliganism;
• water damage due to accidents in water supply, sewage, or heating systems and connected household appliances;
• natural disasters (storm, hurricane, tornado, squall, heavy rain, snowfall, hail, avalanche, rockfall, landslide, ground subsidence, mudflow, flood, earthquake, snow pressure).

Insured Event: damage, destruction (loss), or disappearance of the insured property resulting from the occurrence of insured risks.

Insurance Limitations:

The insurance under this Contract does not apply to:

• intellectual property objects, property rights, intangible assets;
• property or equipment located on external walls and/or roofs (including signs, advertisements, canopies, shutters, antennas, except for equipment specifically intended for installation and operation there);
• models, mock-ups, teaching aids, exhibition or prototype samples, machinery, mechanisms, vehicles, buildings;
• cash, currency, payment cards, means of payment, securities, ownership certificates, excise stamps, drawings, manuscripts, photos, or data carriers;
• works of art, antiques, collections, stamps, coins, old or classic cars, furs and fur products;
• engineering structures (roads, bridges, dams, tunnels, canals, etc.) that are not integral to a building or technological process;
• vehicles used on public roads, railway or air transport;
• plants, crops, animals, birds, fish, and other living organisms;
• unfinished construction, unused buildings, and property located within them;
• buildings and structures not officially commissioned;
• personal property belonging to employees (clothing, cars, tools, etc.);
• goods with expired shelf or sale period;
• goods not recorded in detailed inventory.
• The full list is provided in the General Terms of the Standard Insurance Product "Insurance of Property that is the Subject of Mortgage (Pledge)" available at: https://uniqa.ua/storage/public-offer/partner-reports/2216_umovy.pdf

The insurance sum is determined by agreement between the Parties within the limits of the actual (market) value of the property.

The annual insurance rate depends on the insured object, the list of insurance risks, the number of insured objects, and the description of the insured object, and is set at from 0.06% to 1.088% of the insurance sum under the insurance contract.

The insurance premium is calculated individually by multiplying the insurance sum by the insurance rate.

Deductible: 
an unconditional deductible established by mutual agreement of the Parties in the amount of 1%, 2%, or 3% of the insurance sum under the contract, deducted when calculating the insurance indemnity for each event.

Insurance territory: the address of the insured property located within the territory of Ukraine.

The insurance contract does not apply:

to areas of armed conflict and mass unrest, temporarily occupied territories of Ukraine as defined by Ukrainian law, as well as territories where state authorities do not temporarily exercise their powers, and settlements located on the demarcation line or in areas of military action of any kind, or in immediate proximity to them (within 60 km), regardless of the official recognition of a state of war;
• to territories where a state of emergency has been officially declared, or areas officially recognized by competent authorities as potential disaster zones, if such declaration occurred before the conclusion of the Contract;
• to property located within insured premises but not covered by the Contract.

Contract term — 12 months.

The insurance period under the Contract is 12 (twelve) months, provided that the insurance premium is paid in full. If the premium is paid in installments, the insurance period corresponds to the time covered by each installment.

The Contract enters into force at 00:00 (Kyiv time) on the start date specified in the Contract, but not earlier than the moment the Policyholder pays the insurance premium (or the first installment, if paid in parts) in the amount specified in the Contract to the Insurer’s account.

The Contract remains in force until 24:00 (Kyiv time) on the date specified as its expiration, unless other circumstances lead to early termination.

Failure by the Policyholder to fulfill obligations under the contract is grounds for refusal of the insurance payment.

If the insurance premium (or its first installment, if paid in parts) for the initial insurance period is not paid or paid only partially, the Contract does not take effect, and the Insurer has no obligations to make insurance indemnities.

If subsequent insurance premiums (or their installments) are not paid in the amount and within the terms specified in the Contract, the Contract is not renewed for the next insurance period and terminates at 00:00 (Kyiv time) on the day following the end of the previous insurance period.

The Contract is supplementary to banking services under the Credit Agreement concluded by the Policyholder with JSC CB “PRIVATBANK”. In connection with the conclusion of the Contract, there is no need to obtain any additional or related services from the Insurer and/or third parties related to the financial service under the Contract.

Discounts and promotional offers are not available and do not apply.

Before concluding the Contract, the Policyholder must inform the Insurer or Insurance Agent of any circumstances known to them that are material to the assessment of insurance risk, including the existence of a lawful or other insurable interest in relation to the insured object, including such interest held by the Beneficiary.

Information material to the Insurer’s decision to enter into the Contract, determine the insurance premium amount, and/or assess insurance risk includes data on:

deterioration of fire protection, termination of security services, transfer of ownership rights, transfer of use to another person, repairs, reconstruction, re-equipment, modification, demolition, etc.

This insurance product requires the consumer to review the information in advance in order to make an informed decision about entering into the insurance contract.

Before entering into the insurance contract, the consumer must review the information on exclusions from insurance coverage, grounds for refusal of insurance payments, insurer’s liability limits for each insured object, insurance risk and/or insured event, as well as the calculation method and conditions for insurance payments, contained in the General Terms and Conditions of the insurance product “Property Insurance for Mortgaged (Pledged) Property”, available at: https://uniqa.ua/storage/public-offer/partner-reports/2216_umovy.pdf