What is required to purchase a SEESAM insurance policy?
Answer: In order to purchase an insurance policy, it is necessary to fill in an application form. The application form can be filled in electronically or by sending it to “Seesam Latvia" by fax or e-mail. The application form can also be filled at the IJSC “Seesam Latvia” offices. In the appendix of the insurance, it is necessary to indicate the insured object – an apartment or a dwelling house, area of the premises and kind of construction of the insured object, year of construction and date of carrying out previous repair works, state of communication systems.
What is “under-insurance” and “over-insurance”?
Answer: Over-insurance is the case when the sum of insurance for a dwelling object exceeds its repair or actual value established before the occurrence of the insurance case.Under-insurance is the case when the sum of insurance for a dwelling object does not reaches its repair or actual value established before the occurrence of the insurance case. In this case, the insurance company shall pay the insurance reimbursement at the amount that constitutes the difference between the insurance sum and the value of the object.
What is restoration value?
Answer: Restoration value is the sum necessary to restore the immovable property to its previous quality and amount or to rebuild an equivalent property, engineering communications and designing expenses related with construction included.
What kinds of risks are covered?
Answer: The insurance covers only those risks that are indicated in your insurance policy. Usually, when insuring an immovable property, the following losses are covered: losses caused by fire, lightning, explosion, aircraft crashes; storms, hail; breakdown of water supply, heating and sewerage systems, burglary, robbery; illegal acts of the third party.
In addition to the above mentioned risks, “Seesam Latvia” offers insuring against losses or damages caused by the following risks:
- Falling down of trees, masts and piles. We will cover losses if a tree or pole next to your property falls on the insured building or apartment.
- Phenomena of electrical nature. We will cover losses occurred to the immovable property due to short circuit or overvoltage occurred in an electric appliance.
- Flood. We will cover losses occurred to the immovable property related with overflow of the land parcel where the insured object is located, due to flood.
- Overflow. We will cover losses occurred to the immovable property in the case if the overflow has been caused due to slight carelessness of the person who purchases the insurance policy (FOR INSTANCE: You forgot to close water in a bathroom and the apartment downstairs is overflows). We will also cover losses in the cases of water leakage if it is caused in the result of an accident caused by frost.
- Motor vehicle impact. We will cover losses if a motor vehicle runs into your building or apartment.- Breakage of glass surfaces. We will cover losses for damage done to outer glass surface caused by any sudden or unforeseen event. For instance, a window is broken during paying with a ball.
- Substitution of dwelling. We will cover losses related moving to a new place or renting of dwelling premises related with long-term stay in another place in the case if the insured object (an apartment or dwelling house), after an insurance case has occurred, is not fit for living therein.
- Insuring of inventory for active recreation. We will cover the damage done to your property (for instance, a bicycle, skis, perambulator, video and photo equipment etc) when using it in any place in the territory of the Republic of Latvia, the case being related with theft, robbery, impact caused by a motor vehicle or fire.
- The weight of snow and ice. We will cover losses caused by the mass of snow or ice in the result of an intensive snow, which damages ceiling or any other construction of buildings.
- Earthquake. We will cover losses caused to the insured property in the result of an earthquake (of magnitude 5 at least).
Since coverage of different risks (what in particular is covered and what is not) in various insurance companies may differ, it is important to find out whether the selected risk is appropriate for you and would ensure the necessary insurance protection.
In what time frame is a decision regarding reimbursement is made?
Answer: The decision regarding reimbursement is made no longer than within 14 days beginning with the day when the insurance company has received all required documentation.
What is a self-risk?
Answer: A self-risk is the part of losses in financial terms or proportion that is subtracted from the insurance reimbursement sum after the insurance case has occurred. A self-risk is participation of the insurant in covering the losses. The greater is the self-risk, the smaller is the insurance payment.Self-risk sum may differ depending on the insured object and/or insurance risks.
Is it possible to insure other household buildings, like saunas and garages?
Answer: Yes, household buildings can be insured separately provided that the main dwelling premise located on the same land parcel is also insured at the IJSC "Seesam Latvia".
How can I inure property?
Answer: There are two ways hot to carry out insurance of property:1) in accordance with a list – in this case the receiver of the insurance reimbursement submits a list of property indicating the exact title and value of each property.2) without any list – in this case, any property owned by the insurant and/or his or her family members is insured. No titles of the property are indicated, and the total sum of insurance does not exceed 1000 LVL. The insurance sum of property is calculated based on the total area of the dwelling building/apartment.
Is it possible to insure a fence and how to do it?
Answer: Yes, it is possible to insure objects supplementary to the dwelling building provided that a fence is located at the same address as the insured dwelling building. In order to insure a fence, it is necessary to pay the insurance sum to the insurance company and indicate the length of the fence.
How to cancel or terminate a policy?
Answer: To cancel or terminate a policy the following documents must be submitted:
1. Completed application for cancellation or termination of an insurance policy.
2. If a bank or leasing company is indicated as a beneficiary or the insured person in the policy, then, together with a written notice or the Policy cancellation application, the policyholder (or his authorized representative) or the vehicle owner (or his authorized representative) shall submit to the insurer an official letter of the bank or the leasing company containing authorisation of the bank or the leasing company to cancel this insurance contract.
3. Power of attorney from the policyholder or the owner of the vehicle, if the refundable premium is refunded to another person.