OREANDA-NEWS. April 30, 2008. ROSNO’s Reinsurance Department has renewed the obligatory reinsurance coverage under the civil and professional liability insurance contracts for the year 2008. The aggregate capacity of the obligatory liability reinsurance contract is 5,000,000 US dollars, reported the press-centre of ROSNO.

ROSNO’s obligatory coverage protects against the following types of risks:

General civil liability;

Liability for the quality of goods, works, and services;

Employer’s liability for the damage inflicted to employee’s health;

Professional liability, including liability of lawyers, attorneys, auditors, realtors, appraisers, safekeepers, architects / engineers / constructors;

Professional liability of doctors and other medical personnel.

Geographically, the area of risks covered by the contract includes the Russian Federation, countries of the former USSR and their interests abroad, except the U.S., Canada, Australia, and Japan.

The list of reinsurers under the contract comprises the largest international reinsurance companies, such as Allianz SE, Swiss Re, Transatlantic Re, and Hannover Re.

While there are only few obligatory civil liability reinsurance contracts in the CIS insurance market, ROSNO offers one of the most extensive reinsurance programs in terms of the coverage volume and insurance conditions, and its program has been awarded a highest rating from ROSNO’s international reinsurance partners.

Besides, the following reinsurance contracts are effective in ROSNO:

Reinsurance contract covering property of legal entities and technical risks, with a total capacity of 100,000,000 euro;

Reinsurance contract covering property of private individuals, with a total capacity of 2,000,000 US dollars;

Reinsurance contract covering cargo, hull and vehicles, with a total capacity of 7,500,000 US dollars;

Reinsurance contract covering agricultural crops, with a total capacity of 2,800,000 euro per one risk / farm;

Reinsurance contract covering aircraft hull and carrier’s civil liability with maximum liability limits of 7,500,000 US dollars per 1 aircraft hull and 600,000,000 US dollars with regard to liability;

Reinsurance contract covering animals, with a total capacity of 37,500,000 roubles per one risk / farm;

Reinsurance contract covering special-purpose mobile machinery, with a total capacity of 2,000,000 US dollars;

Reinsurance contract covering directors’ liability (D&O), with a total capacity of 30,000,000 euro.

The renewal of the existing obligatory contracts and conclusion of new such contracts in 2008 enabled ROSNO to maintain and strengthen its leadership in the Russia and CIS markets. ROSNO selects its reinsurance partners on the basis of the common standards and rules adopted by all member companies of Allianz Group (Allianz Group Reinsurance Security Principles and Guidelines). This approach ensures that the obligatory coverage provided by the leading Western reinsurers has a highest degree of reliability.