OREANDA-NEWS. Ingosstrakh Insurance Company paid insurance indemnity in the amount of more than USD 385,000 under the hull insurance contract of Port May Vessel chartered by Sovfracht JSC.

Port May Vessel was insured by Ingosstrakh Insurance Company against the risks of total loss and damage.

While the ship was staying in the Port of Busan, Korea, a fire broke out. The fire seriously damaged the finishes, communications and equipment in the sauna, shower, laundry room, as well as in some residential areas. Fortunately, there were no victims or casualties.

According to the opinion prepared by experts who were employed by Ingosstrakh Insurance Company to assist in the investigation, as well as the opinion of the Coast Guard of the Port of Busan, the fire was caused by a short circuit in the wiring. Repairs were carried out by Dongil Shipyard Co., port of Busan.

According to the results of the expert examination, the case was recognized to be an insured accident, and Ingosstrakh Insurance Company paid the shipowner insurance indemnity in the amount of USD 385,000.

Ingosstrakh Insurance Company Branch has cooperated with Sovfracht JSC in the sphere of vessel insurance since 2000.

Sovfracht JSC is one of the largest independent freight forwarding companies in Russia. It was founded in 1929 and specializes in the transportation of oil cargo using its own and leased vessels.

Ingosstrakh Life LLC Insurance Company is a part of INGO Group. The company specializes in long-term life insurance, pension insurance and accident and illness insurance. It was separated from Ingosstrakh Insurance Company in 2003, in line with legislator requirements on demerging of life insurance companies and companies providing other kinds of insurance.