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Alfa Group's insurance division contests $3.5 mln award for federal grid

12:36 20/01/2012

MOSCOW, January 20 - RAPSI, Alyona Yegorova. An insurer has contested the court decision awarding $3.5 million to the Federal Grid Company of Unified Energy System (FGC UES), the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

FGC UES asked the court to recognize the 2008 fire at a substation which damaged its assets as an insurable event and to recover from the Alfastrakhovaniye 109.456 million rubles ($3.5 million). The Ninth Commercial Appellate Court upheld the lawsuit in November 2011 and reversed the Moscow Commercial Court's decision to recover from the insurer as little as 8.5 million rubles ($270,000).

The insurer did not recognize FGC UES's claims. It said in the hearings that the accident was caused by Glavsetservice UNEG, 100-percent-owned subsidiary of FGC UES, which was repairing the substation at that time.

FGC UES was established in 2002 as part of Russia's power engineering reforms. The company controls the country's main transmission lines.
AlfaStrakhovanie is part of the Alfa Group financial and industrial consortium. It offers over 100 insurance products, including life and accident insurance. It runs over 390 regional branches.

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Alfa Group's insurance division contests $3.5 mln award for federal grid

12:36 20/01/2012 An insurer has contested the court decision awarding $3.5 million to the Federal Grid Company of Unified Energy System (FGC UES).
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