Ukrainian Insurance Group paid over USD 1 mln for wheat destroyed in Beirut explosion

Ukrainian Insurance Group (UIG) delivered USD 1.133 mln of insurance payouts for a cargo of wheat that was in the port of Beirut, Lebanon, when a series of explosions occurred there on August 4, 2020.

The largest port of the country was destroyed presumably as a result of the inappropriate storage of 2,750 tons of ammonium nitrate.

"Under the insurance contract, the cargo was insured against all risks. Well-coordinated professional work during damage assessment allowed the UIG to settle this complicated insured event in the shortest possible time and pay out the insurance indemnity in full," the report reads.

HarvEast agricultural holding confirmed then that it had shipped about 5 thou. t of food wheat to Lebanon and the fact that its cargo was insured.

It was reported that at the moment of explosion, two ships loaded with Ukrainian wheat were docked at the port of Beirut.