War Zone (Ukraine) Insurance – Is it impossible?

As of March 2022, there is a moratorium on insuring risks in Ukraine from many insurance carriers. As a result, seeking coverage for Business Travel Accident or Personal Accident (London) may be near impossible to procure…Maybe.

The Exception, Not The Rule

Underwriters are considering risks to insure on a case-by-case basis for Ukraine. Companies interested in providing training (military support), humanitarian relief missions, or armed/unarmed security and personnel extractions need to think hard about the cost and likelihood of securing insurance before investigating contract opportunities.

Ukrainian Boarder Countries

Adjacent countries are not under a strict underwriting guideline however. Interested parties may consider securing coverage in Romania, Moldova, Hungary, Slovakia or Poland. This would allow for a potential assembly point should the conflict migrate into other nations.

Premium Beware

Premium costs will be very high for coverage with high loss potential, especially in War Zone(s). Be prepared for both a rejection of the applied insurance and, if a quote is provided, high premium costs.

Identify Experts

Seeking the assistance of a well versed insurance broker with international placement will save a lot of time, money, and resources. Before considering a quote, talk through the work before submitting an application.

Brian Smith is a commercial insurance broker specializing in government contracting with the Insurance Office of America.  For more information review contact Brian at brian.smith@ioausa.com or www.riskreconnaissance.com