OREANDA-NEWS. October 16, 2008. The insurance company ROSNO has concluded a contract for insurance of stockmarket participant's professional liability with CJSC Peterburgskaya Central Registration Company (PCRC). The amount of insurance coverage equalled 10 million roubles, which is two times more than in the similar contract concluded one year ago, reported the press-centre of ROSNO.

The concluded contract contemplates insurance protection against full risk package corresponding to the PARTAD requirements, including the risks associated with unintentional erroneous actions of the registrar’s employees, destruction or stealage of the documents serving as a basis for amendment of register, illegal third-party actions, electronic and computer-related crimes, as well as the risks associated with the registrar’s participation in the electronic document exchange systems.

Ms. Nadezhda Lazunina, CEO of CJSC PCRC, commented on the extension of the contract as follows: "We have cooperated with IC ROSNO since October 2005. This year, we decided to increase the amount of insurance coverage twofold. Today, insurance coverage of professional liability in the registration market is voluntary, yet, for many years, we have been using this tool to provide our clients with an additional guarantee of reliability of our work. The doubling of the amount of insurance coverage supports our intention to develop and grow together with our clientele, creating a reliable and well-protected register-keeping and shareholder service system".

"I hope that this year as well there will be no insured accidents, as I trust the professionalism of our employees", added Ms. N. Lazunina.

"More and more stockmarket participants are choosing our company to be their partner in insurance of risks associated with their professional operations throughout Russia — from St. Petersburg to Yakutsk", notes Mr. Sergey Solovyov.

"I am confident that this has fundamental and systemic reasons of its own: our insurance product meets expectation of our most exigent clients; our company is financially stable, and reputation of our shareholder, the largest international insurer Allianz SE, is irreproachable. Two months ago, in accordance with the prejudicial procedure, ROSNO made one more insurance compensation payment to one of its clients with regard to insurance of registrar’s professional liability. We hope that our partner, CJSC Peterburgskaya Central Registration Company, will not regret its choice of insurer, and our cooperation will be of a long-term nature".