Ukrainien insurance broker BRITMARK, active member of UNIBA Partners tells us more about global insurance programs in current Ukrainian context :

 

Business insurance: why global insurance coverage fails?

 

Crisis is the best test of your worth. War puts a strain on every sphere of business, be it logistics, services or manufacture.

Insurance is no exception.

A lot of clients and insurance providers have suddenly realized that their policies are not operating as expected. War risk exclusion is omnipresent in insurance policies and is perfectly uncontroversial.

But do insurance companies have a way to identify losses? What if there is an ordinary lightning strike, but the fire brigade is unable to arrive because there is a fire at a military depot? What if a forest fire threatens your farm but the rescue team is unable to come because it’s a warzone? Could damage be limited if proper assistance from the authorities had arrived in time?

What will happen with your global coverage if all international transactions are forbidden? Non-admitted basis insurance is strictly forbidden in Ukraine, a number of large global brokers fail to renew global coverages for their clients locally, because reinsurance links were severed. In such finding a local provider is advisable.

 

Vitaliy Lebedovskiy, BRITMARK
Insurance broker and member of the UNIBA Partners network in Ukraine

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