INGO Insurance Company notes that more and more customers are requesting coverage against military risks in case of property and business interruption insurance. Over the last month, the number of such requests has increased significantly.
«We are actively working to provide business with the necessary insurance solutions», said Andriy Semchenko, Head of the Underwriting Division of INGO Insurance Company. «The peculiarity of such contracts is that after their conclusion and payment of the insurance premium, both parties may not early terminate the contract. Thus, the coverage allows entrepreneurs to ensure a real mechanism of protection of their business interests from the effects of hostilities».
Despite the fact that in the Western market this product (so-called - PVI political violence insurance) is quite common, in Ukraine its relevance was discussed in 2014 after the start of hostilities in the east.
Today, INGO insurance company offers its insurance solution, which covers the risks of war, terrorism, sabotage, riots, strikes, civil commotions, revolution, uprising, military coup and coup d'etat. The property can be insured against the direct damage, destruction due to the military events, and business interruption, which occurs due to the damage to the insured property. Such type of reinsurance is carried out in Lloyd’s markets.