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INSURANCE
 12 Months Ended
Dec. 31, 2022
Insurance  
INSURANCE

 

32.INSURANCE

 

In order to adequately mitigate risks and in view of the nature of its operations, the Company contracts several different types of insurance policy. The policies are taken out in line with the Risk Management policy and are similar to the insurance taken out by other companies in the same industry in which CSN and its subsidiaries operate. The coverages of these policies include: National Transport, International Transport, Life and Personal Accident Insurance, Health, Vehicle Fleet, D&O (Administrators Liability Insurance), General Civil Liability, Engineering Risks, Export Credit, Insurance Warranty and Civil Liability Port Operator.

 

The Company's insurance is contracted together with the insurance of its subsidiaries, but there is no joint or subsidiary responsibility between the Company and companies of its economic group with CSN Mineração.

 

In 2022, after negotiations with insurers and reinsurers in Brazil and abroad, an Operational Risk Insurance Policy for Property Damage and Business Interruption was issued, effective from July 1, 2022, to June 30, 2023. Under the policy, the Maximum Indemnity Limit is US$600 million for the locations with Company activities combined for Property Damage and Loss of Profits. Under the policy, the Company assumes a deductible of US$385 million for property damage and 45 days for loss of profits. The policy’s maximum indemnity limit is shared with other insured establishments.

 

The risk assumptions adopted, in view of their nature, are not part of the scope of the audit of these financial statements, and consequently, they have not been audited by our independent auditors.