PROPERTY INSURANCE

A policy tailored to your needs.

Don’t overpay for what you don’t need.

CALCULATE PRICE

INSURING WITH US IS MORE BENEFICIAL!

We compare all insurers

On your behalf, we analyse offers from all insurance companies in order to identify the policy that is most suitable for your needs.

We prepare the offer in a concise format and in clear, understandable language. We review all policy terms, including the fine print, and explain them to you in a clear and understandable manner.

You do not pay for our services

When arranging insurance through us, the service cost is not increased, as the brokerage commission is already included in the insurance premium.

Policy prices may differ only due to differences in insurance coverage.

We protect your interests

In the event of an insured occurrence, we are always on your side. We act in your interests, not in the interests of the insurer.

We will assist you in obtaining insurance indemnity.

We take care of your policy continuity

We monitor your policy expiry dates and instalment payment deadlines, as well as make the necessary amendments to the policy during the policy period in order to maintain maximum protection.

RECEIVE AN OFFER

WHY IS PROPERTY INSURANCE

NECESSARY?

No one is protected from major losses such as fire or natural disasters, as a result of which property and all belongings accumulated over the years may be lost. This applies to both private individuals and legal entities. In such circumstances, a person or business may be left without housing, household belongings, offices, production premises and equipment, manufactured goods and inventory, as well as without income. Therefore, property insurance is currently one of the most popular types of insurance, serving as a safety cushion and support in unforeseen and difficult situations.

WHAT TYPES OF PROPERTY

CAN BE INSURED?

Real estate

It is possible to insure houses, buildings, apartments, hangars, industrial premises, workshops, garages, greenhouses, sheds, as well as other fixed (immovable) objects.

Apartment insurance is one of the most in-demand types in the private sector.

Most incidents are related to water leaks or fire damage. Such events may affect not only the apartment where the incident occurred, but also neighbouring properties and common areas.

Renovation and improvement costs

You may also insure the value of investments made in improvements or renovations of a building or premises (for example, if the property is rented or leased).

Movable property

It is also possible to insure movable property, including furniture, production equipment and machinery, transmission and transport mechanisms, electronic devices, household appliances, clothing, footwear, personal care and hygiene items, hobby and sports equipment, valuables and works of art, as well as other household items, inventory, goods, raw materials, and materials.

Business activities related to property

Business interruption insurance may be purchased both by private individuals renting out property and by legal entities engaged in commercial activities.

Under a property insurance policy, coverage may include the building and its parts, structures, interior finishing, design elements and advertising materials (including outdoor stands), engineering systems and installations, raw materials, finished products, inventory and goods, production equipment and machinery, items, employees’ personal belongings, and other insurable interests of the property owner requiring protection against direct and financial losses.

All of the above-mentioned assets can be insured against various risks by selecting the appropriate insurance coverage.

It is possible, according to the client’s preferences, to insure movable and immovable property under different types of coverage:

  • Named perils coverage – includes, for example, fire, lightning, natural disasters, water damage, theft/robbery, malicious acts by third parties, and others. This type of coverage protects against major and typically higher-cost risks that are most commonly considered.

  • All risks coverage – also includes all sudden and unforeseen events, to the extent that they are not excluded by the specific terms and conditions of the insurance policy. This may include, for example, flooded bathrooms or kitchens due to a tap being left open, a newly purchased television accidentally knocked over by guests, or accidental damage such as children drawing on recently renovated walls, as well as many other risks that are not typically considered in everyday situations but may nevertheless be covered under the policy.

WHAT ELSE CAN BE INCLUDED

IN A PROPERTY INSURANCE POLICY?

  • Machinery breakdown insurance – intended for mechanical and electronic equipment such as gearboxes, steam boilers, engines, water heaters, generators, voltage converters, electrical distribution panels, pipes, turbines, and similar equipment.

  • Electrical risks insurance – the insurer also indemnifies losses or damage to electrical systems, including wiring and electrical equipment, resulting from the effects of electric current (such as overvoltage, short circuit, insulation defects, insufficient contact, failure or malfunction of measuring, control, or protective devices, including lightning strikes) or insufficient power supply.

  • Business interruption insurance – in addition to property or machinery breakdown insurance, legal entities may include business interruption coverage, which compensates for loss of expected income resulting from an insured event (for example, fire, natural disasters, theft/robbery) when business operations are limited or suspended. This coverage includes fixed costs (such as employee salaries, bank interest, rent, etc.) that must be paid regardless of the level of business activity, as well as loss of profit — the amount the company would have earned if the insured event had not occurred.

WHAT IS NOT COVERED BY A PROPERTY INSURANCE POLICY?

  • Wear and tear.

  • Damage caused by poor-quality repairs.

  • Losses arising from design defects.

  • Damage caused by pests or rodents.

  • Losses resulting from the intentional actions of the policyholder.

  • ​​War-related losses.

WHAT SHOULD YOU PAY ATTENTION TO

WHEN INSURING PROPERTY?

  • Coverage of risks – choose between named perils or all risks coverage. The definition of each named peril is important, as it may differ between insurance companies. Particular attention should be paid to exclusions.

  • Insured object – it is essential to accurately and comprehensively specify and list the insured objects together with all related items and components that form an integral part of or are located within the insured premises. Any ambiguity or omission in the list of insured objects in the insurance contract may be treated as uninsured property; therefore, in the event of an insured occurrence, indemnity may be partially or fully refused.

  • Sum insured – it is important to select a sufficiently high sum insured that is capable of covering potential losses arising from all insured risks. The sum insured is determined based on the value of the insured objects. If the sum insured specified in the policy is insufficient, the principle of underinsurance applies, as defined in the Insurance Contract Law. This means that indemnity will be reduced proportionally to the difference between the actual value and the insured amount. If the sum insured is set too high, the principle of overinsurance applies. In such cases, indemnity will not exceed the actual value of the insured object, regardless of the amount specified in the policy.

  • Value of the insured object – there are several methods for determining the value:

Market value (for real estate) – used when the property is non-standard or when the client has a specific need to determine this value.

Reinstatement value – the most appropriate method for determining the sum insured for real estate, as it reflects the cost of restoring the property and is linked to construction costs during the policy period.

Actual (depreciated) value – commonly used for older or worn properties where renovation or maintenance has not been carried out for a long time. In this case, the reinstatement value is reduced by depreciation, effectively reflecting partial underinsurance.

Book value – one of the less favourable valuation methods. It is sometimes used by companies when full asset insurance is required by a credit institution. This method is generally not recommended.

Expert valuation – used for objects that are difficult to value, including unique, rare, archaeological, or artistic items, as well as in cases where valuation is linked to financing or purchase/sale transactions.

Market value (for movable property) – commonly used for movable assets, as most items can be replaced with similar or identical goods, making market value easy to verify or compare. It is advisable to carefully review which valuation method(s) are applied in the insurance contract.

  • Obligations of the parties – the insurance contract requires the insured to act with due care in relation to the insured property and to comply with all applicable regulations regarding its management and maintenance. In addition, the contract sets out obligations arising directly from the insurance agreement, such as payment discipline, procedures for carrying out repair works, and actions to be taken following an insured event.

HOW TO CONCLUDE

AN INSURANCE CONTRACT?

The policyholder must prepare a written application in order to receive an offer and subsequently conclude an appropriate insurance policy. The application must include, in as much detail as possible, all information about the insured object, including construction details. If the property is leased, information about the tenants and the industries in which both the owner and the tenants operate must also be provided, as well as details regarding fire safety and security systems. This information is necessary for assessing the likelihood of insured risks and for receiving a relevant and accurate offer.

If requested by the insurer, documents confirming ownership or other rights to the insured object must be provided, as well as identification documents of the policyholder.

The insurer may also carry out an inspection of the property or request that such an inspection be performed by an insurance broker. Following the inspection, risk improvement requirements and recommendations may be issued, which, upon written agreement with the policyholder, become binding.

If the agreed requirements are not fulfilled within the specified time, and an insured event occurs that is related to the failure to comply with such requirements, the insurer has the right to refuse or reduce the payment of insurance indemnity. However, if recommendations are not implemented, the insurer is not entitled to reduce indemnity, as recommendations are advisory in nature rather than mandatory.

During the policy period, the insurer has the right to inspect the insured object at any time agreed with the policyholder for the purpose of risk assessment.

WHY INSURE YOUR PROPERTY

WITH US?

Toms Lapsa

SABĪNE UMALASE

Colement FKB Latvia

insurance broker

Colemont FKB Latvia has positive experience in handling large, complex, and non-standard insurance claims. We have participated in and assisted in resolving one of the largest insurance cases in the Baltic States and Northern Europe, with a value of EUR 36.9 million.

Colemont FKB Latvia SIA is one of the leading and longest-established insurance brokerage companies in Latvia, successfully operating for more than 22 years.

The company was founded in 2000 as SIA “Finansu konsultanti un brokeri”. In 2006, it joined the international insurance brokerage group Colemont Insurance Brokers, originating from and still headquartered in the United States. In early 2013, the company repurchased foreign investor capital, becoming one of the leading insurance brokers with local ownership, while continuing close cooperation with international insurance companies.

Colemont FKB Latvia can be proud of representing local investor capital combined with international experience and capabilities.

The company’s motto is to be a secure, stable, and reliable long-term partner. This is supported by the following indicators:

  • Premium turnover in 2021 reached EUR 5,70 million, placing the company among the top 10 insurance brokerage firms in Latvia.

  • The company’s share capital amounts to EUR 72,300, with equity of EUR 498,680, and a team of 23 experienced employees.

  • Colemont FKB Latvia maintains professional indemnity insurance with an annual limit of EUR 5,000,000.

Colemont FKB Latvia is a full-service insurance broker, providing all types of insurance required by clients, including MOD (CASCO), MTPL, property, life, health, construction, liability, guarantees and sureties, cargo, accident, travel insurance, and more. The company also offers insurance for highly specialised risks, such as trade credit insurance and specialised liability insurance, including Directors and Officers (D&O) liability.

Colemont FKB Latvia provides a full range of brokerage services, from client advisory and insurance audits to policy placement, administration, and claims handling, always representing the client’s interests.

Colemont FKB Latvia has experience in representing clients in disputed public procurement matters before the Public Procurement Monitoring Bureau of Latvia. The company is a member of the Latvian Insurance Brokers Association (LABA) and actively participates in its board and committees, which demonstrates a strong commitment to protecting client interests even at the industry level.

WHAT IS THE ROLE

OF AN INSURANCE BROKER?

An insurance broker is one of the official participants in the insurance market, whose activities are regulated by the Financial and Capital Market Commission, as well as governed by the Law on Insurance and Reinsurance Distribution, the Insurance and Reinsurance Law, and other binding regulatory enactments in force in the Republic of Latvia.

Unlike other participants in the insurance market, such as insurance companies, insurance agents, and others, an insurance broker is the only market participant who, in the provision of services, represents solely the interests of the client.

On behalf of and in the interests of the client, the insurance broker surveys the offers of all insurance companies that provide the required risk coverage, analyses the received offers, and provides the client with all necessary information to support an informed and beneficial decision.

PĀVELS GAIDUKOVS

Colement FKB Latvia

insurance broker

PRINCIPLES OF

INSURANCE BROKER ACTIVITY

By cooperating with an insurance brokerage company, you gain several advantages compared to working directly with insurance company distribution channels:

  • The cost of insurance broker services is borne by insurance companies. The broker receives remuneration from the insurers with whom the client concludes insurance contracts.

  • You save time and effort. The insurance broker assists in evaluating insurance offers and handling all insurance-related matters.

  • You may reduce costs and administrative burden. The insurance broker conducts a market comparison of insurance offers, encouraging competition among insurers.

  • In the event of an insured occurrence, the insurance broker acts as your primary point of support in arranging and managing the claims process.

An insurance broker is always your independent insurance adviser.

SIA Colemont FKB Latvia

Tālr.: +371 27000390

e-pasts: polise@colemont.lv

Reģ nr.: 40003484130

Āraišu iela 34, Rīga, LV-1039

Banka: AS Swedbank

Bankas kods: HABALV22

Darījumu konts: LV90HABA0001408055066

Saimnieciskais konts: LV92HABA0551005786836