Forest insurance is the opportunity to insure forest stands owned by you.
It was clarified on the basis of the given information that the following companies representing the leading insurance companies offer this service in Latvia:
- AAS „BTA"
- AAS „BALTA"
- AAS „IF Latvia"
Other insurance companies, for example, AAS „BAN", AAS „ERGO", AAS „SEESAM" do not offer such service.
Each of the stipulated companies is able to give a particular offer only having received the documents specified below:
- Copy of the Land register,
- Copy of the land boundary layout [plat] (from both sides),
- Copy of the woodland layout,
- Woodland characterizing indicators,
- Copy of the valuation document.
Insurable risks:
- Fire risk (fire, explosion, stroke of lightning, piloting aircraft, fall of parts or cargo thereof);
- Storm;
- Plants damage and disease injuries (BTA only);
- Action on mechanical (motor) vehicles;
- Malicious damage of property;
- Larceny,
Insurance payment depends upon:
- the value of forest stands;
- location and age of forest stands;
- the amount of owner's risk or loss chosen, which is covered by your company - the more it is the less expensive is the insurance policy;
- payment schedule - it is possible to pay by installment but the most beneficial is to pay the whole amount at once.
To receive insurance indemnity (compensation):
- for an accident one should forthwith apply to the competent authority (in the event of fire - to the fire-fighting service), as well as should take all possible actions in order to eliminate or minimize further losses;
- immediately, as soon as possible, to keep the insurer informed of the events happened;
- it is required to go to Balta, where one should show the insurance policy and documents confirming ownership;
- it is required to complete a form of application for indemnity;
- it is required to agree on examination of the forest stands suffered;
- it is required to submit written acknowledgement of the value of loss and survived forest, as well as present accurate amount of income gained when selling the survived share of forest or otherwise disposing of the same;
- it is required to submit a plan reflecting the territory destroyed or damaged;
- it is required to describe the time and circumstances of originated loss.
More detailed enumeration of insured risks and exceptions is given in the rules of insurance company.
AAS „IF Latvija" offers forest insurance only jointly with any other property.
On the basis of the following information possible offer of insurance companies may be given within the following limits:
Insurance rate:
- BTA: from 0,5%-1% (The risks specified above including plants damage and disease caused injuries)
- BALTA:
- Without the risk of larceny: from 0,5%-1%
- With the risk of larceny: about 1,5%
- IF Latvija: more than 1%
Possible owner's risks:
- BTA: about LVL 30 per 1 ha.
- BALTA: minimum owner's risk LVL 50, preferable about LVL 1000
