OREANDA-NEWS. June 16, 2010. IC ROSNO and Penny Lane Realty have concluded a partnership agreement, whereby Penny Lane Realty insures its rented-out apartments. This service, an exclusive one for the real estate market, will provide additional security and will be a source of confidence for the housing owners and lessors, reported the press-centre of ROSNO.    

IC ROSNO will provide comprehensive insurance coverage for the apartments rented out via Penny Lane Realty. In the property insurance contract, Penny Lane Realty will act as insurant, and the owner of the rented-out real estate will act as insured beneficiary. The standard insured period is one year.

Penny Lane Realty insures internal furnishing of the premises, civil liability for the damage inflicted to life, health and property of third parties in course of residing in the apartment. Insured risks are as follows: fire, explosion, lightning stroke, unlawful third-party actions, burglary, robbery, brigandage; flood, natural disasters, aircraft impact, collision with transport vehicles, glass breakage, damage by extraneous objects; rescue-related expenses, and cleaning-up expenses of up to 5% of the amount of damage.

"Insurance coverage of rented-out real estate is common for the developed countries. Renting an apartment without buying an insurance policy is virtually impossible, since lessors require additional protection for their property. In Russia, however, this business line is only beginning to gain ground", explains Mr. Artem Iskra, head of ROSNO’s Personal Property Insurance Department.

"This free service is a unique one for the real estate renting market", says Mr. Vadim Lamin, head of the elite-class apartments renting division in Penny Lane Realty. "We provide lessors with an additional tool guaranteeing protection of their apartments against any unforeseen events occurring in course of the tenants’ residence therein. Along with housing owners, this service is also of much interest to tenants, especially foreign companies, who attach great importance to having an additional safety guarantee".

The cooperation between Penny Lane Realty and ROSNO is aimed at improving terms and conditions for the clients in case of renting and renting out of apartments.