Valid from 19.08.2020

General provisions

Term “Policy Holder” shall identify Customer or Customer representative  (Luminor Leasing is accepted as Policy holder for leased asset insurance contracts issued by Partner IIZI/AON)  

Term “Insured” shall identify Customer -Borrower or Pledgor. (Luminor Leasing in case of insurance for leased assets) 

Term “Beneficiary” shall always represent Luminor Līzings Latvija SIA reg. No. 40003659898 / Luminor Līzings SIA reg. No. 40003348054

Insured object must be identified by 

  • Registration number or VIN number (vehicles and machinery)
  • Serial number and model (equipment)  

Territorial scope

  • Baltic States (vehicles)*
  • Address/ area of use (machinery and equipment)

* When taking out the leasing object outside Baltic States, the leasing object shall also be insured wihtin the respective territory and the provisions of leasing agreement for consent (powers of attorney) obtaining shall be complied.

Maximum recommended deductible 

  • Vehicles with full mass till 3500 kg – partial damage till 500 EUR, total loss (as theft and robbery) max 15%
  • Vehicles and machinery with full mass more than 3500 kg – partial damage till 1000 EUR, total loss (as theft and robbery) max 15%
  • Equipment – 1000 EUR 

Only legally valid insurance contracts are accepted. In case Luminor receives information that Policy is not paid in agreed payment date and is to be terminated, Luminor holds the right to issue mandatory insurance or collect additional fee (according to agreement). 

Has to be insured during all lean/leasing period. Renewed policy need to be send to Luminor in a timely manner.  

Insurance companies accepted by Luminor across Baltics

Luminor across Baltics accepts insurance contracts issued by following companies and their branch offices:

  • Lietuvos draudimas AB (incl. PZU Kindlustus as AB “Lietuvos draudimas “Eesti filial)
  • If P&C Insurance AS
  • ERGO Insurance SE
  • Seesam Insurance AS
  • ADB Gjensidige
  • Compensa Vienna Insurance Group ADB
  • AAS BTA Baltic Insurance Company
  • Swedbank P&C Insurance AS

Insurance companies accepted by Luminor with conditions

Following insurance companies are accepted with conditions



Accepted insurance lines

Max value limit (incl. VAT) for object


Estonia only


No limit


Latvia only


100 000 EUR


Lithuania only


No limit 

Minimum risk cover

If not agreed differently in particular credit agreement,

Insurable objects Required risks
Motor vehicles
and their trailers
(required to be registered in the traffic register)
(CASCO/KASKO/MOD insurance type)
traffic accident,
natural disaster,
robbery, vandalism, theft
Including risks delivering object (as risks of loading, transportation and unloading).
Machinery for specific use
(construction, agriculture,
forestry, road construction etc.)
(Contractor’s plant and machinery insurance - CPM)
All risks associated with the possession and use of the property (including but not limiting with partial damage, fire, water hazard, natural disaster, theft, robbery, vandalism)
Including risks delivering object (as risks of loading, transportation and unloading).

Sum insured

  • All insured objects must be insured with full recovery/replacement value.
  • If object is to be insured in actual, underinsurance or first loss limit insurance (if mentioned in insurance policy), it must be agreed according to Bank’s powers to act according to credit manual or approved by person with delegated rights.
  • Replacement value is Market value (accepted also new purchase value as “old for new” principle)
  • Sum insured and future claims paid must be including VAT (and transportation costs if object is purchased abroad Baltics).

Luminor Līzings SIA insurance intermediary

Luminor Līzings SIA insurance intermediary is SIA IIZI Brokers, Reg.No. 40003349492, address: Vienibas gatve 109, Riga, LV-1058, Latvia.