SERVICE OF BUSINESS INSURANCE AGAINST RISKS OF PANDEMIC MAY BE INTRODUCED IN RUSSIA

The insurers proposed to introduce a new insurance product - the client's property interests associated with the risk of losses from entrepreneurial activity when the conditions for its implementation change. In this case, the occurrence of a pandemic of a disease unknown to science may become an insured event. Small and medium-sized businesses are offered to be insured in this way.

It was noted that the occurrence of an insured event takes place when the Russian Government or regional authorities impose a high alert, state of emergency, quarantine or an emergency due to a pandemic. In this case, we are talking about diseases that are not yet known to science, reports Izvestia.

In case of an insured event, the insurance company undertakes to reimburse the policyholder for expenses that are usually covered by income from his activities.

These may include the cost of paying salaries, deductions to funds, interest on loans, payment of taxes, rental payments and others.

As for the insurance of risks associated with the COVID-19 pandemic, such a proposal was discussed, but did not find support among insurance companies. Their fears were in the possible emergence of a situation where a large number of policyholders will be entitled to payments, which in turn might lead to problems related not only to payments for other insured events, but also the further activities of insurance companies in general.