We recommend choosing from these insurance companies. If you choose an insurance company that is not on this list, it is important that you provide insurance coverage equivalent to that offered by the listed companies.

The beneficiary shall identify represent Luminor Bank AS Lithuanian Branch, branch code 304870069, according to the Rules on Granting Loans with Real Estate Pledge.

Contact the Insurance Company in the event of an insured event. The Insurance Company will calculate the Insurance benefit and apply it to the Beneficiary of the Insurance benefit, in this case, the Bank. If you have no debts under the Credit Agreement and the property is not completely destroyed, the Bank will confirm the payment of the Insurance benefit to you. If you have debts under the Credit Agreement, the Insurance benefit or part thereof will be used to cover the debt incurred.

The main insurance risks are:

• Fire‑related risks
• Natural disaster‑related risks
• Water damage (leakage, engineering system accidents) related risks
• 3^rd party damage (e. g. theft, vandalism, robbery).

The amount of insurance must not be less than the Replacement Value of the Real Estate Pledge (it is defined in the Insurance conditions set by each insurer). The amount of insurance does not have to match the amount of credit.

The Insurance Agreement can be concluded for the entire duration of the Loan or for a year (after one year the Insurance Agreement must be renewed or concluded a new one). Unless otherwise provided in the Credit Agreement, a new policy must be submitted 14 days before the expiry of the existing policy. The Insurance Policy received from the Insurance Company must be submitted in PDF format, via e-mail bustodraudimas@luminor.lt.

According to item 19.3. of the Rules on Granting Loans with Real Estate Pledge, the pledged property must be insured for the duration of the entire Credit Agreement.

Yes, it is possible to change the Insurance Company. If you wish to do so, contact the Insurance Company about concluding a new Collateral Insurance Agreement. It is important to inform the Insurer that the beneficiary must be indicated to the Bank (Luminor Bank AS Lithuania branch, company code 304870069). With the new Collateral Insurance Agreement of the Insurance Company, apply to the old Collateral Insurance Agreement Company for termination by submitting a new Collateral Insurance Agreement.

Don't forget to send us a new Collateral Insurance Agreement via e-mail bustodraudimas@luminor.lt.