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Siberian hydropower plant's insurers dispute compensation

16:10 30/09/2011

MOSCOW, September 30 - RAPSI, Natalia Belova. A commercial court of appeals will hear on November 1 an appeal against a judgment awarding the ROSNO insurance company 802.5 million rubles ($25 million) in connection with an accident at a Siberian hydropower plant, the court told the Russian Legal Information Agency (RAPSI) on Friday.

The appeal was filed by a foreign company that disagreed with the trial court's decision to collect from it 684.134 million rubles ($21.5 million).

ROSNO insured RusHydro's property, including the Sayano-Shushenskaya hydropower plant, in 2008. The insurer then reinsured its own risks with foreign companies. It entered into a reinsurance contract with Infrassure Ltd. in January 2009.

The Sayano-Shushenskaya hydropower plant's collapse took place in 2009. ROSNO acknowledged its liability for the accident in February 2010, and paid $199.95 million in compensation. In turn, ROSNO appealed to Infrassure Ltd. for indemnification through its reinsurance policy. However, the reinsurer paid only $11.4 million out of the $34 million to be paid under the reinsurance contract.

ROSNO filed a lawsuit seeking 802.5 million rubles ($27.8 million) from Infrassure Ltd.

The accident at the power plant killed 75 people and deactivated the plant destroying three hydroelectric sets and damaging the other seven.

ROSNO was founded in 1991. Allianz New Europe Holding GMBH, the Central and East European division of world leading insurer Allianz SE, owns the controlling stake.

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Siberian hydropower plant's insurers dispute compensation

16:10 30/09/2011 Commercial court of appeals will hear on November 1 an appeal against a judgment awarding the ROSNO insurance company 802.5 million rubles ($25 million) in connection with an accident at a Siberian hydropower plant.
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