Ukrainian development company Alterra Group has insured in IC INGO (Kiev) the construction of a new logistics center PORT2 in Lviv region, according to the insurer’s press release.
It is also noted that Alterra Group has partially insured the first part of the logistics center PORT (PORT1), including the economic building and communications PORT1. In addition, the construction of the second part of PORT(PORT2) was fully insured against military risks. All buildings, including finishing, communications and glass, as well as construction and installation works and materials (including construction materials) or elements of the building that have not been put into operation are insured.
The sum of insurance coverage amounts to UAH 20 mln.
According to the insurance contract, IC INGO undertakes to indemnify the cost of restoration of insured objects in case of their damage or destruction as a result of military actions, including hit by missiles or their debris, drones, other types of armed aggression or defense actions.
Additionally, in case of an insured event, INGO compensates for the costs of clearing the territory of the insured object, firefighting costs, other measures that will help prevent or reduce the amount of damage, as well as payment for the services of engaged specialists and overtime expenses.
According to Dmitry Kovalchuk, founder of Alterra Group, such an insurance contract will facilitate cooperation with potential clients and investors, especially during construction.
“This is an important first step for business, as it demonstrates the private sector’s ability to adapt to challenges and stay ahead of government protection mechanisms that are sorely lacking,” says Dmitry Kovalchuk.
Director for Corporate Business of INGO Insurance Company Andriy Semchenko, in his turn, noted that insurers should cover war risks of Ukrainian business for the sake of promoting the Ukrainian economy. Even despite the fact that now the Ukrainian insurance market is left without the support of Western reinsurers for military risks.
“Yes, it is difficult for domestic insurance companies to provide substantial coverage limits, but we simply have no other choice – entrepreneurs should receive guarantees of protection and continue to work in Ukraine, rather than taking business abroad,” said Andriy Semchenko.
JSC “Insurance company “INGO” provides insurance services for 30 years. Since 2017, the main shareholder is the Ukrainian business group DCH.
“INGO” is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTSBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NASU) and the International Chamber of Commerce (ICC).
