From 3 to 5 million UAH in compensation: The Cabinet of Ministers expanded the war risk insurance program for businesses
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The Cabinet of Ministers has expanded the war risk insurance program for businesses. Now, businesses will be able to receive compensation for damage or destruction of a larger list of property, and the maximum amount of insurance premium reimbursement has been increased.
Prime Minister Serhiy Koretsky announced this on Telegram.
According to him, Russian attacks on civilian enterprises, warehouses and logistics facilities are causing significant losses for businesses. At the same time, the government plans to provide separate funding for military risk insurance in the draft state budget for next year.
The program has now been expanded, in particular, to Kyiv and the Kyiv region. They have now been added to the list of high-risk areas.
The terms of insurance for fuel infrastructure property have also been changed. Fuel and vehicles for its transportation and storage have been added to the list of property for which compensation can be received for damage or destruction.
In addition, compensation will be available for damaged or destroyed agricultural machinery, trucks, and trailers.
The maximum amount of insurance premium compensation for one enterprise was increased from UAH 3 million to UAH 5 million per year. The program was also extended to leased property and the requirements for insurance contracts were simplified.
Separately, the government has expanded state support for large projects in the fuel sector, logistics, trade, and the processing industry.
Soft loans can now be used to restore fuel and warehouse infrastructure, modernize processing industry enterprises, and replenish working capital in wholesale and retail trade.
In particular, the state will compensate 5.5% of the bank’s base rate per annum. The maximum lending limit for a group of related companies will be UAH 1 billion.
It was previously reported that entrepreneurs working in frontline areas have simplified the mechanism for receiving compensation for damaged or destroyed property , and the terms of participation in the insurance program have also been updated.
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