Changes to cargo and baggage insurance

Due to changes in factors that affect the degree of insurance risk under cargo insurance contracts (increased probability of an insured event occurring during martial law, increased cost of compensation for losses under insured events) and to maintain the quality of insurance services, ALS "IC "QUORUM" announces a change in the cost of cargo insurance.

Under insurance contracts concluded in the event of all risks, including losses caused by war, invasion, hostile acts (namely: the fall of missiles, UAVs, drones and/or their fragments; the fall of manned aircraft and/or their fragments; the explosion of ammunition, mines, bombs; the impact of other weapons and means of war, except nuclear, biological, chemical weapons; destruction or damage to cargo by order of military or civil authorities, sanitary or quarantine services; terrorist acts (explosion, arson, accident or other actions); looting / seizure, complete or partial destruction or loss of the insured cargo during its transportation and/or during its storage at the place of delivery; loss of the insured cargo due to the occupation of the city where the insured cargo is located) the cost of insurance will be 1.05% of the value of the cargo.

The cost of cargo insurance against all risks, except military and related risks, will be:

  • for insurance contracts with an insured amount from UAH 1.00 to UAH 2,000.00 – 15.00 UAH.;
  • for insurance contracts with an insured amount from UAH 2,001.00 to UAH 4,999.00 – 0.75% of the cargo value;
  • for insurance contracts with an insured amount from UAH 5,000.00 to UAH 149,999.00 - 0.45% of the cargo value;
  • for insurance contracts with an insured amount of over UAH 150,000.00 - 0.65% of the cargo value.

Death, loss or damage to insured cargo as a result of the occurrence of military risks may be recognized as an insured event if there is a direct direct connection between the occurrence of these events and the death, loss or damage to insured cargo

The specified insurance conditions will be valid throughout the territory of Ukraine, except for the territories of Ukraine temporarily occupied by the Russian Federation, territories of active hostilities (including those in which state electronic information resources operate), territories of settlements in which the state authorities of Ukraine temporarily do not exercise their powers and territories of settlements located on the demarcation line, as well as territories in respect of which less than 30 calendar days have passed from the date of the end of hostilities or temporary occupation to the date of conclusion of the insurance contract or the date of occurrence of the insured event.