Compulsory liability insurance of hazardous facilities’ owners: new rates
The Bank of Russia proposes to reduce by 25% the lower limit of the rate for compulsory third party liability insurance of owners of most types of hazardous facilities. Adjustments to these rates more precisely demonstrate the level of accident risk and take into consideration the loss ratio dynamics. The last time the rates for this type of insurance changed in September 2022.
Nevertheless, for hazardous facilities using pressure equipment (boiler houses, thermal power plants, heat supply systems, etc.), the lower limit of the insurance rate will remain at the same level, while the upper limit will be raised by 25%.
For hazardous facilities such as hydraulic structures, petrochemical and mining enterprises, facilities related to explosives, mines, wells, cranes, the range of the insurance rate will remain unchanged.