Sum insured for compulsory insurance of other immovable property, except residential houses and apartments, are determined as follows:
Excluding residential houses and apartments, the deductible for compulsory insurance of other immovable property is agreed upon in the relevant compulsory insurance contract.
The sum insured and deductibles for compulsory insurance of residential houses and apartments are determined as follows:
Immovable properties in Baku;
Insurance premium |
50 AZN |
Sum insured |
25 000 AZN |
Deductible |
250 AZN |
Immovable properties in Ganja, Sumgayit və Nakhchivan;
Insurance premium |
40 AZN |
Sum insured |
20 000 AZN |
Deductible |
200 AZN |
Immovable properties in other settlements;
Insurance premium |
30 AZN |
Sum insured |
15 000 AZN |
Deductible |
150 AZN |
When the above-mentioned sum insured is less than the market value of the property, the damage caused as a result of the insured event is paid in full, provided that the loss does not exceed the sum insured.
The insurance premium for the compulsory insurance of immovable property is determined by applying the rates expressed as tariffs to the sum insured, depending on the purpose and characteristics of the property.
The rules for determining the insurance rates for compulsory immovable property are determined by the financial markets control body, provided that it does not exceed 0.2 percent of the sum insured for residential houses and apartments.
Sum insureds for damage caused to third parties as a result of an insured event are determined as follows: