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Indemnity Paid in Foreign Currency

On the way from Ukraine to one of the CIS countries, several boxes were stolen from the shipment. The loss was estimated at UAH 30,000. There are two highlights of this claim settlement process worth pointing out. The first one is that the indemnity was paid within two days from the moment the last required document was submitted to the insurance company. The second is that the indemnity was denominated in the foreign currency. It’s worth mentioning that cargo insurance policy normally stipulates that the indemnity be paid in the same currency in which the insurance premium was paid. Nonethess, BritMark account managers made sure to include additional option which provided for the insurance indemnity to be paid in foreign currency upon request. Indemnity was paid by Insurance Company PZU Ukraine.