In the Building Owner’s Insurance, we have combined several insurances for homeowners that protect them against the most common damages to property.
However, Fire Insurance for the property is not included, as the property owner is required to purchase it separately.
Building Owner‘s Insurance is composed of 8 different insurance policies and covers the most common damages that occur to a commercial building. It is taken out in addition to building fire insurance.
What is covered? | What is not covered? |
|---|---|
| Water damage insurance covers: | Water damage insurance does not cover: |
Damage caused by water suddenly leaking from water pipes within the walls of the building. | Damage caused by external water. |
Damage caused by water flowing from sanitary fixtures by mistake or due to a sudden malfunction. | Damage caused by water flowing out of sewers or drainage pipes. |
Damage caused by leaks from refrigerators or freezers. | Damage caused by failure of drainage pipes. |
Damage caused by persistent moisture or fungal growth. | |
| Storm insurance covers: | Storm insurance does not cover: |
Damage to the property caused by storms if the wind speed reaches 28,5 meters per second or more. | Damage to loose items outside the building. |
Damage caused by sandstorms. | |
| Heavy snowfall insurance covers: | Heavy snowfall insurance does not cover: |
Damage to the property if heavy snow load overburdens its roof or walls. | Damage caused by avalanches. |
Damage caused by construction defects or insufficient maintenance. | |
| Burglary insurance covers: | Burglary insurance does not cover: |
Damage due to burglary. | Damage to mailboxes. |
| Rental insurance covers: | Rental insurance does not cover: |
Rental payments the insured party loses or has to pay if the property has to be evacuated due to damage. | Rental payments for longer than 6 months after each insurance event. |
| Glass insurance covers: | Glass insurance does not cover: |
Damage to glass installed in the insured property if it breaks. | Damage to cut glass or glass art |
Damage if the glass is scratched or chipped. | |
Damage due to steam between window panes. | |
| Soot damage insurance cover damage due to: | Soot damage insurance does not cover: |
Sudden and unexpected soot emissions from heating equipment and fireplaces. | Damage covered by the building‘s Fire Insurance. |
| Property owner‘s liability insurance covers: | Property owner‘s liability insurance does not cover: |
Damage the building‘s owner is liable for according to the law, for example if a guest is injured due to inadequate finishing or incomplete construction. | Damage to items the insured has rented or borrowed or are, for other reasons, in their care. |
The insurance policy does not cover damages caused by natural disasters or damages caused by war, terrorism, pollution, or other similar events.
The insurance is valid for the property specified in the insurance policy.
You must report any damage as soon as possible and no later than one year from the date of the damage.
You must ensure that all the information in the insurance policy is accurate.
You must inform us of any changes in your address, telephone number, and email address.
You must follow all the precautions in the terms of the insurance policy.
The premium must be paid on the due date. When the insurance policy is issued or renewed an electronic claim is created in your online bank. You have the option to distribute the premium payments by:
Credit card payment, where the premium is charged monthly to a credit or debit card.
Direct payment, where your bank account is debited monthly.
Corporate distribution, where the premium can be paid in monthly payments.
The insurance policy takes effect when an offer is accepted and is renewed annually until it is canceled.
Individuals and companies with fewer than five full-time positions can cancel the insurance at any time and it will expire at the end of the following month after the cancellation is received. Other companies can cancel their insurance one month in advance before the end of the insurance period.
The cancellation must be in writing, for example with an electronic signature.