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Insurance Company «Universalna» paid to «Budpostach» UAH 272 590 000 (equivalent to USD 11 500 400) in the recovery of fire loss at the main storage terminal

 

 

Insurance Company «Universalna» (FairFax group company (Canada) paid one of the largest losses on the Ukrainian property insurance market in the amount of UAH 272 590 000 UAH (equivalent to USD 11 500 400).

The insured private enterprise «Budpostach» - a Ukrainian company, founded in March 1996, is one of the leading national operators of the market for professional equipment and tools in Ukraine.

As a result of fire at the Kyiv’s main storage terminal, located at 1 Magnitogorska Street on 02.02.2019, the most part of the insured property - goods at stock, was destroyed. According to the results of expert analysis, it was found that the fire was caused by a short circuit in the electricity mains.

The goods stored inside were completely damaged by the fire and remained under the structural components of the building - the roof and ceilings. Only a small amount of construction materials and tools placed on the ramp remained untouched by the fire.

In total, the fire lasted 7 days and fire brigade worked until the complete fire confinement.

The total sum insured amounted to UAH 1 251 900 000, including UAH 345 700 000 for goods that were stored in the referred storage terminal.

To accurately determine the extent of loss, «Universalna» involved «InterTechService» - a representative of International Surveyors and Loss Adjusters Crawford in Ukraine. To settle this loss, professional reinsurers Gen Re and Polish Re were involved, who promptly and fully recognized their obligation for the recovery of losses.

As a result of effective work of «Universalna» and its reinsurer partners, the policyholder received a loss payment amounting to UAH 272 590 000.

On 05.12.2019 Insurance Company «Universalna» transferred in favor of «Budpostach» the full amount of the insurance indemnity UAH 272 590 000, equivalent to USD 11 500 400.