Cargo insurance
Despite the fact that generally carriers should accept liability for the safety of cargo, in many cases the law (or transportation contract) may release the carrier from any liability for loss of or damage to the cargo during being under their custody and this will become a problem of a cargo owner. There is also a possibility, when due to financial standing of the carrier or insufficiency of its liability cover the carrier will not allow cargo owner to obtain any indemnity and this is possible even when carrier's liability has been established. Therefore owner is risking to be stuck in law arguments which have no commercial prospects. The above risks are specifically relevant to Ukraine and cargo insurance is one of the instruments, which can help to prevent similar risks. We believe, that as for today, there are maximum 10 insurers who have the required experience and also have established business relations with European reinsurers. This is important to bring financial stability and also help dramatically to settle claims and outside of the territory of Ukraine.


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