OREANDA-NEWS. December 24, 2010. Ingosstrakh OJSIC has compensated 5,300,000 rubles to Elizaryevskoye OJSC located in the Diveyevo region of the Nizhny Novgorod region because of the harvest failure.

Under the terms and conditions of the agreement the future yield of “Galina” winter wheat grade in the total area of 994 ha has been insured to the amount of 7,600,000 rubles.

Unfavorable weather conditions of the expiring year became the insured events. In winter, winter wheat seeds failed as a result of ground frosts. The drought in May to July 2010, another unfavorable act of nature, aggravated effects of the winter frosts and crops of this agricultural plant failed almost completely.

The insured harvest was pledged property of the Nizhny Novgorod regional branch of Rosselkhozbank OJSC within the obtained loan, therefore, the lender and the insurant applied to Ingosstrakh with a request for an advance payment of a part of the insurance indemnity unconditionally due to Elizaryevskoye OJSC prior to the final definition of the total amount of damage. The request of the lender and the insurant was acceded and pursuant to the terms and conditions of the agreement in September 2010, Ingosstrakh paid up a part of the insurance indemnity in the amount of more than 3,100,000 rubles as well as the final amount in November 2010.

I.A. Kolganov, General Director of Elizaryevskoye OJSC, and the bank-pledge holder management extended thanks to Ingosstrakh for the full and timely execution of obligations under the insurance agreement as well as for professionalism and high-level services.

Ingosstrakh and Elizaryevskoye OJSC have been cooperating in the sphere of agro-industrial insurance since 2009. Within this period, the future yield of agricultural crops and trade cache in stock were provided with insurance coverage.