The government has approved a new vessel insurance mechanism with the participation of British companies
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At a meeting on November 14, the Cabinet of Ministers adopted a decision on a new mechanism for insurance of ships against military risks.
About this informs press service of the Ministry of Economy.
The ministry noted that the government’s decision paves the way for cooperation with British reinsurance companies and will significantly reduce the current insurance premiums for carriers that export and import to Ukraine by sea.
Prime Minister Denys Shmyhal emphasized that it is strategically important for Ukraine to keep the Black Sea open for international trade.
According to the results of the agreements between President Volodymyr Zelenskyi and Prime Minister of Great Britain Risha Sunak, Ukraine, together with a pool of British insurance companies, created a special mechanism that will reduce the cost of insurance against war risks for exporters of all products from Ukraine.
“Ship insurance became possible thanks to cooperation with the leading British companies in the field of reinsurance – Marsh McLennan and underwriters Lloyd’s of London through the launch of the Unity Facility mechanism. The total amount of coverage under this program is 50 million dollars. This decision, first of all, will have a positive effect on work grain traders,” said First Vice Prime Minister – Minister of Economy Yuliya Svyridenko.
According to her, the new mechanism will make it possible to reduce the cost of grain insurance by approximately 2.5 percentage points. from the cost of the insurance tariff, which in turn will allow grain traders to save about UAH 100-140 per ton of cargo. In general, this will bring up to UAH 4 billion to agricultural producers.
These funds will be directed to farmers, both in the form of an increase in the purchase price and for additional purchases.
Economic truth
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