New insurance rates for hazardous facilities
The Bank of Russia has set new rates in compulsory insurance of a hazardous facility owner’s third party liability. The relevant Bank of Russia Ordinance was officially registered by the Ministry of Justice. It will become effective on 30 July 2024. The recalculation was made for insurance rates to more accurately reflect emergency risk levels and take into account loss ratio dynamics.
According to the Ordinance, the minimum rate for most types of hazardous facilities will decrease by 25%. As for hazardous facilities operating pressure equipment (boiler plants, thermal power plants, heating networks, etc.), the minimum insurance rate will remain the same, while the maximum rate will increase by 25%.
The minimum and maximum insurance rates will remain unchanged for such hazardous facilities as hydraulic structures, petrochemical plants, mining and quarrying enterprises, explosives-related facilities, mines, wells, and cranes.