Members of Bureau of Compulsory Insurance Received AZN 1.5 Million for Property Insurance

April Award of the Bureau of compulsory insurance (BCI) within the framework of compulsory insurance of immovable property belonging to individuals, their civil liability in the operation of real estate, as well as the compulsory insurance of passengers amounted to 1 million 635.24 thousand manat.

These funds are the result of 11,783 contracts, according to a press release from BCI. Most of the policies (10,963) issued under property insurance on the total amount to 1 million 529.38 thousand manat (minus 56% compared with last April). According to civil liability, in the operation of real estate there were concluded 737 contracts worth 56.79 thousand manat and only 83 of the contracts under the compulsory insurance of passengers at a premium of 49.07 thousand manat.

Compulsory property insurance covers all types of buildings belonging to individuals, offices, legal entities, public property.

The maximum coverage in Baku is 25,000 manat, in Ganja, Sumgayit and Nakhchivan – 20,000 manat, other settlements – 15,000 manat.

The insurance rate for this type of insurance is 0.2% of the sum insured. --17D-