Ukrainian companies may be allowed to insure foreign vessels against military risks

Ukrainian insurers will be able to pay foreign companies for war risks.

The new initiative was proposed by the Ministry of Agrarian Policy at a meeting of the Coordination Council. The proposal is due to the refusal of policyholders of the IG Club (an association representing the interests of almost 90% of the world’s insurance companies) to cover risks related to the war, the website of the Ministry of Agrarian Policy and Food of Ukraine reports.

Thus, from January 1, 2023, the region of Ukraine, Molodovy, Belarus, and russia will not be subject to the extension or conclusion of new contracts regarding damages caused by military actions. Other risks will be covered unchanged.

Also, at the meeting of the Coordinating Council, the improvement of the algorithm for forming a queue for inspection of the SCC was considered. In particular, it is proposed to synchronize the plans of port operators with the passage of ships in the Dardanelles and Bosphorus.