Slovakia Insurance Information

CIA link to demographic/economic data on Slovakia

General Slovakia Insurance Information

• Compulsory Insurance:
  Third Party Automobile Liability. Professional Liability insurance for Lawyers, Architects and dentists (coverage through professional associations).
• Non-Admitted Insurance:
  Strictly prohibited except for Marine Cargo which may be placed in accordance with the terms of sale.
• Policy Wordings & Rates / Tariffs Controlled:
  No restrictions on rating except for Third Party Automobile Liability and Workers’ Compensation.
• Policy Language:
  Mostly Slovak.
• Types of Insurance Restricted to Government Institutions:
  The Slovak Insurance Company is the only authorized writer of Third Party Automobile Liability.
• Policy Currency:
  Slovak koruna (SKK).
• Currency Restrictions / Exchange Controls:
  None.
• Policy Period:
  Not limited.
• Cancellation Provisions:
  6 weeks before expiration is usual.
• Premium Taxes, etc. paid by Insured:
  There are no taxes or charges on insurance premiums.
• Insurance Companies:
  There are no restrictions of foreign ownership of companies. Foreign insurers/reinsurers can operate by obtaining a license from the Ministry of Finance.
• Brokers:
  
• Brokerage Commissions:
  
• Broker of Record Letters:
  
• Reinsurance:
  No restrictions and little reinsurance placed with local companies.
• Local Natural Hazards:
  Flood.
• Other Information:
  

Property Insurance

• Fire:
  The standard basic form covers Fire, Lightning, Explosion, Aircraft, Burst Pipes and Storm Damage, Stress of Snow and Ice, Hail, Burglary.
• All Risk:
  
• Coinsurance:
  
• Blanket Insurance:
  
• Business Interruption:
  
• Replacement Cost:
  
• Discount for fire protection equipment / systems:

Boiler & Machinery / Machinery Breakdown / Engineering

• Wordings:
  

General / Public Liability

• Comments:
  Product Liability is written on a domestic form – wording taken from usual international wording. Third Party Environmental/Pollution risks are usually excluded but limited cover is available.

Automobile / Motor

• Comments:
  Third Party Automobile liability is compulsory and unlimited. The Slovak Insurance Company is the only authorized writer of Third Party Automobile Liability.

Workers’ Compensation

• Comments:
  This is covered by the Government Social Security Scheme.

Marine

• Available Wordings:
  It is not compulsory for import and export coverage to be placed locally.

Crime

• Available Coverages:
  Burglary and Theft are covered under some insurers contents policies.