Optional property and goods insurance

About the property and goods insurance

You are a realistic person and you are always searching the optimum solutions. The protection of the company’s goods is necessary, but you need a tailor-made insurance policy, to cover your specific needs and requirements of your business.

We offer a flexible solution, divided into insurance modules that you can combine, depending on the most important features.

What can your company insure? 

A wide range of goods can be insured:

  • furniture, household appliances, electric and electronic appliances, musical instruments, carpets, curtains and drapes, clothing  items and the materials used to fashion them, paintings, sculptures, collections or other objects that do not have (artistic, scientific or historic) patrimonial value, leisure goods (travel accessories, hunting and fishing tools), as well as agricultural, wine-growing, fruit-growing, animal husbandry and beekeeping tools, along with products of these origins destined for personal consumption.
  • Buildings and other constructions; the insurance can include the fixed installations of such buildings, such as: the installations used exclusively for the heating of the insured premises, electrical and sanitation installations, elevators, freight elevators;
  • industrial machines, hardware and installations, equipment, motors, tools, other fixed machinery and inventory items;
  • Circulating materials such as: commodities, raw and auxiliary materials, intermediates, finite products and other circulating materials;
  • paintings, sculptures, collections, manuscripts or other objects with artistic, scientific or historic value;
  • money, precious gems, platinum items, gold or silver objects, other small objects of particular value;
  • musical instruments.

From whom is it designed? 

This insurance policy is designed for any legal person that owns goods or a particular interest in relation to the insurable goods.

What are the advantages of the insurance policy? 

Firstly, it is a flexible policy that can be adapted to the needs of your business because it offers various coverage options. You can choose one or more coverage types –A, B, C, D or E, as well as the special clauses.

In addition, for the buildings and other constructions included in the policy or its addenda, an indemnification is offered, within the limit of the insured sum and no more than 10% of its value, including for:

  • demolition, dismantling or relocation of the building or another construction, as a result of a sudden threat such as flood, landslide or landfall, including the impossibility to use the respective construction or another building due to an earthquake, flood, landslide or landfall, situation which requires the dismantling or relocation of the building;
  • expenses occasioned by cleaning operations of the site where the damage occurred (removal of the rubble, sediment layer, dirt layer brought by a landfall or a landslide),provided they are directly connected to the events covered by the policy and are necessary for the repair operations.

For machines, hardware and installations, other fixed mediums or circulating materials, commodities, raw materials, materials, finite products, the company offers indemnification for the damage they sustained, as a result of:

  • accidental damaging of the gas, water, sewage or central heating installations, caused by an insured event that directly affected the goods insured by the policy;
  • the destruction, dismantling or relocation of the construction housing the insured goods;
  • the damaging or destruction of the building or other constructions by a single insured event that directly affected the goods insured by the policy;
  • the impact with a vehicle that does not belong to the insured party.

Our team of professionals offer personalized guidance in order for you to have a clear image regarding the available options and make an informed choice.

What risks does type A insurance ( FLEXA) cover? 

Type A coverage (FLEXA) offers indemnification for partial or total damage occurring as a result of events such as:

  • fire and the damage caused by the burning of the insured goods:

– total or partial carbonization;

– melting, including if it occurs without a flame;

– the release of vapors or gas.

  • lightning bolt or explosion (including if  the lightning bolt or the explosion were not followed by a fire);
  • objects falling on the insured buildings and annexes (aircrafts or parts of aircrafts, meteorites and others alike).
  • the fall of elevators or freight elevators, including the damage caused to the respective installations;
  • damage caused by orders of authorities, with the purpose of extinguishing a fire or limit its propagation.

What risks does type B insurance ( catastrophes) cover? 

This coverage insures the property against partial or total damage occurring as a result of events such as:

  • Storm; hailstorm; flood;
  • Sprinkler leakage;
  • Collision with a vehicle;
  • Sonic boom;
  • Landslide or landfall;
  • The weight of the snow or ice layer;
  • Avalanche;
  • Earthquake.

What risks does type C insurance (theft) cover? 

Type C coverage (the clause for THEFT), offers indemnification for the damage caused by:

  • theft by breaking and entering of the insured goods located at the address mentioned in the policy;
  • theft committed by people that remained illegally on the premises;
  • the robbery of the stolen goods, located at the address mentioned in the policy, if it occurred on the premises mentioned in the policy, involved the client or a person under his management or in his service, and it was done by means of violence or threat, as established by the Penal Code in force;
  • the damaging of the walls, roof, ceiling, doors, windows and floors, as well as the furniture, occurring in buildings or other constructions that belong to the insured party, through breaking, deterioration, theft or attempt of theft done by breaking and entering;
  • the theft of the insured goods through the use of original keys, provided they were obtained by means of robbery;
  • the expenses for cleaning and replacing damaged lock mechanisms.

What risks does type D insurance ( windows) cover?  

Type D coverage (the clause for WINDOWS), offers indemnification for the damage caused by:

  • the replacement, including transportation and installation expenses, of broken windows located in the rooms occupied by the insured party, whether the windows were broken accidentally or by third parties, provided they were intact and flawless at the entry into force of the policy.

What risks does type E insurance ( vandalism) cover?  

Type E coverage (the clause for VANDALISM), offers indemnification for the damage caused by:

  • vandalism without breaking and entering;
  • theft by breaking and entering or acts of robbery of building/construction elements;
  • damage caused by wild animals to the building/construction and its contents.

The accidental damage clause for:

a)      Electric equipment

We cover the direct material damage caused by the damaging/destruction of the insured goods according to this clause, occurring as a direct consequence of the following risks, during the insured period: electric arcs, overload, short-circuit, power outage (regardless if followed or not by fire).

b)      Installations

Heating installations, roof-mounted solar panels, installations used for pumping, filtering and heating pool water, heating stations located on the insured premises are insured for the following risks:

  • Faulty setting, the throwing of component parts while functioning, failure or functioning errors of the protection devices;
  • Accidental lack of water in boilers or in pressurized containers;
  • Power surge or implosion;
  • Short-circuit, electric discharge, the forming of voltaic arcs or induction;
  • Accidental breaking or cracking of fragile parts by falling, breaking, collision, temperature variation, other than those caused by normal heat sources, accidents occurring due to unintentional human acts;
  • Design/manufacturing defects or failures, shortcomings of the materials used;
  • Assembly or installation faults, inappropriate or faulty execution.

c)      MBK

The MBK module insures machinery, hardware and installations located on the property, accepted following the efficiency testing, regardless if they are used or not, disassembled or in general overhaul, during these respective operations, during transport inside the insured premises or during the reassembly process.

In addition, City Insurance offers indemnification for certain elements that must be periodically replaced or that are temporarily fixed on the machinery, hardware or the insured installations, such as:

•           Tools (equipment) of any kind, such as drills, knives, cutting blades, demountable grinders, cutting boards, polishing discs;

•           Other elements that must be changed several times during the exploitation period of the insured goods, such as grills and burner nozzles from burning installations, shapes, molds,  marking pincers, embossing rolls, sieves, hoses, rubber fittings, textile or plastic materials, as well as balls, armor plates, hammers and plates from disintegrators;

•           Conveyor belts, crawler machines, stone and concrete buckets, chains, bands, ropes, belts, brushes, clothing carders and rubber encasements.

The risks insured by this clause include damage caused by:

  • Maneuvering, montage or installation errors, neglect or incompetence;
  • Design errors, material defects or faulty execution;
  • The lack of water in steam production installations;
  • Functioning error of measurement, safety or control tools;
  • The breaking or deformation during functioning or dismembering due to centrifugal force;
  • Over-pressure or under-pressure;
  • Short-circuit, overload or power surge, regardless if it determines a fire, of electric installations;
  • Storm, freezing or ice.

What are the payment options? 

The insurance premium can be paid in full or in 2, 4 or 6 installments. An additional discount of 10% is offered at the payment in full.

What is the insured sum? 

The goods are insured for the declared value mentioned in the policy or in the addenda of the policy.

For circulating materials, the insured sum will represent one of the following: the real value of the existing stocks at the moment the insurance policy was concluded, adjustable by means of additional insurance policies during the insured period, either the real value of the maximum stock possible during the insured period, or the real medium value of the stock foreseen for the insured period.

We offer the optimum insurance premium, based on the chosen coverage types and deductibles.

What is the validity period?

The insurance contract is normally closed for an interval of one year. At request, the insured period can be inferior, but no less than 30 days.

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