OREANDA-NEWS. On 11 January 2008 was announced, that the branch of IJSC Ingosstrakh in Novosibirsk made a compensation payment under a freight insurance contract. The compensation in the amount of USD 191,624 was paid to the owner of a vessel, LLC Prodprogramma – Impulse (ProdGramma TM), one of the largest suppliers of rice and fruits in the Russian Market.

The bags of rice transported by the MASAN from Thailand to the port of Nakhodka were wetted by the sea water and a substantial portion of the cargo was assessed as unfit for further sale and subject to recycling. According to Marinex IACS, an independent surveyor, the wetting of the cargo was the result of the poor condition of the cargo holds and the untimely closing of the holds when a tropical rain started during the loading of the cargo.

The aggregate size of damages amounts to USD780,000. Following its talks with the ship owner Ingosstrakh managed to reduce the size of compensation to USD580,000. So far IJSC Ingosstrakh has paid USD 191,624 to LLC Prodprogramma – Impulse in compensation for the cargo damage (including the compensation paid by the ship owner according to the terms of the franchise policy).

The agreement between Ingosstrakh and LLC Prodprogramma – Impulse was made in March 2008. Ingosstrakh issued 8 cargo insurance policies covering the cargos of rice and starch to be transported by the Masan Motor Vessel between Bangkok (Thailand) and Nakhodka, Russia. The aggregate insurance amount is USD 8,052,704. The insurer undertakes liability under the policies from the moment of loading until the cargo arrives at the point of destination.

IJSC Ingosstrakh and LLC Prodprogramma – Impulse have cooperated since 2003.