Aaduki Versatile Insurance has confirmed that although travel insurance for individuals working and companies trading in Crimea and Ukraine is still available this is likely to change in the near future due to the political instability in the region and the UK Government’s response.
Director of Marketing & Business Development, Nik Stewert said: Whilst we have seen a 100 per cent increase in premiums for travel to the Crimea region of Ukraine and a 50pc increase for the rest of the country – it is likely that the after the referendum for Russia on Sunday March 15, financial sanctions will be introduced which may mean cover is withdrawn from this area.
Financial sanctions cover Iran, North Korea and Syria which means that insurance for working and travelling is not available from the UK for these regions. It would be a criminal offence in the UK to provide it and then pay out if something happens.
Nik said: “We have seen premiums decrease for security officers travelling on container ships through the Med and for Iraq and Ivory Coast but the troubles in Crimea are reaching a peak at the present time and causing nervousness for Insurers.”
Nik said,” Any company or individual who believes they will be travelling for work to this region or Ukraine in the next two months or so, is advised to take cover now before financial sanctions are introduced. This means you WILL be covered even if the sanctions are introduced as the policy was in force before the law changed.”
About the firm
Aaduki Versatile Insurance are specialists in providing work away cover and health protection, travel insurance, including kidnap and ransom, through Lloyds of London for UK based businesses and are available on 01737 735050 Monday to Friday from 9am until 5pm and via email at [email protected]
