What is TCIP Insurance
TCIP is the abbreviation of the “Turkish Catastrophe Insurance Pool”, which was put into operation as a result of the Marmara earthquake that occurred on August 17, 1999. Mandatory earthquake insurance is taken out with TCIP assurance.
What is Mandatory Earthquake Insurance?
TCIP insurance ensures that damages caused after an earthquake are covered in accordance with the policy limit.
What is the TCIP Insurance Coverage?
Thanks to TCIP; damages and cracks that may occur inside and outside the building that may occur during or after an earthquake are included in the scope of the coverage.
In this regard, the insured who has TCIP insurance is assured for cracks in the foundations, fragmentation in the walls separating the house and the rooms, cracks in the landing, fragmentation in the corridors, scrapping and fragmentation in the roof and chimneys, damages in the columns, cracks in the building walls, occured as a result of the accident.
Which Buildings are within the Scope of the Coverage?
It is assured in accordance with the Catastrophe Insurance Law 6305. Buildings whose construction has been completed as residences in private properties, buildings whose title deed allocations have not been completed yet, independent areas within the Property Ownership Law No. 634, buildings that have not yet been allocated on the title deed, work areas used as offices, bureaus and commercial premises in the buildings are assured by TCIP insurance.