Important information on pledged property (collateral) insurance
Credit agreement provides that property pledged for the benefit of the bank (collateral) must have uninterrupted insurance cover throughout the entire credit agreement period. A copy of the property insurance contract alongside with a document evidencing payment of your latest insurance premium should be submitted to our bank no later than within 5 days as of the date of an amendment or execution of the insurance contract. If the insurance period of the property pledged under the Agreement expires before credit maturity, an extended / new insurance policy should be provided to our bank no less than within a 10 (ten) days’ period before expiry of the existing insurance policy.
Property insurance contract terms and conditions
Any and all property insurance terms and conditions applied are set out in the credit agreement.
Property pledged for the benefit of the bank may be insured by your preferred insurance company acceptable to our bank: