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Ore-Dressing and Processing Enterprise “Velta” received UAH 26 mln worth of indemnification

Fire in ore-dressing and processing enterprise “Velta” situated in Kirovpograd region took place on October 8, 2014 and turned out to be one of the major damages in Ukraine that year.  The hotbed of fire was located in the gravity dressing department of Factory #1. It took three teams of fire fighters 5 hours to put out the fire and prevent it from spreading around the territory of the enterprise. In the course of the fire several production floor spaces were destroyed including ore - dressing shop and final ore - concentration shop.  On June 23, 2015 “AXA Insurance” paid the last installment of the indemnification which totaled in UAH 26 mln. The payment was executed in two installments – UAH 12 mln and UAH 14 mln each. 

Mr. Brodsky, the CEO at “Velta” stated: “After the fire the enterprise has been carrying out its regular operations on Factory #2. Having received the full indemnification from “AXA Insurance”, we began to rebuild the destroyed facilities. In order to restore the full capacity of Velta provided by both factories we still need to receive indemnification from the second insurance company carrying the policy for the bigger part of our enterprise property. As of today, the process is being dragged on, so we still have a lot to do” 

BritMark provided support during all stages of the claim settlement starting from notification of the insurer about the insured event and gathering of all the necessary documents till the money was transferred to our Client’s account. 

Companies’ Information.

Maintenance Firm “Velta” LLC is a Ukrainian company established in 2000 which owns two resource assets in Kyrovograd region which are Likarivske and Byrzulivske deposits. The company has built ore-dressing and processing enterprise carrying out production and processing of concentrated ilmenite. The staff includes over 600 employees. “Velta” is one of a few Ukrainian companies which proved its deposits to meet the international standards JORC. 

Insurance company “AXA Insurance” is a part of AXA Group and has been represented in the Ukrainian market since 2007. The company is comprised of over 1 000 employees and 2 800 agencies nationwide. Nowadays over 500,000 clients in Ukraine put their trust in this company. In accordance with 2014 financial results AXA Insurance was rated 1st  based on the gross value of CASCO Insurance Premium, 1st based on Gross Insurance Premium, 1st based on Gross Value of Indemnifications paid (according to Insurance Top Magazine). As of December 31, 2014 the value of its liquid assets totaled in UAH 755 mln.  

BritMark is a leading insurance broker operating in the Ukrainian market for over 10 years and standing for the interests of large companies in Ukraine in terms of their insurance coverage. Such leading companies as Veres, Incom, Vasil Kisil and Partners, Helen Marlen Group, Sportmaster, Comfy and others are BritMark’s clients. Using broker’s services more than 100 legal entities received access to the best insurance products available in the market as well cut their insurance expenses due to the lower insurance rates offered by BritMark. As of the beginning of 2015 the overall portfolio of risks managed by BritMark accounted for UAH 40.9 bln.