Commercial Property Insurance

Unfortunately, we cannot always avoid accidents, such as fire, natural disasters, thieves, or other problems which may affect the company property or belongings as well as cause partial or complete business interruption until the consequences are eliminated. The property may be instantly damaged or completely destroyed in an accident. A thoughtful owner insures their property! Real property and fixed asset insurance will protect against big trouble and expenses in unexpected situations, and help to return to the normal rhythm of work faster in order for the business to go on. We do take care that each of our clients is treated individually, so we will assess the needs of your company, offer favourable terms and conditions, professional service, and bonuses!

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Why to choose BTA Commercial Property Insurance?

Our advantages:

We provide individual approach to each client by offering insurance coverage that meets the requirements established by banks, and also a very wide additional coverage.
If you insure the real property against the principal risks, we will, at no additional charge, indemnify the agreed amount of your expenses for damage to amenities, such as fences or gates.
When insuring movable property or fixed assets against the principal risks, we will, at no additional charge, indemnify the agreed amount of your losses associated with employee property damage, loss, or destruction within the insured territories of the company.
When insuring movable property or fixed assets against the principal risks, we will, at no additional charge, indemnify the agreed amount of your losses associated with damage, loss, or destruction of any accepted property.
If you are a thoughtful owner and have security systems installed in your real property (alarm, smoke detectors, metal door, etc.), we will offer discounts.
In case of an accident, we will process your indemnity claim swiftly, and, in case of small damage, you will be able to receive your indemnity already on the same day or within just a few days.

What property can be insured?

We insure all types of immovable property:

buildings, structures, waterworks, and their utilities;
internal finish;
goods, produce, raw materials, equipment;
production equipment, office equipment, inventory;
glazing - show-cases, surfaces, stained-glass windows;

Insurance of buildings and structures includes insurance of the external and internal finish, real property utilities (pipelines, wiring, heating, ventilation, and conditioning systems, etc.) as well as other integral parts of the real property.

Either in addition to the real property insurance or separate movable property insurance:

movable fixed assets (such as office equipment, technological equipment, machine tools);
current assets - stock (such as raw materials, unfinished and finished products, packaging materials, products for sale);
rented property - movable property owned by third parties and used on some legal basis;
accepted property - movable property owned by third parties.

Insurable Risks

The risks listed in the table refer both to immovable and movable property!		Principal risks policy
Principal risks:
Risk of fire	Fire, explosion, lightning strike, fall of aircraft or their cargo; the insurance coverage also includes damage caused by soot, smoke, and extinguishing, provided that they have been caused by fire.
Leakage of fluid or steam	Utility (e.g., water supply, sewerage, heating, rainwater removal, ventilation, household system etc.) emergencies, freezing of an indoor pipeline with subsequent rupture of the same, flooding caused by neighbours as well as fluid leakage from sprinklers.
Damage caused by natural disasters	Tempest, hail, effects of snow as result of heavy snowfall, falling of trees, masts, poles, or their parts.
Illegitimate activities of third parties	Theft, robbery, intentional property damage caused by other persons, vehicle impact.
Broken aquarium	The coverage includes breakage of an aquarium and damage thus caused any other property.
Exposure to paint	Example: spillage of paint and consequential damage to property upon opening a paint can.
Draught	The coverage includes damage to doors or windows by draught.
Breakage of glass panels/glazing	Unexpected breakage of glazing/glass panel.
Any other event not mentioned as an exception in the terms and conditions.	Example: a hole is punched in a wall while moving an equipment unit, or a client trips over something and tips over and damages an equipment unit.
For extra security, we offer insurance against the following additional risks: € - for additional charge	For an additional charge, any of these risks may also be included in the principal risks policy.
Exposure to smoke	Damage caused by sudden escape of smoke from a heating, boiling or drying system (e.g., escape of smoke from a stove with resulting damage to the ceiling by soot).	€
A shock wave created by a supersonic aircraft	Direct impact of a shock wave created by a supersonic aircraft on the property (e.g., a shock wave created by a low-flying aircraft breaks the windows of a property).	€
Flooding and high water	Unexpected flooding of a certain territory caused by water spilling over any open watercourses or pools or breaking any dams. dikes, or banks/embankments.	€
Icing of surface utility lines	Property damage caused by formation of more than 10 mm of ice on any surface utility lines (e.g., ice builds on a power line between two buildings and the line breaks).	€
Earthquake	Property damage caused by earthquake (of magnitude at least 4.0 according to the Richter scale, or at least 5.0 according to the international shock measurement scale MSK-64).	€
Landslide, downfall (caving in)	Vertical or horizontal earth crust shifts, except seismic events.	€
Pungent gases	Sudden exposure to pungent gases or chemical fumes.	€
Fixed bonuses at no additional charge:
Damage to amenities	Damage to various amenities, such as fences or gates. If you have insured real property and a tree falling due to strong wind damages the fence, we will cover the suffered losses in the amount of 5 % of the insurance coverage, but not exceeding 14,000 Euros.
Employee Property Insurance	When insuring movable property or fixed assets against the principal risks, we will, at no additional charge, indemnify the agreed amount of your losses associated with employee property damage, loss, or destruction within the insured territories of the company.
Accepted Property Insurance	When insuring movable property or fixed assets against the principal risks, we will, at no additional charge, indemnify the agreed amount of your losses associated with damage, loss, or destruction of any accepted property.

When specifying the insurance coverage you prefer or we recommend, you may include the following protection in your insurance policy at an additional charge:
Electronic risks	A power cut caused by an emergency or not announced in advance, exposure to electrical current, including damage caused by overvoltage, overload, short circuit, secondary lightning effects and subsequent electronic or electric effects (for example, a sudden power cut damages a computer which has been insured as movable property).
Equipment Breakdown Risks	The Equipment Breakdown Insurance covers the losses occurring due to the following: physical explosion, short circuit, overvoltage, incompetence, error, or carelessness of the attending personnel, inappropriate materials or incorrect assembly, as well as provides coverage for other unforeseen losses which require any repairs.
Business Interruption Risks	Business Interruption Insurance covers the fixed costs and profit of the company in case the fixed assets or the company are damaged or destructed as result of any insured risks. This type is of particular importance if an accident causes extended idle times and the company cannot be moved to another location.
Rental of temporary premises	If no business operations are possible in the real property are possible after an accident, the duly documented expenses associated with the moving to a temporary real property and the expenses for the temporary rental of the other real property will be covered.
Damage caused by lessees, clients, or visitors	Damage caused malevolently or by malicious activities of any lessees, clients, or guests, such as the state of room repair maliciously damaged by any tenants or furniture intentionally broken by any guests.
Portable Equipment Insurance	Damage, loss or destruction of the movable property, which is located outside the territory of the company, due to any insured risk.
Key service	Costs of opening, replacement, or repair of door locks in case you cannot get into the property due to loss of keys, or lock or key damage. If the door is damaged during the opening of the lock, we will indemnify the expenses for the repair or replacement of the outer door within the fixed limit.

Which territories is the policy valid in?

Commercial Property Insurance is valid in the territory of the Republic of Latvia.
Based on customer preferences and requests, we also offer movable property insurance outside the Republic of Latvia.

Policy purchase options

The Commercial Property Policy can be purchased using one of the below options:

if you fill in the application form available on BTA website, an expert of BTA’s will contact you to find out the required details and prepare the insurance proposal, and send it to your e-mail address;
by calling BTA Customer Support on 26 12 12 12. During the call, it is also be possible to pay for the policy immediately;
you may visit a BTA Customer Service Centre in person;
you may contact a BTA agent, insurance broker.

How to proceed in case of an accident?

For information about how to act in case of an accident, please go to “Indemnities” -> “Property Insurance”.

Insurance Terms and Conditions

	PDF	E-doc*
Commercial Property Insurance Terms and Conditions
Terms and Conditions No 4A-1 (the wording applies to policies issued starting from 01.02.2018)
Terms and Conditions No 4A (the wording applies to policies issued starting from 17.08.2010)
Terms and Conditions of Commercial Property All Risks Insurance
Terms and Conditions No 4B-1 (the wording applies to policies issued starting from 15.08.2018)
Terms and Conditions No 4B (the wording applies to policies issued starting from 23.11.2010)
General insurance terms and conditions
Terms and Conditions No 3 (the wording applies to policies issued starting from 13.12.2011)
Terms and Conditions No 2 (the wording applies to policies issued starting from 07.06.2011)

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