Piraeus Shop Insurance

Shop insurance for shop owners and tenants offered by Piraeus Bank, in partnership with ERGO Insurance Company. Covers the building shell and shop contents. Fire insurance is built-in. A range of optional forms of coverage is available.
WHAT IT COVERS
  • Fire insurance for the building shell and shop 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
101€
OTHER FEATURES
  • Low premiums and discounts
  • Maximum deductible

How you benefit

Insurance tailored to your needs

Piraeus Shop Insurance is aimed at shop owners and tenants, whether they are individuals or companies. 2 insurance plans are available, offering basic and optional forms of coverage. Choose the plan that suits your needs, preferences and pocket. Earthquake coverage can be bolted on to both plans.


Low premiums and discounts

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


Interest free installments

You can pay your premiums up to 12 monthly installments with any Piraeus Bank credit card.


Maximum deductible

A maximum deductible is set for each Piraeus Shop Insurance plan. That 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.


Damage Restoration in the value of new one

In case of a damage of anticipated risk to the building or the contents of your store, the compensation you will receive is calculated based on the amount required to reconstruct like new ones or replace with new ones, at the time of the damage, in the same place.

Coverage

Basic coverage

Piraeus Shop Insurance comes in 2 versions: Basic and Ideal. The standard and the optional coverages of each packet are formed in accordance with the terms and conditions of your contract. Indicative:


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
    
    
Falling trees, lamp-posts
    
    
Collision with third party vehicles
    
    
Rubble collection, up to 10% of insured capital
    
    
Lee Way Clause
    
    
Architect’s / engineer’s fees and license fees, 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 €5,000
         
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
         
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
         
Damage to central heating boiler from insured risk, damage to solar water heater from insured risk, damage to objects on outside of building from insured risk.

Only items firmly affixed to the exterior are covered.

Maximum coverage in the case of awnings is €400, if proven to have been installed within the previous 5 years.
         
Damage to goods
         



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

100m2 beauty centre Basic Ideal
Insured capital for building shell
  €100.000   €100.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €101   €158


These premiums have been computed without earthquake coverage.


100m2 beauty centre Basic Ideal
Insured capital for building shell
  €100.000   €100.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €271   €327


These premiums have been computed to include earthquake coverage.




100m2 Flowershop Basic Ideal
Insured capital for building shell
  €100.000   €100.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €119   €195


These premiums have been computed without earthquake coverage.


100m2 Flowershop Basic Ideal
Insured capital for building shell
  €100.000   €100.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €289   €360


These premiums have been computed to include earthquake coverage.




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%

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 Shop 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 Shop Insurance covers you if the total insured capital is not over €800,000.