The following should be borne in mind in particular when preparing an invitation for a tender. You can email it by using the link on the right-hand side of the page.
Historically valuable targets and those protected by the National Board of Antiquities
The list of targets must indicate clearly the targets that are protected. To insure such targets, the sum insured in terms of first loss insurance must be specified and whether the sum insured includes restoration value.
Buildings built before 1950 in which a complete HVAC overhaul has not been carried out can only be insured with fire, burglary and storm cover at a sum insured for first loss. The compensation principles of underinsurance are not applied to property covered with first loss insurance. This is why it is well suited for property whose value is difficult to determine. Old targets and especially those that may require restoration are often targets for which first loss insurance is applied.
We compensate leaks in supply water pipes in buildings that have been empty for a lengthier period only if the main cut-off valve has been turned off. This should be mentioned clearly in the list of targets in the invitation for a tender.
Buildings to be demolished
Read more in the "When to get just fire insurance?" section.
Description in the list of targets
When insuring a target, it is important to describe what the building is used for. For example, "industrial hall" does not say much, but if we have the address and the name and field of operation of the company operating in it, we have a much better idea of what kind of risks involved.
Year of construction and any renovations are also important. Indicating the year when heating, sewer and supply water pipes and electrical cabling was renovated can reduce insurance premiums considerably.
Pohjola Insurance requires that the claims history going back at least five years must be attached to the invitation of a tender.
The claims history must specify:
- claims per year
- losses (in euro terms) and in number (pcs.)
- type of property losses (at least fires and leakages) and
- amount of deductible subtracted from the loss.
It is worth noting that even in cases of a new company being established, we still need to know the losses relevant to the target.