Ingosstrakh paid USD 107 500 for insurance of vessel owner’s liability
Aug. 5, 2009 - Ingosstrakh paid USD 107 500 for the damage of the load of soya bean oil on board of the Vilyuisk. On March 18, 2005, in the port of Guayaquil (Ecuador), during unloading of soya bean oil and sunflower oil from the Vilyuisk vessel, two kinds of oil got mixed and soya bean oil was seriously damaged because a lot of sunflower oil got spilled in it.
The initial claim of the consignee to the vessel owner was USD 400 000. After lengthy negotiations with the appointed lawyers and correspondents of Ingosstrakh, the insurer issued a letter of guarantee to the amount of 400 000, and freed the vessel from the arrest.
Later, the cargo underwriters who paid the compensation to the consignee filed a claim to the English court against the vessel owner as subrogation. After court proceedings and negotiations with the opponents, it was agreed to settle amicably with the compensation to the amount of USD 107 500. Ingosstrakh paid this compensation directly to the claimant, as requested by the vessel owners.