Citadele Bank’s requirements for collateral insurance
- The property offered as loan collateral must be insured by any of the following entities operating in the Republic of Estonia on the basis of an activity licence: an indemnity insurance company, a life insurance company, a subsidiary of a foreign insurance company offering the indemnity insurance service or the life insurance service.
- Policyholder: owner of the insured property or another person.
- Beneficiary: Estonian subsidiary of AS Citadele banka (registry code 11971924).
- Insurance contract duration: at least 1 year.
- Sum insured: reinstatement value of the property.
- Originals of the insurance policy (including the insurance contract and the general terms and conditions) and the document of proof of the insurance premium payment must be submitted to Citadele Bank by no later than 10 (ten) days before the previous insurance policy expiry date.
- Insured risks:
- fire, lightning strike, gas (heating) system explosion in the building, air disaster, i.e. manned aircraft crash (including airplane, helicopter), its parts or its cargo, etc.;
- natural disasters, including flood, storm, hail, rain or snow that is unusual for this particular area, etc.;
- water-related emergency, including water or steam leak, rupture in the water or sewerage system, also water or steam leak caused by firefighters or third persons, etc.;
- illegal activities of third persons, including burglary, robbery, acts of vandalism, etc.
You must immediately notify the Bank in writing about an insured event!