OREANDA-NEWS. May 13, 2009. ROSNO’s Reinsurance Department has renewed the obligatory reinsurance coverage under the civil and professional liability insurance contracts for the year 2009. The aggregate capacity of the obligatory liability reinsurance contract is 5,000,000 euro, reported the press-centre of ROSNO.

ROSNO’s obligatory protection covers the following types of liability risks:
General civil liability;
Liability for the quality of goods, works, and services;
Employer’s liability for the damage inflicted to employee’s health;
Professional liability, including liability of lawyers, attorneys, auditors, realtors, appraisers, safekeepers, architects / engineers / constructors;
Professional liability of doctors and other medical personnel.

Geographically, the area of risks covered by the contract includes the Russian Federation, countries of the former USSR and their interests abroad, except the U.S., Canada, Australia, and Japan.

The list of reinsurers under the contract comprises the largest international reinsurance companies: Allianz SE, Swiss Re, and Hannover Re.

While there are only few obligatory civil liability reinsurance contracts in the CIS insurance market, ROSNO offers one of the most extensive reinsurance programs in terms of coverage volume and insurance conditions, and its program has been awarded a highest rating by the company’s international reinsurance partners.

In addition, the following reinsurance contracts are effective in ROSNO:

Reinsurance contract covering corporate property and technical risks, with the total capacity of 100,000,000 euro;

Reinsurance contract covering personal property, with the total capacity of 2,000,000 US dollars;
Reinsurance contract covering cargo, hull and vehicles, with the total capacity of 7,500,000 US dollars;

Reinsurance contract covering agricultural crops, with the total capacity of 3,500,000 euro per one risk / farm;

Aircraft hull reinsurance contract with maximum liability limit of 7,500,000 US dollars per 1 aircraft.

Reinsurance contract covering animals, with the total capacity of 216,000,000 roubles per one risk / farm;

Reinsurance contract covering special-purpose mobile machinery, with the total capacity of 1,000,000 US dollars;

Reinsurance contract covering directors’ liability (D&O), with the total capacity of 30,000,000 euro;

Accident and sickness reinsurance contract, with the total capacity of up to 4,000,000 US dollars per one insured beneficiary.

The renewal of the existing obligatory contracts and conclusion of new such contracts in 2009 has enabled ROSNO to maintain and strengthen its leadership in Russia and the CIS. ROSNO selects its reinsurance partners on the basis of the common standards and rules adopted by all member companies of Allianz Group (Allianz Group Reinsurance Security Principles and Guidelines). This approach ensures that the obligatory coverage provided by the leading Western reinsurers has the highest degree of reliability.