OREANDA-NEWS. February 24, 2010. Ingosstrakh paid an indemnity of 1.08 million Euros under the reinsurance contract to its affiliated company IngoNord (Finland) for the property damaged by fire at a woodworking enterprise.

The Insurant’s (Brenstol OU) property located at the woodworking enterprise in Loo settlement (within 8 km of Tallinn), Estonia, was insured in IngoNord in July 2008 on a one year basis under the full fire risks program. The client employs services of the insurance company since 2006.

The insurance policy is covered by fire and allied risks multiline quota share and surplus obligatory reinsurance contract made between IngoNord and Ingosstrakh.

The fire caused damage of the office block, complete demolition of two drying ovens, other equipment and manufactured products. The fire was presumably caused by failure of a fan cable in one of the drying ovens. No criminal case was initiated according to the police statement.

Cunningham Lindsey Russia was involved as surveyor with the purpose to investigate the case circumstances and for damage appraisal. The case was considered as an insured event, and Ingosstrakh paid the major part of indemnity in amount of 1,076,601 Euros. Approximate full amount of damages covered by Ingosstrakh is 1,235,000 Euros. The rest of indemnity will be paid after exact amount of damages related to destroyed goods is estimated.