Expert mulls compulsory insurance of state-owned apartments
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By Trend
Insurance companies must conduct compulsory insurance of citizens’ state-owned apartments, Azerbaijani insurance expert Kamran Babayev told Trend.
The expert stressed that paragraph 2 of article 35 of the law on compulsory types of insurance states that "real estate insurance is compulsory for individuals and legal entities owning residential and non-residential premises, residential buildings, buildings and apartments".
“The only exception is property which will be demolished, partially constructed, in disrepair or recognized as unauthorized in accordance with Article 180 of the Azerbaijani Civil Code,” Babayev added.
“In accordance with article 37 of the same law, real estate is required to be insured not only by the owners of the apartments to whom they belong, but also by people who actually own the property,” the expert said.
“So, a warrant or an agreement for the purchase and sale of an apartment is a document confirming the actual ownership of property by a person, therefore, insurance companies must insure citizens’ property in such cases,” Babayev added.
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