Property and Business Interruption Insurance

It is very important for an operating business to have a reliable insurance coverage of its main investments that, as a rule, include real estate assets, equipment and any other property directly connected to its business activities.

Another essential risk is a total or partial interruption in its production activity (Business Interruption). In this case, additional extra-budgetary resources may be required to cover any fixed costs, and also the losses will be accumulating successively.

Such problems can be addressed by insuring with London-Almaty Insurance Company, in due time, one’s property against losses that may be suffered as a result of a business interruption.

What can be insured?

1. Property:

• Real estate assets (residential buildings, apartments, administrative and production buildings) except for land lots, perennial plants, asphalt and other similar pavings;
• Production and office equipment, machinery, and also vehicles located within the production and construction sites;
• Home property;
• Goods, stock and materials being in turnover, in warehouses and sales areas;
• Money and valuables kept in safe deposits (including coverage during transportation).

2. Business interruption losses due to occurrence of an event insured include:

• Fixed costs;
• A lost profit;
• Any other costs.

What risks can be insured?

• Earthquakes;
• Fire, explosion, stroke of lightning;
• Malicious acts of third parties;
• Damage with water and as a result of any acts of God;
• Aircraft crash.

Also, London-Almaty Insurance Company provides insurance against additional risks involving the following:

• Expenses on cleanup operations at site in case of an event insured;
• Mechanical and / or electrical failures of equipment;
• Terrorist attacks;
• Any other specific risks.

Pricing Policy

Insurance value will be established based on the Questionnaire completed by the applicant accounting for the following factors determining the exposure to risk:

• Constructional features of the building in question (material, number of floors);
• Date of its construction, reconstruction and overhaul;
• Geographical location, including relative to any other facilities (neighbouring structures, sources of high hazard);
• Condition of the fire safety and security systems;
• Insured object’s operation and storage conditions;
• Insured’s history of losses that were sustained as a result of any events insured;
• Period of insurance;
• The Sum Insured.*

*Sum Insured means the amount of money covering the insurable object, which is the maximum limit of the Insurer’s liability in case of any event insured. Sum Insured shall not exceed the actual value of the insurance object.

Indemnification Guarantees

London-Almaty Insurance Company does its best to make its insurance coverage reliable and pay indemnities out as soon as possible.

Compulsory Reinsurance Agreement:

Reinsurance means insurance for insurance companies.

Getting an insurance policy from us you receive an unexampled coverage. The Company reinsures property risks with international reinsurers under compulsory reinsurance agreements, which guarantees its solvency to its Customers.

Another important guarantee of our indemnification capacity is the financial stability of our reinsurers.
The financial stability ratings of all the reinsurers we are cooperating with are not lower than A-. Our leading reinsurer under the agreement is Swiss Re, the world’s largest reinsurer (with its financial stability rating being AA as awarded by S&P).

Catastrophic Losses Cover Program:

The Company has a CAT XOL Program for coverage of catastrophic losses limited to US$ 60,000,000 to cover its net retention. This means that London-Almaty Insurance Company is insured against catastrophic disasters (for instance, strong earthquakes), and guarantees to its customers indemnification in any circumstances.

This is important to know

A deductible will be established at execution of an insurance agreement.

Deductible means a portion of expenses to be paid by the Insured to cover the losses, that is, the Insurer will not be liable for any damage not exceeding the amount specified in the respective agreement. Deductible can be expressed as both a currency amount and certain percentage of the sum insured.