OREANDA-NEWS. September 20, 2010. Ingosstrakh transferred 25 mln rubles as an insurance indemnity for the damage of the Sochi cargo port after the storm of December 14, 2009. Under the policy terms the port facilities under construction financed by the federal funds (federal property items) were insured within the first stage of the project.

Currently the total insurance indemnity amount is determined under this contract. It equals to 298 mln rubles.

As it was said before, according to the signed contracts the insured item is the cargo port area under construction including the complex of water development facilities, port buildings and structures. The port cargo area is designed for reception, short-time storage and loading of floating cargos to motor vehicles for transportation.  Both Both stages of the project have been insured against all “construction” risks.

The first stage: construction of the Sochi port cargo area with coastal infrastructure in the outlet of the Mzymta river with further reprofiling to the yachting infrastructure. The federal property items with works performed under the budget financing, were insured for the total amount of about 2.36 bln rubles. The reimbursement limit for one case is 480 mln rubles. The liability of Ingosstrakh was reinsured under the obligatory contract for technical risks reinsurance of 2008, the leader is Swiss Re.

The second stage of the project, which provides for works completion at facilities financed by extrabudgetary funds (investments), was insured by Ingosstrakh in spring 2009 under the building and installation insurance contract and third-party liability insurance contract. The insured amount is 4.33 bln rubles. The reimbursement limit for one case is not indicated. The liability of Ingosstrakh was reinsured under the obligatory contract for technical risks reinsurance of 2009, the leader is Munich Re. 

It should be noted that in March 2010 Ingosstrakh paid the Engineering Corporation Transstroy CJSC the insurance indemnity of more than 50 mln rubles according to the policy of building and installation insurance and third-party liability insurance of the part of the port facilities financed by extrabudgetary funds (investments) within the second stage of the construction project.

For estimation of consequences and damage of this loss Ingosstrakh engaged the independent surveyor company Cunningham Lindsey.

The cargo area of the Sochi sea port will be located in the interfluve of the Mzymta river and the Psou river of the Adler district of Sochi on the open coastline of the Black Sea. On December 14, 2009 at night at the cargo port construction area in the outlet of the Mzymta river the waves of 8-9 point washed away several pile structures of the berths, construction machinery, grooves and piles prepared for installation.