Insurance of ships in certain parts of Black Sea grows in price up to 20 times - Ukrainian MP

MOSCOW. July 28 (Interfax) - Insurance premiums for marine merchant ships operating in certain areas of the Black Sea have increased 20-fold, from 0.025% to 5% of the vessel's value, after February 24.

Ukrainian media have reported with reference to a social media post by Danylo Hetmantsev, head of the Ukrainian Verkhovna Rada Finance, Tax, and Customs Policy Committee, that he described this increase in insurance premiums as an extra cost claimed by the crisis.

First agreements on insuring sea vessels to export grain from blockaded Ukrainian seaports were signed on Wednesday. These vessels would operate under Ukraine's treaty with Turkey and the United Nations on unblocking three seaports for grain exports.

Insurance risks under these treaties have been covered by syndicates incorporated in Lloyd's, a global leader on the insurance and reinsurance market, Hetmantsev said.