Pledged and Mortgaged Property Insurance in Moldova
Pledged/mortgaged property insurance from General Asigurări protects real estate pledged as collateral for a mortgage or secured loan — typically a condition required by the bank for granting the loan. The indemnity is paid to the beneficiary named in the policy, usually the mortgage lender. Request a quote — General Asigurări specialists will follow up with a suitable proposal.
What type of insurance is this?
Voluntary general insurance, class 8 - fire and other natural calamities, intended to protect mortgaged/pledged property for which there is an insurable property interest. The Insurer pays compensation for partial damage to or total loss of the property listed in the contract/policy, caused by the insured risks during the agreed period and within the agreed territory; the beneficiary of the compensation is the one indicated in the policy/contract.
How to request the policy — 3 steps
- 01Send the request — details of the pledged/mortgaged property, its value and the beneficiary (usually the bank).
- 02Receive the offer from General Asigurări specialists, with the proposed sum insured and terms.
- 03Sign the contract and pay the premium, in full or in instalments, according to the contract. Protection starts no earlier than 00:00 on the day the premium is received by transfer, or the day following payment in cash.
- The policy covers pledged or mortgaged property stated in the contract, policy and annexes, within the established sums insured and deductibles — houses, apartments, residential or non-residential buildings, finishes and other accepted real estate. It protects the property interest of the owner and, where applicable, of the mortgage lender named as beneficiary.
- The basic risks, if stated in the policy, include fire, explosion and natural phenomena — storm, hurricane or tornado, lightning, earthquake, flood, flash floods, hail, torrential rain, landslides —, unlawful acts of third parties — theft, intentional destruction or damage, hooliganism, vandalism —, damage to water or other liquid installations — water supply, sewerage, heating, fire-fighting systems, water ingress from neighbouring premises — and other external actions, such as impact from vehicles, falling aircraft, hail, falling objects or animal damage.
- Property not stated in the policy, contract or annexes, and property without proven insurable interest are not covered, nor is property with wear exceeding 60%, intended for demolition or major repair, damaged or unauthorised. Excluded are cash, securities, documents, registers, seals, electronic data, works of art and collections or heritage items, unless expressly accepted, as well as indirect losses, wear, hidden defects, seepage and mechanical or electrical breakdowns without a covered fire. Also excluded are losses caused by war, nuclear risks, sanctions, terrorism, intentional acts or gross negligence, cyber risks, mould or asbestos, and fire or explosion aggravated by undeclared flammable substances or non-compliance with fire safety rules.
- Coverage applies only to the property, risks, period, territory, limits and deductibles stated in the policy, contract and Annex no. 1; the insured territory must be expressly stated, and events occurring outside it are not covered. The indemnity cannot exceed the sum insured and the actual value of the property — in case of underinsurance, proportional compensation applies —, and the deductible stated in the policy is deducted from the indemnity. The indemnity is paid to the beneficiary named in the policy or contract, usually the mortgage lender.
- Coverage applies only to the property, risks, period, territory, limits and deductibles indicated in the policy/contract/annexes.
- The compensation cannot exceed the insured amount and the actual value of the property; in the event of underinsurance, proportional compensation applies.
- The deductible provided for in the policy/contract is deducted from the compensation; the insured amount is reduced by the compensation paid.
- For mortgaged/pledged property, the compensation is paid to the beneficiary indicated in the policy/contract, as a rule the mortgage creditor, according to the established order.
- Non-payment of the premium/instalment, relocation of movable property without notification or an undeclared increase in risk may suspend or limit coverage.
- At the insured address/perimeter indicated in the policy, the contract and Annex No. 1; the insurance territory must be expressly stated.
- Events occurring outside the insured territory are not considered insured events.
- For accepted movable property, coverage is valid only within the insured perimeter/address, unless otherwise agreed.
- When taking out the policy: correctly declare the mortgaged/pledged property, its value, the insured amount, the location, the beneficiary, the risks requested and the circumstances relevant to the risk.
- Provide supporting documents for the value of the property and allow the risk inspection/photographing of the insured property.
- Pay the premium or the instalments on time and inform the Insurer of changes in the risk, other insurance policies or the transfer of the right to the property.
- Comply with the rules on fire safety, electrical safety, operation, maintenance and storage of the property/installations.
- In the event of an incident: limit the damage, save and guard the property, and immediately notify the competent authorities and the Insurer in writing within 48 hours.
- Keep the property in its post-incident condition, allow the damage to be assessed and submit the inventory/documents requested for the claim file.
The premium is set based on the sum insured, the value of the property, the risks chosen, the insurance period and the property's risk factors. Request a quote — General Asigurări specialists will calculate the exact price for your situation.
- The contract takes effect upon signing; protection starts no earlier than 00:00 on the day the premium is received by transfer or 00:00 on the day following payment in cash.
- Coverage is valid for the period stated in the policy/contract, as a rule 12 months, and ends at 24:00 on the day indicated.
- Coverage may end early upon termination, total loss/payment of the insured amount, nullity, transfer of the ownership right or other cases provided for.
The contract may be terminated by a written declaration/notice sent to the other party, subject to the 30-day period and the contractual conditions. It may also end by agreement of the parties or in cases of non-fulfilment of obligations; the premium corresponding to the unused period is refunded in accordance with the contract and legislation.
What to do in case of a claim?
When an event occurs, take measures to limit the damage, save and secure the property, and notify the competent authorities and General Asigurări in writing, within 48 hours. Keep the property in its post-event state, allow the damage to be assessed and present the inventory of the affected property and the documents required for the claim file.
Insurance terms and legal basis
Full information is in the pledged/mortgaged property insurance terms and conditions. General Asigurări operates under CNPF license no. 000887.
Frequently asked questions
As a rule, banks require this insurance as a condition for granting a mortgage loan or a secured loan, to protect their collateral. Confirm the exact requirement with your bank — General Asigurări specialists can help you choose the right policy.
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