Another bank joined the insurance of ships in the Black Sea
9.01.2024 - 11:00
Two Ukrainian banks have already issued letters of credit in favor of British insurers.
“Ukrgasbank” and “Ukreximbank” issued letters of credit for 10 million dollars each in favor of a pool of 14 British insurance companies, writes CTS with reference to the Export Credit Agency (ECA).
The mechanism for using letters of credit will reduce the cost of risks for British insurers that provide services to shipowners transporting goods through the Black Sea Corridor.
ECA explained that the “cheaper” the risk for the insurer, the cheaper the policy for the shipowner. In this way, sea transportation will become more affordable for exporters.
As previously reported by USM, “Ukrgasbank” has become a partner in an agreement on the insurance of vessels using the Ukrainian maritime corridor.
