Insurance Requirements (Commercial property)

In the insurance policy must be specified:
 
“Policy Holder” is Customer or Customer representative (Not Luminor)
“Insured” is Customer – Borrower or Pledger.
“Beneficiary” is Luminor Bank AS Latvian branch, reg. No. 40203154352.

• The maximum deductible amount for the insured object is set at 1% of the insured amount, but not more than 1000 EUR*.
• Insured object must be identified by Address according to Property Register (otherwise object will not be identified).
• If loan agreement identifies more than one object to serve as a collateral to loan agreement, objects must be clearly identified in insurance contract.
• Only legally valid insurance contracts are accepted. In case Luminor receives information that Policy is not paid in agreed payment date and is to be terminated, Luminor holds the right to issue mandatory insurance or collect additional fee (according to agreement).
• Has to be insured during all lean period. Renewed policy need to be send to Luminor in a timely manner.

*For transactions over 100 000 EUR, contact your bank specialist if you need to increase the deductible amount.

Luminor Bank accepts the policies issued by licensed Insurance companies:

• IF P&C Insurance AS
• Balta AAS
• Baltijas Apdrošināšanas Nams AAS
• Balcia Insurance SE
• BTA Baltic Insurance Company AAS
• Compensa Vienna Insurance Group (Seesam and Compensa)
• ERGO Insurance SE
• ADB Gjensidige
• Swedbank P&C Insurance AS
• AB Lietuvos draudimas (inc. PZU Kindlustus as AB ‘’Lietuvos draudimas’’ Esti filial))
• LHV Kindlustus AS
• Elama Insurance plc

Insurance policy must include: