Sellers will no longer be able to take out a policy through their personal account after October 12, according to a joint statement by Ozon and Ingosstrakh cited by RBC. The program was the only one available to Ozon sellers, Forbes adds.
The companies attributed the decision to changes in the insurance market since October 1. According to them, the terms of reinsurance for certain risks have changed substantially, and insurers' ability to transfer part of their risks to other companies has shrunk.
In July, Ingosstrakh raised the cost of the insurance because of the rising price of covering risks linked to drone attacks. At the time the company said some insurers had stopped providing such protection.
Ozon and Ingosstrakh have promised to meet all obligations under existing policies. Some compensation has already been paid out, and the remaining payments are to be completed after an inventory. Incidents before October 13 that are recognized as insured events will be compensated.
From August 1, Ozon automatically enrolled sellers in insurance for goods against damage from emergency situations, including fires and drone attacks. The policy covered goods at warehouses, sorting centers, pickup points and in transit, including returns. Damage from drone attacks was covered if they were classified as a terrorist act or sabotage.
Ozon said it will continue to look for alternative ways to provide financial protection for sellers' goods. All existing support measures remain in place.