OREANDA-NEWS. On 28 July 2008 was announced, that the branch of IJSC Ingosstrakh in St. Petersburg has insured professional liability of LLC Eugeny Gerasimov & Partners in relation to the planning and design of Nevskaya Ratusha, an administrative and business center. The insurance contract extends coverage of the following risks: errors in planning, specifications and project documentation; errors in identification of estimated loans, rules and planning norms; unintended neglect in using planning norms and rules.

The limit of liability under the insurance contract is USD10mln.

In the event of occurrence of an insured event, Ingosstrakh will reimburse the planner for expenses related to the compensation of damages to life and health of third parties, and losses inflicted on proprietary interests of third parties by the planning activities. Moreover, the policy covers the cost of preliminary investigation of circumstances pertaining to insured events and of the planner’s degree of culpability, as well as to out-of-court defense of the planner’s interests. Indemnification provisions also provide for coverage of costs related to the planner’s defense under insured cases in courts and arbitration authorities, including attorney’s fees.

‘Today, professional liability insurance is gaining demand among planning organizations, say Andrei Alexandrov, Director of IJSC Ingosstrakh Branch in St. Petersburg.  – The tragic events of the past years, like the collapse of the roofing of Transvaal Park and the collapse of the same at Basmanny Market  in Moscow, have demonstrated that this type of insurance should be regarded as part and parcel of any construction process. Our clients understand that by insuring their professional liability with us, they obtain comprehensive protection of their interests. Ingosstrakh does not simply issue and sign contracts and calculate inherent risks. It is involved in all phases of claim handling by providing its clients defense in court and extending all relevant expertise.’