Ukrgasbank joined the insurance of ships in the Black Sea

Ukrgasbank became a partner in the agreement on insurance of vessels using the Ukrainian maritime corridor.

A special, unprecedented vessel insurance mechanism was created by Ukraine, the UK government and a pool of international insurance companies with the participation of the insurance broker Marsh, which is part of the Oliver Vyman company.

The Ukrainian Seaport Authority emphasized that this will make the sea route more accessible to a wide range of exporters (not only agricultural ones), which is extremely important, especially during the war.

As part of these agreements, Ukrgasbank issued a letter of credit in favor of the British policyholder. The applicant for the letter of credit was the Export Credit Agency.

The term is up to 3 years, the amount is 10 million US dollars.

Such a mechanism will insure ships and their cargo entering and leaving Black Sea ports, as well as providing insurance for the risks inherent in such transportation.

“Of course, this will first of all have a positive effect on the work of agricultural companies. But in the future, other products of Ukrainian exporters will also be transported, because the mechanism is not limited to agricultural products, unlike the grain corridor. Free navigation in the Black Sea is a strategically important direction for our country,” emphasized the Acting Director. Chairman of the Board of Ukrgasbank Rodion Morozov.