Ingosstrakh Insurance Company Paid USD 450,000 Due to the Damage to Queen of Luck Motor Vessel
Ingosstrakh Insurance Company paid out USD 450 m in insurance compensation in a connection with the damage of Queen of Luck motor vessel, which occurred during scheduled repairs at the dockyard in the south of Spain.
The Queen of Luck motor vessel was provided with insurance coverage in accordance with the hull insurance program for marine vessels with liability for damage and total loss.
The accident occurred in the beginning of June 2014 in the dock of a ship repair enterprise in the south of Spain. During the dismantling of the propeller shaft of the motor vessel, a coupling sleeve was damaged. Based on the results of the inspection of the damaged part, the experts of the plant that had manufactured the coupling sleeve concluded that it had to be completely replaced.
While expecting the manufacture and delivery of the required part, Queen of Luck had to stand idle. The vessel became usable again only in the beginning of October 2014 after the completion of the repair works.
Having taken into consideration all the circumstances, Ingosstrakh Insurance Company recognized the case as an insured accident and compensated the ship-owner's expenses for the repairs pursuant to the effective insurance agreement.
"Our company has multi-year experience in maritime risk insurance and works with leading companies of the industry worldwide," commented Andrei Slyusarenko, the deputy chief of the Special Risks Losses Settlement Department of Ingosstrakh Insurance Company. "The experience we have acquired and the impressive reinsurance potential enable us to effect advance payments on major losses, which gives our customers an opportunity to have available funds for the solution of their business's problems related to the insured event. This is the established practice of our company, which reinforces Ingosstrakh Insurance Company reputation as a reliable insurer who understands ship-owners' interests and needs."