Owners of grain storage complexes can insure equipment against war risks

02.07.2024

It is impossible to predict the arrival of an enemy missile, UAV, or the fall of their debris on a grain storage complex and protect it from damage. However, it is now possible to insure your silos, grain dryers, and other expensive equipment to have the financial capacity to repair damaged or lost property in the event of an “arrival.”

KMZ Industries, committed to the wellbeing of agricultural business participants, has partnered with the leading insurance company in Ukraine, ARX, to offer insurance for grain storage complexes against war risks.

“Today, Ukrainian farmers continue to build and expand their facilities at their own risk. They are justifiably concerned about the existing military risks, as the consequences of “arrivals” can be of different scales. Since 2022, our experts have carried out a number of repair and restoration works at grain storage complexes damaged by debris, so we are well-positioned to understand the potential business losses due to this factor. Our extensive experience enables us to offer clients optimal solutions that minimize repair costs while ensuring insurance coverage in the event of an insured event. This can help farmers avoid financial losses. Agribusinesses have long needed a service that would allow them to insure their property against war damage. We expect this to be relevant to both small farms and large companies. Now, farmers can get insurance coverage for a very small payment compared to the indemnity limit,” – said Borys Rybachuk, Deputy CEO for Business Development of KMZ Industries.

The Property Insurance against War Risks service provided by ARX covers loss or damage to the insured property solely as a result of direct and/or indirect impact from missiles, UAVs of any type, aircraft ammunition, air and missile defense equipment, and any of their fragments.

The annual insurance fee is calculated individually, taking into account the location, area, and value of the property.