14 Ukrainian insurance companies signed a memorandum founding the Construction Insurance Pool, a voluntary association of Ukrainian insurers, on October 8. Among the founding members are ILYICHEVSKE, NOVA, ASKA, ETALON, OMEGA, BROKBUSINESS, UKRANIAN Ecological Insurance Company, UKRANIAN Transport Insurance Company (UTICO), UKRANIAN Fire Insurance Company, ARMA, ALFA-Garant and other Ukrainian insurers, according to RP Newsline.
"The insurance of CAR/EAR and erection risks is a common practice all over the world. This insurance line is underdeveloped in Ukraine. The establishment of the respective association will ultimately allow investors to protect themselves from losses on investments in construction projects. Moreover, the guarantees and insurance coverage provided to foreign investors will help to increase investments in Ukraine," Yuriy GRISHAN, president of ILYICHEVSKE, said.
According to ILYICHEVSKE, the construction insurance pool will be a voluntary non-profit organization, established and financed at the sole expense of the pool's members. The memorandum was signed as part of the cooperation agreement between the League of Insurance Organizations of Ukraine and the Ukrainian Construction Association with the assistance of the State Commission for Regulation of Financial Services Markets and the Ministry of Regional Development and Construction of Ukraine, as well as insurance companies. by RP Newsline
