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Ingostrakh appeals $25 million compensation awarded to Rusal

15:36 01/03/2013

MOSCOW, March 1 - RAPSI. Ingosstrakh has appealed the over 770 million ruble ($25.24 million) compensation awarded to a Rusal aluminum plant in Sayanogorsk, the Moscow Commercial Court told RAPSI in Friday.

In late January, the court upheld the aluminum giant's claim against Ingosstrakh and also fined the insurer 1.078 million rubles ($35,333) for litigation costs.

The case involved a bridge's collapse in the Khakassia region, which disrupted feed supplies to the plant. The plant was forced to cut production, shutting down all but one production facilities. This resulted in a profit shortfall. The plaintiff believes the insurer must compensate the losses as stipulated in the adjuster's report.

The defendant denies that the bridge collapse is an insurance event. A bridge pillar eroded, the insurer's representative said. The bridge failed to withstand a climatic phenomenon common for the region, which means that the accident could not have been unexpected and is therefore an exception from the insurance contract.

Ingosstrakh is a leading insurance company operating on global and domestic markets since 1947. It has offices in 220 Russian cities and towns, as well as subsidiaries and representative offices abroad.

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Ingostrakh appeals $25 million compensation awarded to Rusal

15:36 01/03/2013 Ingosstrakh has appealed the over 770 million ruble ($25.24 million) compensation awarded to a Rusal aluminum plant in Sayanogorsk.
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