Piraeus Office Property Insurance

Office insurance for office space owners and tenants offered by Piraeus Bank, in partnership with ERGO Insurance Company. Covers the building shell and contents of your office. Fire insurance is built-in. A range of optional forms of coverage is available.
WHAT IT COVERS
  • Fire insurance for the building shell and office contents
  • Additional coverage for comprehensive asset protection, depending on the plan you opt for
DURATION
1 year
With an option to renew
PREMIUM PER YEAR
From
77€
OTHER FEATURES
  • Insurance at "new for old" value
  • Low premiums and discounts
  • Maximum deductible

 

How you benefit

Insurance tailored to your needs

Piraeus Office Property Insurance comes in 2 versions with basic and optional coverage. They are available for owners as well as tenants. Simply choose the plan that suits your needs, preferences and pocket. Earthquake coverage can also be added to all plans.


Damage restoration at "new for old" value

In the case of damage caused to the building or contents of your office by one of the insured risks, the compensation you receive is calculated based on the amount it costs to rebuild “as new” or to replace items with new ones of the same standards and performance at the time of the loss in the same location.


Low premiums and discounts

Piraeus Office Property Insurance offers affordable, competitively priced premiums. Discounts are available for both insurance plans depending on the overall capital insured.


Discounts available

Insured capital Discount
Up to €50,000
  0%
From €50,001 to €100,000
  10%
From €100,001 to €150,000
  15%
From €150,001 to €200,000
  20%
From €200,001 to €800,000
  25%




Maximum deductible

A maximum deductible is set for each Piraeus Office Property Insurance plan. This means that right from the outset you know what you need to pay in the event of damage. Your insurance will cover the rest.



Contracts issued immediately

It takes no time to get from insurance quote to having the contract issued and paid for. Then simply pick up your policy at the branch of Piraeus Bank that suits you.

Coverage

Basic coverage

Piraeus Office Property Insurance comes in 2 versions: Basic and Ideal. The basic and optional forms of coverage in each plan are provided in line with the general and special terms of your contract. These include:


Basic coverage Basic Ideal
Fire, lightning-induced fire, exploding appliances and facilities, falling aircraft, widespread explosions, forest fire
    
    
Terrorist acts, uprisings, strikes, riots, malicious acts
    
    
Collision with third party vehicles
    
    
Rubble collection, up to 10% of insured capital
    
    
Flood, storm, squall, snow, weight of snow, hail, frost
         
Water pumping costs up to €1,000, leaking water/heating/air-conditioning or sewerage pipes, cost of exploratory work in case of water damage, €1,000
         
Fire-induced short-circuits, up to €3,000
         
Broken outdoor windows, up to €3,000
         
Material damage, third party civil liability following insured risk, up to 50% of insured capital subject to €50,000 max
         
Theft, theft-related damage to building, up to €1,500, stolen takings up to €1,500, burglary/theft of safe up to €1,500
         
Loss of rent up to €1,500, money transfers up to €2,000
         
Electronic equipment all risks insurance up to €10,000
         
Relocation expenses up to 10% of insured capital, storage expenses up to €2,500
         
Damage amelioration costs, up to €1,500
         
Tenant’s civil liability following insured risk, up to 50% of insured capital subject to €25,000 max
         



Optional coverage

Bolt on optional forms of coverage to your insurance plan:


Optional coverage Basic Ideal
Earthquake and/or earthquake-induced fire
    
    
Business overheads coverage. Overheads and extra expenses incurred as a result of the business suspending operations because of an insured risk occurring are covered.
         



Example of premiums payable

100 m2 apartment Basic Ideal
Insured capital for building shell
  €100.000   €100.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €77   €144


These premiums have been computed without earthquake coverage.


100 m2 apartment Basic Ideal
Insured capital for building shell
  €100.000   €100.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €257   €324


These premiums have been computed to include earthquake coverage.

Deductibles

Maximum deductible

Depending on the coverage you went for:

  • A 10% deductible on losses applies to all forms of coverage (apart from fire), subject to a max. deductible of €750
  • A 2% deductible applies to the insured value per incident, in the case of earthquake coverage

Insurance Requirements

Building specifications


Piraeus Office Property Insurance only covers you if:

  • The building’s roof is a flat reinforced concrete slab, or has decorative roof tiles, or tiles on a wooden frame
  • The walls are brick
  • The building was built after 1960


Maximum insured capital

Piraeus Office Property Insurance only covers you if the total insured capital does not exceed €800,000.