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Press Release

Ingosstrakh Insurance Company Has Paid over USD 2 M for the Damage to the Tanker Gregory Bugrov

Ingosstrakh Insurance Company paid insurance compensation in the amount of more than USD 2 m in connection with the damage of the tanker Gregory Bugrov.

The vessel was insured by Ingosstrakh Insurance Company under hull insurance policy with the insured liability for the total loss and damage, including the risk of loss of freight.

The accident occurred on October 13, 2011 in the Caspian Sea. As a result of the collision with an underwater obstacle tanker Gregory Bugrov received extensive damage to the hull, engine room and ballast tanks of the port side were filled with seawater. The captain managed to steer the ship towards the nearest shelf to avoid its sinking.

After the emergency rescue operation, the vessel was towed to the port of Astrakhan for lengthy reconstructive maintenance, which was completed only in August 2013.

Upon the completion of the required expert examination the accident was recognized as an insured event, and Ingosstrakh Insurance Company paid the ship owner insurance compensation in accordance to the terms of the agreement. Due to the high cost of the repairs, Ingosstrakh Insurance Company effected several interim payments at the request of the insured party. The total payments on partial loss and loss of freight amounted to more than USD 2.076 m.


2014-04-07

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Ingosstrakh Insurance Company
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