Ilyashev & Partners Negotiates Insurance Settlement for Budpostach

Ilyashev & Partners Negotiates Insurance Settlement for Budpostach

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Ilyashev & Partners has successfully represented the interests of Budpostach regarding a February 2, 2019 fire which resulted in the burning down of the company's Kyiv warehouse. 

Budpostach, founded in 1996, manufactures professional equipment and tooling in Ukraine. It has 71 branches in the country. 

On December 5, 2019, the Universalna insurance company, which insured Budpostach, agreed to pay Budpostach UAH 272.59 million for its claim.

According to Ilyashev & Partners, “this settlement [is] the largest negotiated in the Ukrainian insurance market in 2019, and one of the largest in its history. According to the National Commission for Regulation of Financial Services Markets, the total net volume of insurance payments made under property insurance contracts in Ukraine in January-September 2019 amounted to only UAH 320.7 million.”

A criminal proceeding was initiated over the fire as well, but it was dropped in July.

The Ilyashev & Partners team included Managing Partner Mikhail Ilyashev, Partner Yevgen Solovyov, and Attorney Mykola Burtovyi.