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Real Estate Insurance


On February 13, the AEB Insurance and Pensions Committee and the AEB Real Estate Committee held a joint event "Real Estate Insurance" at the AEB Conference Center.

SEAMLESS Legal experts Dmitry Bogdanov and Alla Ryashentseva provided a general overview as an introduction to the event. They spoke about insurance object options (before and after state registration of the rights), about requirements to the facility, taking into account its specifics, and described cases from court practice in situations where the declared information about the facility did not correspond to the actual information when an insured event occurred.

The head of risk engineering at Thuricum Insurance Company Sergey Bolshev presented the insurer's point of view on the object of insurance, having shown in detail by the example of warehouses the practice of the object assessment: the parameters and features of the object which are paid attention to, the risks associated with them, and individual recommendations that can be offered to the policyholder following the results of the inspection.

Following this, Roman Sadovskiy, Counsel at Kucher Kuleshov Maksimenko & Partners (KKMP), considered the legal aspects of the real estate insurance against fire risks, as well as the relevant case law relating to possible grounds for refusal to cover the loss. Roman highlighted certain points worth noting when concluding a contract.

To conclude, Ella Omelchenko, Partner and Head of Real Estate and Construction Practice at Better Chance, spoke on "Insurance Provisions in EPC Construction Contracts" ("Engineering Procurement Construction"). The expert discussed the risk distribution between the construction customer and the contractor, the advantages of organizing insurance by the customer - including from the point of view of possible attraction of project financing, and specifically about the types and features of insurance in EPC contracts.

The meeting was moderated by Anton Alekseev (EPAM), the Real Estate Committee Chair, and Tamara Okromchedlishvili (Thuricum Insurance Company) on behalf of the Insurance and Pensions Committee.