"Zaporozhstal” Steel Works has taken essential measures to secure business continuity by insuring against losses due to operational downtime. This initiative represents the final phase of arranging comprehensive insurance coverage for the upcoming year.
“Zaporozhstal” Steel Works, under emergency circumstances, implemented a package program of insurance that encompasses coverage against business interruption, property insurance, third-party liability insurance, insurance against construction and assembly risks, and medical insurance. The insurance portfolio of “Zaporozhstal” has been carefully crafted to minimize the impact of insured events on its operations and financial health.
A disruption in the regular operations of an industrial enterprise can adversely affect profitability and the company’s reputation. Therefore, “Zaporozhstal” Steel Works, along with other enterprises of the Metinvest Group, has joined a Global insurance program that covers property and losses due to business interruption. This program provides insurance against property damage and business interruption under an "Against all risks" basis, ensuring comprehensive loss coverage.
“This insurance principle ensures the continuous operation of the enterprise and aligns with modern practices. We diligently work on minimizing risks. With this insurance program, the Steel Works enjoys maximum protection from potential adverse events and their consequences,” stated Ruslan Bozhko, Chief Financial Officer of ”Zaporozhstal” Steel Works.
The primary portion of risk is allocated to the international re-insurance market, facilitating shared liability between the insurance company and re-insurance agencies, which collaboratively contribute to loss settlements. In selecting partners for re-insurance, careful consideration is given to the reliability of re-insurance companies, seeking the most favorable coverage terms. Key criteria in the selection process include the ability to promptly and fully meet obligations, financial stability, adequate capital, and high credit ratings from international rating agencies. Consequently, leading re-insurance firms from CIS countries and Europe have been engaged as partners in the re-insurance sector.