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18 september 2023
2 min.

INGO Insurance Company will indemnify farmers for losses incurred as a result of military operations

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INGO Insurance Company has expanded its winter crops insurance program and is ready to include additional war risk coverage to its standard insurance coverage, which will help agricultural enterprises maintain financial stability.

In addition to the standard risks, which include various negative weather factors (extremely low temperature, ice crust, damping, drought, etc.), INGO is ready to insure the risks of damage to crops as a result of events that directly or indirectly resulted from military operations.

Winter crops located in the unoccupied territory, but not closer than 50 km from the combat zone or the state border with the Republic of Belarus and the Russian Federation, can be insured against war risks.

"In the world practice, war risks are always included in the list of standard exclusions, and losses are not compensated," says the director of INGO's corporate insurance department
However, Ukraine is now in a situation where 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 depends on their success."
Sergey Krivosheev

In the event of an insured event, INGO compensates for the costs incurred for sowing and growing crops that were damaged or destroyed due to direct actions of the military (including maneuvers or other activities), movement of military equipment, construction of defense structures, demining costs, etc. The company assumes reimbursement of such expenses depending on the volume of insured crops with a limit of UAH 500 thousand to UAH 2 million.

The settlement of insured events for further compensation of losses is carried out according to the usual procedure within 15 days from the date of submission of the necessary documents. A document confirming the occurrence of an insured event under war risks must be obtained from the military-civilian administration, the State Emergency Service or the National Police.

The offer is available to companies insuring more than 1500 hectares of winter crops. The insurance covers all winter crops that are grown industrially. Crops are accepted for insurance until December 15, 2023.

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