OREANDA-NEWS. On 28 July 2008 was announced, that IJSC Ingosstrakh in St. Petersburg has insured the property of the First, Second and Fourth Stevedoring Companies which are integrated into OJSC St. Petersburg Sea Port. The insured amount is in excess of RUR200mln.

The contract for insurance services was signed after Ingosstrakh had been nominated winner of a tender to select an insurer ready to offer ‘all risks’ services in order to provide comprehensive protection of the property of the stevedoring companies against any damage or accidental loss. In particular, the insurance policy covers the so called fire risks, including the risk of thunderbolt, gas explosion; explosion of pressurized engineering equipment; natural calamities; damage by water from water supply, heating, fire extinguishing, and/or sewerage systems; ill-intended actions of third parties, including theft and robbery; collision with land vehicles; fall of piloted aircrafts and/or wreckage thereof.

The property is insured on the principle of ‘first risk’, i.e. in the event of occurrence of an insured accident, the compensation will be based on the current market value of the insured property within the limit of liability of the insurer.

‘Over the recent years, one could observe a serious surge in the demand of companies for property insurance services. This trend is prompted by improvements in overall business culture and by market requirements. Any attempt to raise a loan on security of property or accessing an open stock market require insurance,’ says Andrei Alexandrov, Director of IJSC Ingosstrakh Branch in St. Petersburg.