Real Estate Protection with Military Risk Being Considered Thanks to Insurance Products for Apartments In Progress
Dear customers, we would like to remind you that you can take out insurance with military risks being considered for apartments in progress. When entering into an agreement for the purchase of real estate in all Alliance Novobud residential complexes, the customers may conclude a contract of voluntary insurance under the Apartment In Progress Program from BROKBIZNES insurance company.
The contract provides for financial risk insurance, namely: The real estate buyer’s property interests related to financial losses caused by non-fulfilment of obligations under the property rights purchase and sale contract regarding the transfer of these property rights under the sale and purchase contract.
The insured event is the Developer’s (apartment seller) failure to fulfil its obligations regarding the transfer of property rights to the insured entity under the property rights sale and purchase contract, as a result of:
- Man-made accidents
- Military risks, namely complete destruction of a real estate object in case of the use of small arms, grenades and/or as a result of the explosion of artillery shells, mortar mines, missile ammunition, aerial bombs and warheads, guided and ballistic missiles, except for nuclear, biological and chemical weapons
- Fire, explosion, accident, natural disasters
Insureds can be physically capable individuals, including entrepreneurs and legal entities.
The insured amount is equal to the value of the real estate object, and the insurance rate is 0.35%.
Real estate object: Apartments, non-residential premises and other immovable property used for private and/or commercial purposes.
Insurance contracts are valid on the territory of Ukraine, excluding territories where military (combat) operations are ongoing or temporary occupied territories, surrounded (blocked), temporarily annexed territories of Ukraine, as well as territories where operations of the United Forces are underway. Territories located at a distance of up to 100 kilometres from the Collision Zone (according to the Protocol Additional to the Geneva Conventions of 12 August 1949, relating to the Protection of Victims of International Armed Conflicts (Protocol I), dated 8 June 1977).
More information is available at Alliance Novobud sales offices: