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Court to hear Strabag's $28.4 lawsuit against three insurers

12:07 07/10/2011

MOSCOW, October 7- RAPSI, Sergei Feklyunin. The court will hear on November 7 a $28.4 million lawsuit filed by major construction company Strabag AG against three insurance companies, the court told the Russian Legal Information Agency (RAPSI), without specifying the details.

Strabag challenged the insurance indemnity, paid by Ingosstrakh, Chartis and ACE insurance companies for a 2009 accident under the builder's risks insurance contract.
A multiple-story underground parking lot of Vivaldi Plaza office and hotel complex in Moscow collapsed in September 2009. The building with an underground parking area was built by Strabag AG.

Austrian construction concern Strabag was founded in 1835. The developer has been operating in Russia since 1991 under Ilbau brand. Its construction portfolio in Russia amounted to 3 bullion euros.

Founded in 1947, Ingosstrakh is the leading insurance company in Russia. It operates offices in 231 towns and cities across the country.

The Chartis Group is the world leader in property and life insurance. It serves over 70 million clients in over 160 countries.

ACE insurance company is the daughter of ACE Group of Companies (Bermudas).

The court representative also said the amount claimed from Ingosstrakh is significantly less than those claimed from other insurers.

The court received the claim on August 31.

Strabag has refused to give any comments to RAPSI on the matter.

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Court to hear Strabag's $28.4 lawsuit against three insurers

12:07 07/10/2011 The court will hear on November 7 a $28.4 million lawsuit filed by major construction company Strabag AG against three insurance companies.
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