Insurance for payments under contracts for the sale of goods or provision of services with a specified payment deferral period.
Depending on the nature of the insured transaction, the agreed insurance coverage includes:
1 year
The insurance covers the risk of financial losses and/or additional expenses related to payments under a direct or indirect guarantee agreement specified in the insurance policy (guarantee).
The insured parties are Bulgarian financial institutions (banks).
Depending on the nature of the guaranteed obligation of the responsible party, the agreed insurance coverage includes:
The insurer covers the risk of financial losses for the insured resulting from payments under the guarantee/indirect guarantee or failure to fulfill a contractual payment obligation by the responsible party (direct guarantee). The beneficiary of the policy may be a local or foreign legal entity in whose favor the guarantee agreement is issued.
The insurance sum is determined based on the total payment obligation under the guarantee agreement, with the maximum total liability of the insurer not exceeding the insurance sum specified in the policy, reduced by the amount of the deductible stated in the policy, if agreed upon.
The premium is determined according to the insurer’s tariff.
The insurance covers the term of the guarantee agreement.
The insurer, in exchange for payment of the insurance premium, covers the risk to the insured from non-fulfillment of a financial obligation by their debtor, arising from a loan agreement, financing, overdraft, factoring, forfaiting, advance payment, guarantee, etc. The subject of the insurance coverage is the principal and the interest agreed upon in the loan, financing, overdraft, factoring, forfaiting, advance payment, guarantee, etc.
Insured parties are Bulgarian financial institutions (banks).
The insurer undertakes to pay the insured an insurance indemnity in case of non-payment of the due and undisputed amount under the loan, financing, overdraft, factoring, forfaiting, advance payment, guarantee, etc., or any separate installment due, caused by:
Includes all amounts due to the insured, the total of which does not exceed the credit limit for each debtor. The insurance sum is typically set as a percentage of the loan amount, such as 125% or higher.
Determined according to the insurer’s tariff.
It depends on:
Covers the duration of the loan agreement.
The insurance covers all financial losses resulting from a business interruption caused by a catastrophic event. It is usually purchased as an additional coverage to a Property Policy for legal entities.
The validity of the property policy.
Players in team sports
1 year
This insurance is a variant of classic life insurance, where insurance payments are fully or partially dependent on the value of shares and units issued by investment companies and mutual funds operating under the laws of public offering of securities, as well as shares and units of collective investment schemes, or the value of assets included in the internal funds of the insurer.
The insured person selects their investment strategy. The investment strategy involves the specific groups of investment funds chosen by the insured person in which their insurance premiums will be invested, and the percentage allocation for investment in each specific fund group.
Agreed upon when concluding the contract.
Bulgarian Lev, Euro, or US Dollars.
From 5 to 25/30 years.
The policyholder has the right to prematurely terminate the insurance contract and receive the surrender value of the insurance, provided that the insurance is eligible for surrender.
The insurer has the right to terminate the contract in accordance with the General Terms and Conditions.
The subject of the insurance is the life and health of one of the child’s parents or a direct relative—grandmother or grandfather. The beneficiary is the child.
For individuals under 18 years of age. The insurance matures when the child reaches 18 years old.
Insured individuals: ages 14 to 65, not more than 70 years at the expiration of the insurance term.
The risks covered by the insurer are related to meeting certain criteria, such as reaching a specific age, completing higher education, or marriage.
At the insured’s choice and for an additional payment, one or more of the following additional coverages can be included:
Agreed upon when the contract is signed.
The insurance sum is paid out at the expiration of the insurance term.
Bulgarian Lev, Euro, or US Dollars.
From 5 to 18 years.
None.
The policyholder has the right to terminate the insurance contract early and receive the surrender value of the insurance, provided that the insurance is eligible for surrender.
The insurer has the right to terminate the contract according to the General Terms.
The insurer assumes certain risks defined in the insurance policy related to events concerning the life, health, and physical integrity of individuals aged 14 to 65, and up to 70 years old upon the expiration of the insurance term.
At the insured person’s choice, additional coverage can be added for an extra charge, including one or more of the following:
To be agreed upon at the time of signing the contract.
The amount of the Monthly Annuity (Pension) is determined.
The period for receiving the monthly annuity is agreed for a period from 1 to 20 years or for a lifetime, at the client’s choice.
Bulgarian Lev (BGN), Euro (EUR), or US Dollar (USD).
From 5 to 25/30 years.
The policyholder has the right to prematurely terminate the insurance contract and receive the surrender value of the insurance, provided that the insurance is eligible for surrender.
The insurer has the right to terminate the contract according to the General Terms and Conditions.
Bulgarian and/or foreign citizens who have temporary, permanent, or prolonged residence in Bulgaria. The insurance is valid for the period of stay of the insured outside the territory of the Republic of Bulgaria, and for foreign citizens, also outside the territory of the country of which they are citizens.
The insurance can cover individuals aged from 0 to 80 years.
The insurance does not cover individuals who have lost more than 50% of their work capacity, nor those under full guardianship.
Medical expenses due to:
Medical expenses include:
– if the insured dies due to a covered accident, the designated beneficiaries are paid the death benefit specified in the policy.
– if the insured suffers permanent work capacity loss due to an accident, the insurer pays a sum based on the percentage of disability incurred.
.
– the insurer compensates for the theft of luggage abroad during travel or stay, up to the agreed policy limit (approximately 200 euros per suitcase). Personal items of the insured, carried for personal needs, are considered luggage. Any commercial goods or items carried for sale are not considered personal luggage. The insurer compensates for the full or partial loss and/or destruction of luggage transported in the hold of an airplane or bus.
– covers property or non-property damages, up to the agreed policy limit, caused to a third party due to the insured’s fault abroad during the insurance period, as established by a legally binding court decision.
– the insurer is obliged to pay expenses for the insured, up to the specified limit, for legal fees, court fees, and other payments related to a legal claim or procedure filed against the insured abroad during the insurance period, in case of unintentional violation of the laws of the country where the insured is traveling or temporarily residing.
The liability limit of the insurance: the maximum sum that will be paid for all insured events occurring during the term of the insurance contract.
According to the insurer’s tariff.
The amount is determined based on the following factors: duration, coverage limit, covered risks, purpose of the trip, age of the insured.
The insured is obligated to notify the assisting company immediately and follow its instructions.
The insurer covers certain risks defined in the insurance policy related to the life, health, and bodily integrity of individuals aged 1 to 65.
An accident is defined as an injury, burn, drowning, suffocation, frostbite, fracture, dislocation, strain, or rupture of tissues, joints, tendons, muscles, bones, or similar, resulting in loss of ability to work and/or death.
Individuals with permanent disability exceeding 50% are not insured, while those with permanent disability below 50% are insured under aggravated risk conditions, with an increased insurance premium.
The insurance can be individual or group.
Depending on the wishes of the insured or the insurer and the specifics of the activity (main profession, hobby, sports activities, mountain and/or sea tourism, etc.), the terms of the insurance are negotiated in accordance with the Special and General Terms of the “Accident” insurance.
The limit of liability for the insurance is the maximum sum of money that will be paid out in total for all insurance events occurring during the term of the insurance contract.
According to the tariff of the insurance company.
Factors determining the premium:
Typically 1 year.
There are many variations of the insurance, each with its own specifics regarding covered risks.
The object of the insurance is individual persons or groups of people.
It covers risks such as:
For individuals who have received a bank loan between the ages of 18 and 70.
Covered risks:
The insurance amount is determined so that it does not exceed the debt owed to the financial institution on the day the policy is signed. It can be renewed annually or for the entire loan term.
Insures Bulgarian and foreign nationals staying in hotels, motels, cabins, or other accommodations in Bulgaria. The insurer is responsible for events occurring within the hotel and its adjacent areas.
Main covered risks:
The insurance covers individuals visiting mountain and seaside resorts in Bulgaria.
Covered risks:
The insurance covers students and their teachers in kindergartens, primary, secondary, higher vocational, and higher education institutions. The insurance is signed with a list of insured individuals, verified by the class teacher or director, and is an integral part of the insurance policy.
Covered risks:
For the life and work ability of workers and employees performing jobs in the main and auxiliary activities of companies with occupational trauma rates equal to or exceeding the national average.
Covered risks:
The insurance amount is based on the gross monthly salary of the insured workers and employees at the time the insurance is signed.
For risks such as “death” and “permanent loss of work ability,” the insurance amount must be at least seven times the employee’s gross annual salary.
For the “temporary loss of work ability” risk, the insurance amount must be at least the employee’s monthly gross salary.
According to the tariff of the insurance company.
Typically 1 year.
For a paid insurance premium, the insurance company covers the liability of the road carrier for goods in the territory of the Republic of Bulgaria in accordance with the Road Transport Act and in foreign territory under the Convention on the Contract for the International Carriage of Goods by Road (CMR).
This insurance covers the carrier’s liability for the total or partial loss or damage to the goods: for Bulgaria and abroad, as per Section IV of the Road Transport Act and Chapter IV of the Convention on the Contract for the International Carriage of Goods by Road (CMR).
The carrier is responsible for the full or partial loss or damage to the goods from the moment they are accepted for transport until their receipt, as well as for delays in delivery.
The carrier is relieved from this responsibility when the loss, damage, or delay is due to errors of the entitled party, at the latter’s instructions which were not a result of the carrier’s error, inherent defects of the goods, or circumstances that the carrier could not avoid and the consequences they could not overcome. To be released from liability, the carrier cannot cite defects of the vehicle used for transport or errors of the person from whom the vehicle was hired or its employees.
A delay in delivery is considered to have occurred when the goods are not delivered within the agreed period or, if no such period is agreed, when the actual transport time exceeds the usual time needed for such transport, performed with the care of a good merchant.
It is considered, without the need for further evidence, that the goods are lost when they are not delivered within thirty days after the expiration of the agreed period or, if no such period is agreed, within sixty days after the goods were accepted for transport by the carrier.
The carrier owes compensation for the total or partial loss of the goods, calculated based on their value at the place and time when they were accepted for transport. The value of the goods is determined according to the market price or, in the absence of such, by the usual value of goods of the same type and quality.
According to the Convention on the Contract for the International Carriage of Goods by Road (CMR):
When the carrier owes compensation for total or partial loss, this compensation is calculated based on the value of the goods at the place and time when they were accepted for transport.
The value of the goods is determined according to the market price or, in the absence of such, by the usual value of goods of the same type and quality.
In all cases, the compensation cannot exceed 25 francs per kilogram of gross missing weight. The term “franc” refers to a gold franc weighing 10/31 grams at 0.900 fineness.
Additionally, the transport cost, customs fees, and other transport-related expenses will be fully refunded in the case of total loss and proportionally for partial loss; no other compensation is due.
According to the Road Transport Act, the compensation for total or partial loss of the goods is based on the damage but not more than 8.33 accounting units per kilogram of gross missing weight. In the case of total loss, the transport cost, customs fees, and other transport-related expenses are fully refunded, and for partial loss, they are refunded proportionally. No other compensation is due.
According to the insurer’s tariff.
The insurance can be concluded for a period of one calendar year, for part of the year, or for a separate transport route.
The insurer may also conclude subscription insurance contracts as per Article 214, Paragraph 1 of the Insurance Code. In such cases, the coverage extends to all routes the insured carries out during a specified period. The insured is required to declare all routes performed during the month by the 10th of the following month.
Under the “Professional Liability” insurance contract, the insurer is obligated to cover the liability of the insured for compensation of damages arising due to the negligent failure to fulfill their professional duties as stipulated by the applicable legislation.
The insurance covers the professional liability of the insured in relation to written claims from injured parties for damages caused to them, filed during the term of the insurance contract.
The liability of the insured with respect to:
Determined according to the insurer’s tariff.
It depends on:
One year.
The insurer pays the insurance compensation upon submission of a written claim based on:
The “General Liability Insurance” covers the insured’s liability for material and non-material damages caused to third parties during the term of the insurance while carrying out activities specified in the insurance policy, for which the insured is legally responsible under Bulgarian law.
The insured’s liability regarding:
The covered risks may be specified in separate clauses:
The covered risks may be expanded with:
The liability limits for the annual aggregate and for each event are agreed upon.
A deductible for each claim is agreed upon as a percentage of the claim amount, a minimum absolute amount per claim, or a combination of both. At the discretion of the insurer, the deductible for the insured may be waived.
Determined by the insurer’s tariff.
It depends on:
One year.
The insurer will pay the insurance compensation upon submission of a written claim and based on:
The compensation will be paid to the harmed party or to the insured, when, with the knowledge and consent of the insurer, the insured has satisfied the claims of the harmed party.
The compensation amount is determined by a commission of the insurer. If necessary, to prove the event or to determine the extent of damages depending on their nature, the commission may consult specialists or experts.
The subject of the insurance is cargo during transport and the associated material interests during the transport, regardless of the type of transportation, for loss and/or damage that is a direct consequence of the risks agreed upon in the insurance policy.
Cargo insurance policies are standardized according to the original London Clauses, also known as the “Institute Cargo Clauses.” These are internationally accepted and are the same worldwide. The three types of clauses—“A,” “B,” and “C”—differ depending on the level of coverage. Clause “A” provides full coverage, Clause “B” offers limited coverage, and Clause “C” provides minimal coverage.
Clause “A” 1.1.82 covers all possible risks of loss or damage to the insured cargo during transport, except for the risks of war, political unrest, strikes, riots, bankruptcy of the insured, currency fluctuations of goods on the stock market, deliberate action or inaction by the insured, as well as damage caused by insufficient or inadequate packaging or unsuitability of the vehicle. Covered risks include fire, explosion, road accidents, natural disasters, and theft, although in some countries, theft of the entire vehicle is excluded.
Clause “B” 1.1.82 covers fire, natural disasters, earthquakes, water damage to the cargo, ingress of wet or river water into the hold or container, partial or total loss of a package of goods, though it is rarely purchased by insurers.
Clause “C” 1.1.82 is specialized and only covers fire, explosion, road accidents, and total loss. It is typically used for bulk or liquid goods.
The practice has led the Institute of London Underwriters to develop and approve Special Clauses applicable for specific risks and certain types of cargo.
The insurance amount is determined based on the invoice value. At the insured’s request, the invoice value may be increased by up to 10% to cover lost profit in case of a potential insurance event.
The premium paid for the insurance depends on the type of coverage, the destination, the type of transport (rail, road, sea, combined, air), the value of the cargo, and its packaging method.
Typically, the insurance period is from the moment the cargo is loaded until its arrival at the final destination. For an additional premium, loading and unloading operations can also be insured.
The insurance coverage extends to all or certain types of cargo of the insured and is concluded for a specific period.
Choosing the subscription form provides several advantages for the insured:
The subject of the insurance includes construction and installation works carried out in both high-rise and low-rise construction, materials and equipment, installed systems and facilities, construction machinery, and mechanization, as well as expenses related to construction or clearing debris in the event of an insured incident.
During the insurance contract period, the insurer compensates the insured for any damage, loss, or harm with unforeseen and/or sudden characteristics caused by any reason, except for explicitly specified and additionally agreed exclusions, related to the objects included in the policy, up to the limits specified for each insured event and the insured sum listed for each object. The insurance also covers the civil liability of the investor or contractor towards third parties for damage to property and non-material harm.
This insurance is intended for investors, entrepreneurs, contractors, and subcontractors involved in construction and installation activities.
The insurance coverage includes total loss or partial damage to all material assets on the construction site due to sudden and unpredictable occurrences of the following risks:
The insurer will compensate the insured up to the limits specified in the policy for amounts for which the insured is legally responsible to pay in connection with:
In connection with claims for compensation under this section, the insurer will compensate the insured for:
The insurance sum for individual groups of property is determined as follows:
The insurance takes effect from the start of construction and continues until the final completion of the object and the issuance of the handover protocol.
The subject of the insurance includes all types of electronic equipment and systems with industrial or commercial purposes, which are operated under normal conditions and in compliance with the manufacturer’s requirements. Such electronic systems may include:
The insurer covers additional costs resulting from an insurance event under the basic coverage that are necessary to continue work procedures that cannot be performed otherwise. These include:
Direct and/or indirect damages resulting from:
It is determined based on the replacement value of the insured property, i.e., it should correspond to the cost of replacing the insured equipment, devices, apparatus, and systems with new ones of the same type, power, and purpose. The replacement costs include transportation, disassembly, and assembly costs, and any applicable taxes and customs duties.
One year.
The property described in the policy, located in the Republic of Bulgaria, includes:
Depending on how the insurance sum is determined, there are two types of insurance policies:
The insured chooses the limits for their property. In the event of an insurance claim, the insurer pays compensation for the full amount of the damage, but no more than the insured sum stated in the policy. After paying the insurance compensation, the insurance sum is reduced by the amount of the compensation paid.
The value is determined for each individual item.
The premium is determined according to the insurer’s applicable rate. It can be paid in a lump sum or in installments.
One year.
Movable and immovable property owned by legal entities. The insurance is intended for manufacturing enterprises, shops, warehouses, agricultural properties, state and municipal administration, education, healthcare, and others with an actual value up to 1,000,000 BGN.
Certain risks are limited, such as Civil Liability, breakage of glass, malicious actions.
One year.
Movable and immovable property of commercial companies, property of public (state and municipal) institutions, and non-profit organizations. This insurance is concluded for objects with an insured sum over 1,000,000 BGN, with exceptions allowed for property of budgetary organizations, non-profit organizations, and institutions.
Long-term tangible assets: buildings; machinery, equipment, including agricultural inventory, other fixed assets, vehicles (excluding motor vehicles with registration numbers, vessels, and aircraft);
Expenses for acquiring fixed assets (excluding unfinished construction);
Material reserves, including materials, production, goods, unfinished production;
Other assets – individualized in the description.
Third-party property (rented, accepted for repair, processing, and/or storage) which is held by the Insured on a legal basis.
Main coverage: fire, thunder (lightning), explosion, implosion, collision and/or falling of a piloted flying object, its parts and/or cargo.
Additional risks: storm; hail, heavy rainfall, flooding; natural accumulation of snow or ice; frost, freezing; landslide or collapse of earth layers; damage caused by groundwater or marine waves; accidents in plumbing, sewage, and steam installations and related devices; impact from a vehicle or animal; earthquake; arson; necessary expenses; vandalism; accidents involving loading and unloading machinery.
Theft through burglary and robbery (usually in a separate policy covering only these risks).
Is determined as follows:
For fixed assets (DFA):
Is determined as a percentage of the insured sum.
Factors include:
Typically concluded for one year, but longer periods of up to 5 years are also possible.
This insurance provides coverage for physical or legal entities against losses and/or expenses they are obligated to pay due to damages caused to third parties (property and/or non-material damage) related to the ownership and/or use of vessels.
The subject of this insurance includes the civil liability of the owners of ocean-going, maritime, river, lake, and canal vessels for property and non-material damages they may cause to third parties, as vessel owners and users.
Liability limits are determined based on the territorial waters in which the insured vessel will operate and local legislation but generally should not exceed ¼ of the vessel’s actual value for one damaged object or injured person, and the full actual value of the vessel in the case of two or more damaged objects or persons. Agreed liability limits for one damaged object or person, as well as for two or more, are specified in the insurance contract. The total sum of all payments under this contract cannot exceed the limits specified in the policy.
According to the current rate of the insurer.
1 year.
The insured is obligated to:
The insurer has the right to:
The civil liability of the insured physical and legal entities for damages, both property and non-property, caused by the use and/or ownership of aircraft.
The insurance is offered in two clauses:
Under the clause Civil Liability towards third parties (other than passengers):
In the event of an insured event, the insurer will cover all amounts claimed as legal claims against the insured, which they must pay as compensation (including legal fees), resulting from bodily injury (fatal or non-fatal) or damage to property caused directly by the aircraft or by any person or object falling from it.
The insurer is not responsible for claims regarding bodily injury (fatal or non-fatal) or damage to:
Under the clause Civil Liability towards passengers:
The insurer will compensate the insured for all amounts they are ordered to pay and/or will pay as compensation for damages (including legal fees) regarding:
The insurer is not responsible for claims regarding bodily injury (fatal or non-fatal) or damage to:
The subject of this insurance includes airplanes, helicopters, and other aircraft that are insured against total loss or partial damage.
All risks arising during takeoff, flight, landing, and taxiing are covered, as well as additional costs resulting from emergency measures required to ensure the immediate safety of the aircraft due to damage or forced landing. With some insurers, these costs may reach up to 10%.
The insurer will not pay compensation for:
It is the actual value of the aircraft at the time of the insurance agreement.
According to the insurer’s applicable tariff. It generally consists of two components: “in flight” and “on land.”
1 year.
Under this insurance, the General Conditions are regulated by the Insurance Code / Chapter XXV / and Regulation 24 of 08.03.2006.
Carriers who perform public passenger transport, where the starting and ending points of the journey are within the territory of the Republic of Bulgaria, are required to conclude and maintain compulsory “Accident” insurance for passengers.
Public passenger transport vehicles include:
The object of insurance under the compulsory “Accident” insurance for passengers includes the health, life, and bodily integrity of passengers in public transport vehicles. Passengers are considered to be persons located in or in close proximity to the vehicles before boarding and after alighting.
The health, life, and bodily integrity of vehicle drivers and service personnel are not covered by the insurance.
The minimum insured sum under the compulsory “Accident” insurance for passengers for each event per passenger is BGN 50,000.
According to the current tariff of the insurer.
It can be determined in one of the following two ways:
One year.
Accidents also include:
The insured objects are the driver and passengers located in or in close proximity to the vehicles while boarding or alighting. All seats in the vehicle, as recorded in the registration certificate, including the driver’s seat, are insured. Insurance is allowed for the driver’s seat only if there is a compulsory “Accident Insurance for Passengers in Public Transport Vehicles” policy in place.
The insurance coverage applies to accidents occurring while boarding, traveling, or alighting from the vehicle.
The insurance does not cover the death of a minor or a person under guardianship. It also excludes a driver operating a vehicle under the influence of alcohol beyond legal limits, or other intoxicating substances, and/or without a valid driver’s license for the respective vehicle category. It also excludes cases where the driver refuses an alcohol test, as documented by the relevant authorities. The insurer does not pay compensation to a person traveling in the vehicle if it is conclusively proven that this person knew about the driver’s unauthorized use of the aforementioned substances and/or their lack of a valid driver’s license.
Usually 1 year.
The insurer pays sums or reimburses expenses within 15 days of submitting all necessary documents proving the event by reason and amount or provides a reasoned refusal for payment if there are grounds for it.
The insurer pays sums or reimburses expenses as follows:
Civil liability of insured individuals and legal entities for property and non-property damages caused by the use and/or ownership of motor vehicles (MVs).
For this insurance, the General Terms are regulated by the Insurance Code (Chapters VIII, XXIII, and XXIV) and Ordinance 24 of March 8, 2006, on compulsory insurance, as well as Chapter 47 of the Insurance Code and the methodology for settling claims for damages caused to motor vehicles.
Republic of Bulgaria and countries participating in the “Green Card” system.
The insurer under the civil liability of motorists covers the liability of the insured for damages caused to third parties as a result of the ownership or use of a motor vehicle.
The insurer does NOT pay compensation for:
According to the Insurance Code, the mandatory minimum insurance amounts from June 11, 2012, are as follows:
According to the insurer’s current tariff.
Discounts may be applied for:
Increases may be applied for:
1 year.
Issuing a policy for a shorter period is allowed only in the following cases:
Civil liability of the insured individuals and legal entities for the material and non-material damages they cause, related to the use and/or ownership of motor vehicles (MVs).
The general terms of this insurance are regulated by the Insurance Code /Chapters VIII, XXIII, and XXIV/ and Ordinance No. 24 of 08.03.2006 on compulsory insurance, and by Chapter 47 of the Insurance Code and the methodology for settling claims for damages caused to motor vehicles.
The Republic of Bulgaria and the countries participating in the “Green Card” system.
The insurer under the civil liability of motorists covers the insured’s liability for damages caused to third parties as a result of owning or using MVs.
The insurer does NOT pay compensation for:
According to the Insurance Code, the mandatory minimum insurance amounts from year 2018 are as follows:
According to the current tariff of the insurer.
Discounts that may be applied are for:
A policy for a shorter period is allowed only in the following cases:
