Most probably you ran across wrecked cars carrying a vivid banner which said “Insured by…” more than once. In Ukraine car owners choose to express their indignation in such a creative way after being denied insurance indemnity. While the majority of disappointed clients fully hold the insurance company accountable for their misfortunes, they would be quite surprised to find out that quite many times they were the ones to blame. What are themost common mistakes that entail indemnity denial?
The truth is that in a moment of concluding an insurance agreement a simple error in wording can jeopardize the successful claim settlement in case of an insured event. For example, the “Property Insured” clause in the policy can vividly prove the immense importance of trifles.
There is myth quite popular in our country that “Ukraine’s insurance doesn’t work”. I’ve been handling insurance claims for a pretty long time already. In my experience there has been not a single unjustified denial.
Did you know that equipment breakdown caused by its functional defects or faulty operation by the workers either due to lack of professionalism or mere curiosity is not covered by regular property insurance policy? If such damage entails financial losses for your company, the insurance company has legal right to deny you indemnity. In a situation when your business operations depend on expensive equipment it is reasonable to consider purchasing machinery breakdown insurance policy.
Every branch of professional services in Ukraine faces gradual commoditization of some services. Clients are not inclined to dig deep into the professional nuances but want to find out the price for any particular service outright like they do when purchasing goods.
Last year Ukraine’s insurance market faced two major trends. The first one was associated with overall decline of economy due to ongoing conflict in the East of our country and sharp depreciation of national currency. The second one, though, came down to the fact that the need for structural reforms became urgent and obvious which, in its turn, gave start to new market developments.
Insurance of IT companies specializing in software development is a large target segment for insurance companies abroad. Nonetheless, companies of this type rarely use insurance products in Ukraine. This article reveals reasons for such state of affairs and dwells on the insurance products most suitable for IT developers.
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