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“Only do business with clients who have impeccable integrity,” suggests Davy Blommaert, banker

Davy Blommaert heads the Diamond Business at National Bank of Fujairah, which falls under the bank’s corporate and institutional banking division. With nearly 10 years of experience in the diamond industry, he was tasked to establish a unit within NBF...

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25 february 2019

ALROSA is widening its assets insurance coverage

13 july 2018
ALROSA made an insurance contract with SOGAZ Group for one year as the result of an open tender. The insurance amount of ALROSA and its 8 subsidiary companies totaled RUB 674.8 billion. That said the insurance coverage is significantly bigger than in previous years.
Individually designed property insurance program for ALROSA Group covers movable and immovable property of any kind including underground capital developments, permanent underground shafts, tailings and tailings dams. The insurance covers all kinds of underground machinery, installations and equipment including improvements made to this property in the coverage period. The insurance also covers diamond production. The insurance program includes all risks.
The sum of ALROSA Group property coverage totals RUB 612.3 billion. The limit of indemnity for one insurance event for PJSC ALROSA and PJSC Severalmaz is more than twice bigger than in the previous year — RUB 24 billion instead of RUB 10.5 billion.
This year ALROSA additionally insured machinery and equipment — these risks had not been covered in previous years. Another important new inclusion is Business Interruption (BI) coverage. This insurance type is widely accepted around the world for indemnification of fixed expenses and loss of profits in case of production halt or accident. The BI coverage sum for the Group totals RUB 62.5 billion.
“We incorporated the experience of Russian and foreign experts to create this insurance program. In March of this year the risk engineers from the leading mining industry insurance companies audited Mirny, Aikhal, and Udachny Mining and Processing Divisions. Following the results of the audit the experts defined possible losses scenarios and recommendations for risk mitigation. These steps led to overall optimization of the insurance program,” said the head of ALROSA Insurance department Akil Zubir.
He also pointed out that reinsurance of the main part of risks will be done optionally in the leading international reinsurance companies such as AIG, Swiss Re, Lloyds, Zurich, Munich Re. Akil Zubir states that this approach will guarantee high reliability of the insurance coverage.
Apart from the property of PJSC ALROSA the insurance will cover PJSC Severalmaz, JSC Almazy Anabara, PJSC ALROSA-Nyurba, JSC ALROSA-Gas, JSC Vilyuiskaya HPP-3, ALROSA Air Company Limited, JSC NPP Bourevestnik and Heat and Water Supply Enterprise (CSEP).