Farmers with more than 1,500 hectares of winter crops can insure their crops against war risks with a limit of indemnity from UAH 500 thousand to UAH 2 million in INGO Insurance Company until December 15, the company said in a statement.
“In the world practice, war risks are always included in the list of standard exclusions, and losses are not compensated,” the press release quotes INGO’s Director of Corporate Insurance Serhiy Krivosheev as saying. – “However, now in Ukraine we are ready to revise the rules to create more opportunities for farmers. We understand that not only the economic condition of the agricultural sector, but also many others depend on their success.”
Thus, INGO Insurance Company has expanded its standard winter crops insurance program, which provides protection against negative weather factors (extremely low temperature, ice crust, damping, drought, etc.), to include coverage of crop damage risks resulting from events that were a direct or indirect consequence of military operations.
The company assumes that this will “help agricultural enterprises maintain financial stability.”
It is noted that only winter crops of more than 1500 hectares, which are grown industrially and are located in the unoccupied territory or no closer than 50 km from the combat zone or the state border with Belarus and Russia, can be insured against military risks.
In the event of an insured event, INGO will compensate for the costs of sowing and growing crops damaged or destroyed as a result of military operations, including maneuvers, movement of equipment, construction of defensive structures, and demining costs.
“The company assumes reimbursement of such costs depending on the volume of insured crops with a limit of UAH 500 to 2 million,” the statement said.
According to it, the settlement of insured events for further compensation is carried out according to the standard procedure within 15 days from the date of submission of the necessary documents. A document confirming the fact of occurrence of such an event under military risks should be obtained from the military-civilian administration, the State Emergency Service or the National Police.
INGO Insurance Company has 30 years of experience in the market. Since 2017, the company’s main shareholder has been the Ukrainian business group DCH of Alexander Yaroslavsky.
The company holds 29 licenses for various types of compulsory and voluntary insurance, provides insurance services to corporate and retail clients, and is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).
According to the National Bank, as of the middle of this year, INGO Insurance Company was the eighth largest in the market in terms of assets (UAH 3.28 billion). Its net earned insurance premiums for the first half of the year amounted to UAH 971.4 million, insurance payments and reimbursements – UAH 545.6 million, net profit – UAH 152.0 million.
