War Risk Insurance Support Instrument
About
Insurance and reinsurance broker McGill and Partners, in collaboration with Lloyd’s Lab Insurtech FortuneGuard and Ukrainian insurer ARX, have introduced a new war risk reinsurance instrument for commercial property in Ukraine. This instrument provides comprehensive insurance coverage with limits up to $50M for commercial properties and investments, addressing the challenges posed by the war in Ukraine.
Key Features
Coverage
- Insures against damage caused by missiles, drones, rockets, and air defence system wreckage.
Policy Limits
- Up to $50M and higher in some cases
Premium Rates
- Premium rates start at 1% of the insured limit and vary based on several factors, including asset location, proximity to critical infrastructure, the history of drone and missile strikes in the surrounding area, etc.
Comprehensive Structure
Includes local insurance from ARX with reinsurance to Lloyd’s and London reinsurance market for 100% of risk in excess of ARX’s retention.
