љOREANDA-NEWS  On 12 September  was announced, that the Branch of IJSC Ingosstrakh in St. Petersburg insured the collateralized property of OJSC Kirov Plan. The contract extends coverage to the following objects: administration and on site facilities, production site of unit 2 (total area=39 075 sq.m) unit no 1 of non-standard equipment division (total area= 35 450 sq.m) and the adjacent land plot of 365 444 sq.m. All of the above objects have been used as the collateral under a mortgage contract. The insurance amount is RUR 1,028,001,000.

The property of Kirov Plant is insured against the standard ‘fire’ risks: fire outbreak, thunderbolt, gas explosion; explosion of pressurized process equipment, natural calamities; damage of property by tap water and water for sewerage, heating and fire-extinguishing systems; ill-intended third-party actions, including theft, robbery and break-in; collision with land vehicles; fall of piloted aircrafts or pieces thereof.

‘Mortgage insurance of commercial property is one of the youngest and most dynamic areas of insurance in Russia, - says Andrei Aleksandrov, Director of IJSC Ingosstrakh in St. Petersburg. – For example, from the start of the year we have executed some 150 contracts. In Russian practice, insurers offer insurance of both the property and the financial components thereof, i.e. credit risks which, alongside positive dynamics of paid losses, attracts potential clients’.

The history of Kirov Plant Group of companies (www.kzgroup.ru) takes root back in 1801 when Kazenny Iron Foundry was launched in St. Petersburg. In 1992, Kirov Plant reorganized into a joint stock company. Today, the company is one of Russia’s leaders in the production of farm tractors. The plant has an extensive metallurgical production site and a division manufacturing process equipment for nuclear and oil & gas industries, as well as parts and components for mechanic engineering etc.

Ingosstrakh IJSC (www.ingos.ru) has operated in the domestic and international market since 1947. The Company is the leader among Russian insurers in terms of the size of insurance premiums in voluntary insurance, other than life insurance.

Ingosstrakh holds ratings from Standard & Poor’s (BBB-, stable outlook, and ruAA+ national scale) and Expert RA (A++).

Ingosstrakh is authorized to extend all types of insurance services (with a view to underwriting specialization) provided in Article 32.9 of the RF Law on Insurance in the Russian Federation, and reinsurance services. The company is present in 214 cities of Russia. It has six branches and seven affiliates operating in the CIS and foreign countries.