Compulsory insurance of immovable property
Insurance of buildings belonging to legal entities and individuals, residential and non-residential areas, residential houses and buildings, apartments, as well as state property is compulsory.
The followings are not covered by compulsory insurance:
- Immovable property, which was decided to be demolished in accordance with the Civil Code of the Republic of Azerbaijan and the Urban Planning and Construction Code of the Republic of Azerbaijan;
- unfinished immovable property;
- distressed immovable property;
- According to Article 180 of the Civil Code of the Republic of Azerbaijan, immovable property is considered illegal construction.
- Compulsory insurance of residential buildings, residential houses and apartments covers their structural elements, rooms, including door and window structures, including glass, water, sewerage and gas supply, as well as heating system pipes, communication, electric and other wires, decorative elements, o including all types of external or internal trowel and plaster works, wall, ceiling and floor damages.
- In case of compulsory insurance of a residential building in accordance with the requirements of this Chapter, non-residential areas located in that building shall not be subject to compulsory insurance for the purposes of this Chapter.
Compulsory insurance of civil liability related to the use of immovable property
The insurance premiums for compulsory insurance of civil liability related to the the use of immovable property is determined by the financial market control body, depending on the purpose of the relevant property.