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Insurance business risks

The subjects of insurance are the Insurer and legal entities, regardless of their organizational and legal form, as well as capable individuals who are specified in the Contract as the Insured and Beneficiary.

The scope of liability of the Insurer is limited to covering the losses that the Insured, as might be expected, would have incurred upon the occurrence of the insured event.

The insured event is the inability of the Insured to fulfill the monetary obligation to repay the loan at the end of the loan agreement term.

The liability of the Insurer comes after 45 (forty-five) banking days after the expiration of the term of the loan agreement. If the Insured fails to fulfill his obligations to the Beneficiary due to the alleged bankruptcy, the Insurer's liability arises from the moment the court makes a decision on declaring the Insured bankrupt.

Insurance does not cover:

  • interest, penalties, interest, penalties and other such costs for late payments under the loan agreement;
  • exchange difference when calculating the loan in conventional currency units;
  • non repayment cases caused by:
    • using the insurer of the loan in whole or in part not as intended: for purposes not provided for in the Business Plan;
    • currency convertibility, prohibition or restriction of remittances;
    • gross negligence or fraud of bank employees;
    • the failure of the Insured to take measures to collect accounts receivable in accordance with the law;
    • alienation by the Insured during the validity period of the Property Insurance Contract without prior agreement with the Insurer, including at the instruction of the Beneficiary;
    • inaction of the Insured after receiving the loan, which was the cause of the insured event;
    • exposure to a nuclear explosion, radiation or radioactive contamination;
    • military actions of any kind or their consequences;
    • public unrest, strikes, confiscations, requisitions, arrest, destruction or damage to property by order of the military and civilian authorities.

Conditions and procedure for payment of insurance compensation:

Upon occurrence of the insured event, the Policyholder (Beneficiary) must submit a written application to the Insurer and the following documents in the prescribed manner within thirty (30) business days:

  • copies of the balance sheet for the reporting period in the prescribed form certified by the tax authorities;
  • a balance certificate from the bank on the availability of funds on the current account on the current date and an extract from the bank on the movement of credit funds;
  • a document reflecting the size of the loan debt, confirmed by the Beneficiary;
  • copies of payment orders on the transferred loan amounts;
  • copies of acts of checking the target use of the loan, as well as documents confirming the intended use of the loan.

The amount of losses incurred by the Insured is determined in the manner prescribed by the norms of civil legislation of the Republic of Uzbekistan.

When an insured event occurs, the specific amount of damages is determined by the Insurer in agreement with the Insured, taking into account documents received from the Insured, the competent and law enforcement agencies, expert opinions, special expert commissions, a court decision. In case of a real loss, depending on the terms of the loan agreement, the amount of insurance compensation payable is determined as the difference between the amount actually paid and the amount received from the Beneficiary.

The insurance indemnity is paid to the Policyholder minus the deductible (if it is provided for in the Insurance Contract).

If the Insurer decides to refuse to pay the insurance indemnity, within 15 (fifteen) calendar days, a written notification is sent to the Insured (Beneficiary) explaining the reasons for the refusal.

The insurer has the right to postpone the payment of insurance compensation until the end of the investigation in the event of initiation of criminal proceedings by the competent authorities and the investigation of circumstances related to the occurrence of the insured event.


The insurer has the right to refuse to pay insurance compensation in the event of:

  • if the Policyholder, providing data on the basis of which the Insurer has decided to enter into the Contract, has provided false information about the circumstances that are essential for the judgment of the insurance risk;
  • if the insured event occurred as a result of the willful actions or omissions of the Insured (Beneficiary) aimed at the occurrence of the insured accident, except for actions related to the fulfillment of their civic duty or the protection of the life, health, honor and dignity of the Insured (Beneficiary) or third parties;
  • if the Insured (Beneficiary) did not promptly inform the Insurer of the occurrence of the insured event;
  • if the Insured (Beneficiary) prevented the Insurer's participation in determining the cause and circumstances of the insured event, as well as the amount of damage;
  • impossibility of the Insurer making a regressive claim due to the fault of the Insured (Beneficiary);
  • not providing the Insurer of documents on the use of credit funds: payment orders, certificates of completion, invoices, invoices for receipt of goods, etc .;
  • if, in accordance with the Civil Law of the Republic of Uzbekistan under the agreement of the Insured and the Beneficiary, the obligation was terminated by the provision of compensation in exchange for the transfer of assets (transfer of property, etc.), offsetting a counter claim from one of the Parties or an innovation;
  • if in the process of bankruptcy of the Insured the requirement of the Beneficiary is satisfied at the expense of the liquidation stock in accordance with the current legislation of the Republic of Uzbekistan.

During the validity period of the Insurance Contract, the Insured is obliged to immediately inform the Insurer about significant changes in the circumstances known to him to the circumstances communicated to the Insurer upon entering into the Contract if these changes can significantly affect the increase in insured risk, namely:

  • violation of the deadline for the implementation of the project stipulated by the Business Plan;
  • a change in the terms of contracts financed under a loan agreement;
  • the termination or suspension of production activities that may affect the fulfillment of the obligations of the Insured under the loan agreement;
  • forthcoming reorganization or liquidation of the Insured.

The insurer notified of the circumstances leading to an increase in the insured risk is entitled to request changes in the terms of the insurance contract or the payment of an additional insurance premium in proportion to the increase in risk.


To transfer payments to your current account, specify the List of necessary details in the application in the established form:

  • The name of the bank indicating the legal form, the name of the bank branch, the city in which the bank is located;
  • TIN of the beneficiary's bank;
  • BC of the beneficiary's bank;
  • The beneficiary's bank account;
  • Personal account of the recipient;
  • Bank card number (if any);
  • Full name of the beneficiary's recipient (exactly as entered in the bank, since sometimes the full name of the first and last name in the passport and bank is different - for example, they can be written in Latin, with or without a patronymic, etc.) ;
  • If the recipient is a legal entity (legal entities), then the recipient's TIN is required; in this case, when filling in the details in the database, it is necessary to indicate jur. face.