“Insurance is not a need, it is an obligation. Anyone who thinks about his own life, plans for the future, and is aware of his risks should take out insurance. “

Investments, assets and initiatives are undoubtedly of great importance to mankind. In fact, all of our assets, investments and ventures are at risk. Imagine that we are at various risks while we are both out breathing and sitting and at home. For example, the possibility that our heart stops pumping blood suddenly, the possibility of a thief breaking into our house although we lock out the door, the flooding of our house or office due to heavy rain or a sudden crash into your vehicle while stopping at the red light …  It is our responsibility to take precautions to ensure that we are aware of all the risks we may experience and that we take care of ourselves, our loved ones, and all that we have while living with the possibility of an uxpected thing we may suffer at any moment. The insurance provides protection against potential risks that may arise, which covers the losses arising from the occurrence of these risks. For this reason, it is our greatest assurance…

Insurance awareness is widespread in high-educated societies, especially in developed countries. Societies and people planning not only the present day but also the future will certainly take this into consideration when planning their future. It is enough to remind you that you are safe with the insurance policy that looks like just a piece of paper at the moments when you lose your motivation by thinking “What if something happens to me, what will happen to those who are back” and when you worry about your loved ones. You know that some of your responsibilities to the people under your responsibility will be performed by your insurance company in case you are not with them.

Only being a careful driver may not be enough to protect you from the risks. In a city where millions of vehicles are within the traffic every day, sometimes you may have to suffer due to a tired and perhaps sleepless driver.

You’ve worked all these years, bought a house and behave very cautious against thieves. Nevertheless, you may not be sure that your home will always be safe in situations such as flooding, fire.

You may experience none of these mentioned negativities But who wants to live a life at risk? The most important source you will apply for in order to avoid risks is insurance policies.

Fire insurance directly covers fire damage, lightning, explosion or fire damage and smoke resulting from fire and explosion, financial losses on the insured properties due to smoke and heat.

Strike, lockout, turmoil, popular movements, terrorism, earthquake and volcano eruption, snow weight, flood and flood, ground motion, storm, internal water, smoke, vehicle strike, land vehicles, vessels, aircrafts, malicious acts Damages from the square may also be covered wit an additional contract to the fire insurance.

If the beneficiary changes within the term of the contract, the coverage of the insurance continues and the rights and debts arising from the contract of the insurer are transferred to the new beneficiary. In case of amendment, the insured is obliged to inform the insurer within 15 days of the new entitlement status learning the existence of the insurance. The insurance holder may terminate the contract within 8 days of the date on which the new entitlement has learned the existence of the insurer. The right of termination falls if it sis unused within the given time.
The premium up to the date of termination is calculated on the basis of the day and is returned to the owner of the new insurance holder.
At the time of the change of the owner of the insured things the new insurance holder is responsible for the premium debts required to be paid together with the previous insured who did not use the right of termination together.

In the event of death of the insured, all rights and debts arising from the contract shall be transferred to the new rights holder.

Premium amount is freely determined by insurance companies for the coverage given additionally in fire insurance and fire except the seismic and volcanic eruption (strikes, lockouts, commotion, folk movements, terror, floods and floods, landslides, storms, internal water, smoke, vehicle strikes, land vehicles, sea vehicles, aircrafts, malicious acts).

The provisions of the Tariff and Order related to the Optional Earthquake and Volcanic Eruption Protection are applied in case of the addition of seismic and volcanic eruption to the fire insurance.

Insured is obliged to fulfil the following conditions if the case of damage;
1- Notifying the insurer within 5 working days at the latest from the date of damage.
2-Taking necessary precautions as if they not insured and complying with the instructions given by the insurer for this purpose as much as possible.
3- Allowing insurers or authorized persons to enter, to take, to confiscate, to keep, to reduce and to reduce losses, to enter buildings and damaged places reasonably and appropriately
4- Not making any changes to the damaged area or things except in the case of necessity
5- Providing the insurer without delay with the necessary information and documents that can be provided at the request of the insurer in order to determine in detail the reasons for the occurrence of the risk, to determine the amount of the damage and to provide the beneficiary with the right to use the right of residence.
6- Giving a reasonable written notice of the estimated amount of the damage to the insurer within a reasonable time.
7- Permitting investigations and inspections by the insurer or authorized representatives for the determination of the indemnification obligation and amount and ruminant rights on the insured place or things and related documents.
8- Informing the insurer if there are other insurance contracts on insured places or things.

The insurer must complete the necessary inspections within one month from the date of issuance of the documents related to the claim payment and determine the damage payment and compensation, then inform the insured.

There are 3 methods for calculating the insurance indemnity;
If there is no provision in the policy for the calculation of insurance compensation, the compensation value (market value) at the time of insuring the insured thing is taken as basis. However, the insured and the insurer can agree on the issuance of the policy over the replacement value (new value). In this case, it is clearly stated in the policy that the policy is issued over the replacement cost (new value).
In the policies issued on the basis of the market value principle, the indemnities, ageing, wearing and tearing of the properties under the coverage are deducted from the compensation payments and the deductions from the other reasons are made and if any difference, the distinctive efficiency and quality differences of the new ones are deducted from the compensation. In the case of the policies which are issued according to the new value (replacement cost of the new insurance, including transportation, montage, customs, tax, due, charges), the compensation payments of the assets included in the scope of the coverage are under the following conditions;
– The substitution rate based on the cost of reconstruction or purchase of the insured item at the place and date of the insured shall be based on the maximum rate stated in the policy for the obligation of ageing, wearing and tearing (use) or age are not exceeded. However, the insurer reserves the right to deduct from insufficient insurance, salvage and distinctive technology.
– In case the maximum rate stated in the policy for the share of ageing, wearing and tearing (use) or age is exceeded, the market value of the compensation value is taken into account.
A third method is based on agreed values. During the contracting of the insurance contract or during the coverage of insurances, if the insured property is determined by the unanimously chosen experts and insured by the insurance of the fixed installation, machines, fixtures or home goods and the insurer is unanimous, then no objection can be made on the account of the compensation in case of the occurrence of the risk.
The value list to be determined for the contracts to be concluded on the basis of the agreed value is valid for a maximum of one year insurance period.
The cost of the expertise belongs to the party requesting the contract on the basis of agreed value.
Contracts cannot be contracted on commercial commodity.

The insured must report it to the insurer. The insured pays the value of what is found to the insurer and takes it or transfers the property of what is found to the insurer. In the case of withdrawal, if there is a loss of property due to the stolen property, the insurer has to pay the damage.

The insurer must pay the previously determined indemnity within 30 days from the date of receipt of the information and documents determining the realization of the risk.

Within the term of the contract, if the beneficiary or the status of possession change (except for death), the insurance contract will be null and void. The premium up to the date on which the cancellation of the policy is valid is calculated on a daily basis and the premium for the remaining period is awarded to the new beneficiary.

In case of death, the insurer must notify the insured within 15 days of receipt of the new insured person.

It is not possible to take out the theft indemnity only; the theft insurance is an insurance coverage that can be purchased in addition to the property insurances such as fire and engineering.

There is no legal requirement to take out a shipping insurance. However, shipping insurances have been rendered a financial obligation due to the search of the banks for insurance in the case of commodity shipping (cargo) insurances, the high exposed exposures in boat insurances and the the insurance coverage desire of mortgage creditors.

Shipping insurances are international. In the case of insurance for foreign trading (purchase or sell), it is necessary for either the buyer or the seller to agree on a standardized and internationally accepted insurance, since one of the parties to the sales contract will be foreign. On the other hand, the same obligation in boat insurances arises from foreign third parties (ship, port authority, etc.), which may be addressed during the operation of the craft. Therefore, load and boat clause sets prepared by the Institute of London Underwriters, which have been accepted and implemented all over the world, are added to the shipping insurance policy as a special condition in our country as well as in many countries.

The factors that play a role in the pricing of commodity shipping (cargo) insurances can be categorized in four;
• Type of goods, packaging, mode of transport.
• Voyage.
• Means of transport.
• Scope of coverage.

We can summarize the factors that play a role in the pricing of boat insurance in five parts;
• Type of Boat.
• Boat insurance cost.
• Age and tonnage of boat.
• Scope of coverage.
• Trade and scope of boat.

Machine damage Insurance does not cover theft or attempt to theft.

Insurance coverage is terminated in case of a damage to insured assets and when the damage takes place in the form of complete damage. In the case of partial damage, the insurance amount is deducted by the amount of compensation paid from the date of the damage.

The Montage Insurance covers the terms of termination of the General Conditions. First of all, the parties (insured, insured and insurer) may use their termination rights according to the provisions of the general conditions, which include different applications depending on the liability of declaring the insurance holder, the liability within the insurance period and the ownership change situation.

Electronic Equipment Insurance does not only cover the damage of the electronic equipment but also fire, theft and natural disasters (except earthquakes). There is also no need for additional purchase of fire insurance for the insured electronic equipment.

Warranty coverage covers only manufacturing faults, electronic equipment insurance should be taken out for electronic devices in order to compensate for user’s damage, fire and damage such as fire, theft, natural disasters, etc. and Machine Breaking Insurance in order to compensate for machines.

Maintenance Bond is terminated when the construction is completed or the temporary acceptance is made or it is delivered to the employer or used by the employer and the final acceptance is made by the employer.
Damages and losses caused by damage to the insured assets during the work carried out by the contractor in the course of his work for the purpose of eliminating defects within the scope of his contractual obligations and damages arising during the period of maintenance and for which the contractor is responsible for the construction cycle are provided. Coverages such as fire and natural disasters can be purchased with an additional policy.

It is an important obligation to give the right answer to the questions in the proposal while taking out life insurance and to notify the insurer if the insured knows about what needs to be known and what the insurer needs to know. In case of breach of this obligation, the insurer may revoke the contract or keep the contract in force by obtaining additional premium.

Insured is the person taking out an insurance contract for his/her life, the party in an insurance contract undertaking to pay compensation to the insured is called insurer and beneficiary is not a party to the insurance contract but a beneficiary who has the right to claim compensation as a rule if the insurance contract is made for the benefit.

The insurer may insure himself/herself or someone else’s life against the possibility of death or survival. In order to be able to insure someone else’s life, it is imperative that the benefit of the beneficiary be found in the life of that person.

In the case of the disappearance of stakeholders’ condition after the conclusion of the contract, the contract becomes invalid at that moment but early termination compensation is paid by the insured.

It is an insurance company that is affiliated with a service contract and which is subject to the Social Insurance Institution Law and which guarantees the legal liability of the employer due to the damages that it will give to itself or to third parties while doing its work in a workplace.

Occupational disease is not included within the coverage of the insurance and it can be included in the policy with additional indemnity if requested.

It is an optional insurance and it is not mandatory.

Third Party Liability Insurance covers the physical and material damages that the insured person himself/ herself and his/her employees will give to an accidental third party, up to the limits specified in the policy.

Those who are affiliated with a real person service or an attorney-related relationship, family members
(wife of the insured person, adopted children, adopter of the insured person, siblings, sons-in-law, daughters-in-law and other relatives who are looked after by the insured, brothers and sisters of the spouse of the insured person.) and the unlimited liability partners and authorized persons of the insured entity are not considered as third parties.

It is the type of insurance that guarantees compensation claims that can be claimed by third parties due to accidents that may occur in elevators in commercial buildings or residential buildings.

Damages and losses caused by exceeding the carrying capacity in elevators in commercial buildings or residential buildings are out of the scope of the insurance.

The coverage of this policy is valid outside the borders of the TRNC.