OREANDA-NEWS. October 29, 2009. Branch “European Bureau” of OJSC “Transsiberian Reinsurance Corporation” paid off CJSC “Guta-Insurance” its share of a reinsurance recovery at the rate of RUR 626.3 ths as to  damage of aircraft An-12 caused constructive damage of the aircraft. The risk was accepted under obligatory contract of aircraft risks hull insurance.

The accident occurred 2 January 2009, at the airport Sharjah (UAE). While take-off and ground run, the aircraft An-12 overrun the runway and when it was moving along broken ground with obstacles, the aircraft received a lot of damages regarding gear, fuselage and engines. The pilot error became cause of the accidence. The accidence was recognized as an insured event.

According to the cost estimation prepared by independent expert with participation of manufacturing company’s specialists (ANTK “Antonov”, Ukraine), costs for repair of the aircraft will be amounted to USD 494 ths. As the cost of reclamation work exceeded 75% of insured value, the repair performance was recognized as unreasonable. Thus the insurer recognized the constructive damage of insured aircraft.

After receiving the full loss document package, Transsiberian Re came to conclusion and paid off reinsurance recovery of its share at the rate of USD 21 359 or RUR 626 256. The amount is indicated without replacement premium which is due under the contract to reinsurer.