OREANDA-NEWS. January 21, 2011. Ingosstrakh OJSIC paid nearly USD 1,334,045 of the final insurance indemnity for damages and loss of freight related with the fire on vessel "New Breeze".

On November 1, 2008 while parked on the berth of dockyard terminal Mangali Enterprise at the port of Riga, Latvia, the fire began in hold compartment of the ship № 3 “New Breeze”. The fire was localized and extinguished the same day due to the efforts of urban firefighters. The vessel was insured in Ingosstrakh OJSIC under the policy of hull coverage with responsibility for the total loss and damage, including the risk of freight loss.

“New Breeze” inspection revealed serious damages of isolation and wood con-constructions, cable trays, electrical and hydraulic systems of hold’s covers # 3. According to expert evidence, the cause of the fire was ignited smoldering isolation in result of hitting the hot metal particles, formed during the welding in hold # 3.

Full scale repair was held at the port of Tallinn, Estonia. The final claim was settled in December 2010, indemnification was paid amounting to about USD 1,334,045 for damages and losses from the loss of freight.

According to Sergei Trubitsyn, head of Ingosstrakh OJSIC vessels insurance and responsibility of ship-owners, the company that has been operating in this market during 63 years, had always met and continue to meet its commitments under insurance contracts of vessels hull coverage (Hull and Machinery), regardless of country’s economic and the world financial disturbances. As for the accidents of sea and river vessels, insurer had indemnified ship-owners – USD 30.2 million in 2008, USD 26.2 million dollars in 2009 and USD 13.5 million at the beginning of December 2010. Reduction of payments size reflects a selective approach to receivable risks of Ingosstrakh OJSIC underwriters and quite successful situation in 2010. Recently, an insurer portfolio has being replenished mainly by new modern vessels, with high level of technical condition and management. In total portfolio of Ingosstrakh OJSIC on this type of insurance consists of more than 2,500 vessels of 642 Russian owners and far-abroad owners.