Elevator insurance is one of the most important topics in the construction industry and property management. Considering the increase in the number of multi-story buildings and the need for easy and safe movement of people and loads, insuring elevators is considered a necessity. But are all elevators eligible for insurance? Can non-standard elevators be insured? In this content, we will examine non-standard elevator insurance. First, we will mention the necessary conditions to get this type of insurance, then the rules and regulations related to it, and finally the important points that you should be aware of.
The importance of elevator insurance
Elevator insurance, as a type of civil liability insurance, protects building owners against accidents that may occur due to technical defects or non-standard elevators. With the increase in the use of elevators, the issue of people's safety and health becomes more important. If an accident occurs due to a defect in the elevator, the insurance can compensate for financial and life damages.
Non-standard elevator insurance conditions
1. Technical and safety assessment
Insurance companies usually evaluate the technical and safety of the elevator before issuing the insurance policy. This assessment may include checking the elevator's age, equipment condition, and repair history. The older the elevator, the more detailed the evaluation will be.
2. Special conditions of the insurance policy
Non-standard elevator insurance policies may have special terms that include limitations or exclusions on insurance coverage. For example, risks such as breakdowns due to wear and tear or technical defects may not be covered.
3. Obligations of the owner
Insureds must meet certain conditions, including regular maintenance and proper maintenance of the elevator. Failure to comply with these conditions can lead to the loss of insurance premiums.
4. Limitations of coverage
Non-standard lift insurance policies usually have limited coverage. In case of an accident, the insurer may compensate a lower amount, and this issue can lead to the dissatisfaction of the policyholders.
5. The validity period of the insurance policy
Elevator insurance policies usually have a specific validity period. In order to renew them, the conditions may need to be re-evaluated, and in case of changes, the insurer may set new conditions.