The Bank of Russia has set new rates for the compulsory insurance of hazardous facility owners' third-party liability. The relevant Bank of Russia Ordinance was officially registered by the Ministry of Justice and will become effective on July 30, 2024. The recalculation aims to more accurately reflect emergency risk levels and consider loss ratio dynamics.
According to the Ordinance, the minimum rate for most types of hazardous facilities will decrease by 25%. For hazardous facilities operating pressure equipment, such as boiler plants, thermal power plants, and heating networks, the minimum insurance rate will remain unchanged while the maximum rate will increase by 25%.
The minimum and maximum insurance rates will remain unchanged for hydraulic structures, petrochemical plants, mining and quarrying enterprises, explosives-related facilities, mines, wells, and cranes.
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