BTA insures the Freedom Monument for 1.5 million euros

This year, it will be the thirteenth consecutive year when BTA Baltic Insurance Company (hereinafter – BTA), keeping the tradition to revere and take care of the essential symbols of the state, has presented an insurance policy for the Freedom Monument with the total sum insured being 1.5 million euros to Riga municipal agency ‘Agency for Monuments in Riga’ (hereinafter – Agency for Monuments in Riga) on the eve of the Proclamation Day of the Republic of Latvia. The Freedom Monument still remains the only insured monument in Latvia.

Insurance of the Freedom Monument is an initiative of BTA and its present to the country to take care of the safety of this symbol of independence of Latvia. The insurance policy of the Freedom Monument includes protection against all primary risks – fire, smoke, storm, hail, effects of floods and mechanical transport, leakage from damaged piping, landslides and subsidence, malicious damage and other threats. Since year 2008, when we heard of a number of acts of desecration of the monument, the Freedom Monument has been insured also against desecration.

Over the past years, BTA has received 19 insurance indemnity claims for damage done to the Freedom Monument. Out of those 18 claims involved desecration of the monument by relieving oneself on the monument. Ten of the offenders were locals and another eight - foreigners. In year 2010 there was an accident registered of intoxicated man driving his Mitsubishi Pajero up the stairs of the Freedom Monument.

Jānis Lucaus, Chairman of the Board of BTA Baltic Insurance Company:

We are honoured and proud to insure a symbol of independence, statehood and freedom of our country, which is a reminder to each inhabitant of Latvia of our country, our history, the national awareness and the freedom our ancestors have fought for and won. This present is our contribution to protect our cultural and historical heritage. Insurance of historical heritage is a common practice globally: the USA's Statue of Liberty, Danish Little Mermaid and Brazilian Statue of Christ the Redeemer have all been insured. The Freedom Monument, insured by our company, regrettably remains the only insured monument in Latvia, although the cultural, historical and material value of a number of monuments in Latvia could be estimated at several millions of euros in monetary terms, and they in fact would have deserved the same protection that we lend to the Freedom Monument.

There are 178 monuments, memorials, decorative sculptures and environmental objects in Riga, 126 of which are the property of Riga municipality. The Agency for Monuments in Riga is in charge of them, the Agency has carried out evaluation of the cultural, historical and material value of 37 of them, and their combined value in pecuniary terms exceeds 20 million euros. The cultural, historical and material value of the Monument of Freedom, most probably, the most expensive monument in Riga, and of the memorial ensemble of Riga Fraternal Cemetery, have not yet been evaluated in pecuniary terms.

About BTA

BTA Baltic Insurance Company AAS (hereinafter - BTA) was established in 2014 as a result of reorganization of BTA Insurance Company SE (now – Balcia Insurance SE), by splitting the company according to the geographic boundaries of business:  the Baltic States and the rest of Europe. In August 2016, Vienna Insurance Group AG, a leading insurer in Europe, became as the biggest shareholder of the company. BTA has obtained a licence for provision of all type of non-life insurance services across the three Baltic States.

More information:
Agnese Grīnberga
Public Relations Manager
BTA Baltic Insurance Company AAS
E-mail: agnese.grinberga@bta.lv
Telephone: +371 67025661, mobile phone: +371 27828796