Ukrainian grain traders will be able to save up to UAH 4 billion thanks to the new vessel insurance mechanism

Thanks to the new insurance mechanism for the insurance of the Black Sea Corridor vessels , Ukrainian grain traders will be able to save up to UAH 140 per ton of cargo.

The new mechanism for insurance of vessels against war risks will allow to significantly reduce insurance premiums for carriers by approximately 2.5%. This will allow grain traders to save about UAH 100-140 per ton of cargo, Ukraine’s Economy Minister Yuliya Svyridenko said.

In general, agricultural producers will additionally receive up to UAH 4 billion. These funds will be directed to farmers “both in the form of an increase in the purchase price and for additional purchase.

Ship insurance was made possible thanks to cooperation with leading British insurers Marsh McLennan and underwriters Lloyd’s of London. The new insurance mechanism is called the Unity Facility. The total amount of coverage under this program is 50 million dollars.

“The decision adopted by the government will ensure the safety of shipping, promote the stability of sea transportation, and also ensure the stable export of products through the ports of Ukraine,” Svyridenko emphasized.