| M E N U |
 |
|
|
|
| E X C H A N G E R A T E S |
|
|
|
| |
07:09:2010 |
08:09:2010 |
|
| USD |
0.8036
|
0.8038
|
|
| EUR |
1.0291
|
1.0203
|
|
| RUR |
0.0262
|
0.0260
|
|
| W E A T H E R T O M O R R O W |
|
|
|
|
| U S E F U L L I N K S |
|
|
|
|
|
|
Compulsory Passenger Insurance
In compliance with regulation of Milli Majlis of Azerbaijan Republic any passenger whether traveling on air, water or ground transport shall be insured without fail.
Insurance object shall be life and/or health of passengers traveling on the territory of Azerbaijan Republic, whether departing or entering it.
Such insurance cover shall amount to 1,5% of the ticket value for the relevant transport facility.
Insurance sum shall be 2 000 manat per passenger and payments shall be made based on insurance payment table subject to the state of health of the person suffered in an accident.
Compulsory Motor Third Party Liability insurance
This insurance type is the one most widely used in Azerbaijan Republic. In compliance with Law of Azerbaijan Republic “On compulsory Motor Third Party Liability insurance” vehicle owners having failed to insure their liability to third parties shall be fined by State Traffic Police. Besides, liability insurance of vehicle owners participating in road traffic and having passed technical inspection shall be compulsory regardless of the property form.
Insurance object shall be liability to third parties for property damage and/or life and health hazard caused.
Insurance fees established by the abovementioned Law as well as insurance payments on this particular type of insurance are calculated below:
Annual insurance premium:
Cars:
- belonging to physical entities - 10 manat;
- belonging to legal entities - 12 manat;
- trucks - 16 manat
Buses, including those
- with 8 - 14 passenger seats : 24 manat;
- with 15 – 26 passenger seats: 36 manat;
- with 26 and more passenger seats: 50 manat;
- scooters and motorcycles - 5 manat;
- tractors and other specific facilities - 6 manat;
- tram and trolleybus – 16 manat.
Limits of Indemnity:
In compliance with compulsory Motor Third Party Liability insurance legal representatives of the victims of a traffic accident shall be paid a sum insured in the amount of 1000 manat and up to 1000 manat for property damage sustained.
Compulsory Fire Insurance
Compulsory fire insurance is aimed at protection of property interests of insurers and population with regards to timely payment of indemnity for damage sustained as a result of fire to their property and health as well as at providing additional social security protection. The Law of Azerbaijan Republic “On compulsory fire insurance” governs relationships in the area of fire insurance of the property of legal and physical entities involved in business activities on the territory of Azerbaijan Republic as well as civil liability insurance to third parties and determines minimum compulsory requirements to be met by the parties to this insurance.
Insurance Objects:
Insurance objects shall be as follows:
- buildings, including those for mass meetings, warehouses, units, transfer mechanisms, machines and equipment, furniture, finished products, raw stock and materials in possession and use of insurers on the territory stipulated by Insurance Contract;
- Insurer’s civil liability for damage caused to property and health of third parties as a result of fire.
Damage caused to property and health of third parties and reimbursed upon occurrence of the insured accident shall include as follows:
- death or bodily injury;
- damage or destruction of property;
- court costs related to damage reimbursement.
For the purposes of this Law below listed items shall not be considered as insurance objects:
- valuable hand-made and antique boards, paintings, books, engravings, manuscripts, sculptures, jewelry, collections;
- patterns, forms, lay-outs and sketches, industrial patents, documents;
- cash assets, shares, bonds and other securities, all types of gold, silver and other precious metals (other than precious metals used for manufacturing of equipment), luxury goods and precious stones made of them.
Insurance of buildings and facilities in emergency condition as well as property contained therein shall not be allowed. For additional information please call our office at: (+994 12 497 37 60).
Environmental Insurance
Many companies cause irreparable damage to environment with their operations impacting environmental situation and presenting serious health hazard. Rights of citizens to favorable environment have been secured by the Constitution of Azerbaijan Republic, the Law “On Environmental Protection” and their violation shall result in amenability to the state and the person injured. Compulsory environmental insurance is governed in more detail by the Law of Azerbaijan Republic “On Compulsory Environmental Insurance” in compliance with which all legal and physical entities involved in ecologically unsafe operations shall be subject to compulsory insurance.
”Standard Insurance” Company offers liability risk insurance for damage resulting from emergency environmental pollution due to industrial and economic activities .
Insurance Objects:
Property interests of Insurer with regards to his/her responsibility duly established by the legislation of Azerbaijan Republic to repair a damage to third parties as a result of emergency environmental pollution caused by Insurer upon conduct of industrial and economic activities.
Insured Accident:
Negative impact on environmental object as a result of breakdown or accident during conduct of Insurer’s operations; impact of the environmental object contaminated as a result of a man-caused breakdown or accident during conduct of Insurer’s operations.
Sum Insured and Insurance Rates:
Sum insured under Environmental Insurance Contract is established upon mutual agreement of Parties.
The following factors are taken into consideration upon calculation of rates:
- technical status of the industrial and economic object;
- service life, wear and tear of equipment;
- properties of emissions, pollutant discharges, industrial wastes, availability of a duly issued discharge permit, terms and conditions of waste disposal;
- properties of technical devices of control over industrial and economic operations as well as over emissions and pollutant discharges;
- availability and workmanship of emergency rescue teams to eliminate accidents on work sites;
Indemnity:
In case of any damage to the property of physical and/or legal entities as well as to environmental objects the amount of indemnity shall be calculated based on the value of actual damage within the amount of sum insured established by the insurance contract.
In case of any harm to the health of physical entities an income lost or reduced due to disability of the person injured shall be reimbursed alongside with additional expenses necessary for his/her recovery (e.g., high-calorie diet, spa treatment, nurse services, transportation expenses, paid medical service, etc.) as well as with part of the salary that disabled dependants with no right to receive any allowance from him/her have been deprived of in case of injured person’s death.
For any additional information please contact our office on: (+99412) 497-37-60.
|
|
|
