OREANDA-NEWS. July 23, 2009. SOGAZ Insurance Group has concluded a number of contracts with CJSC Crocus International (Moscow) engaged in construction which is being carried out in Vladivostok as part of the preparation program for holding APEC summit in 2012, reported the press-centre of SOGAZ.

Under the terms of the contracts, SOGAZ Insurance Group will provide insurance services to the company, covering its construction/erection all risks (CAR/EAR) and public liabilities for the entire duration of the construction and warranty maintenance period of the Far-East Federal University building complex and conference centre on Russky island within the borders of the City District of Vladivostok, Primorsky Territory. The liability of CJSC Crocus International for non-performance of its obligations under the government contracts was also insured.

SOGAZ’s aggregate liability limit amounted to RUR 62.2 billion.

The administrative and educational buildings of the Far-East Federal University with the total area of 200,000 square meters are the largest and most significant objects being constructed on Russky island within the APEC-2012 summit preparation program. During the summit the buildings will be used as a conference centre, press-centre, etc., and when the summit is over, the Far-East Federal University is to form a full-scale Pacific Research and Education centre. Its structure, alongside with the university faculties will comprise several scientific research institutes from the Russian Academy of Sciences.

It would be appropriate to recall that SOGAZ Insurance Group also provides insurance coverage of CAR/EAR risks for CJSC TMK, which is building a unique bridge crossing over Zolotoy Rog Bay in Vladivostok.

According to Vadim Yanov, Chairman of the Management Board of SOGAZ Insurance Group, insurance of construction of the Far-East Federal University is one of the biggest projects implemented under the federal target investment programs: “Participation of SOGAZ in such large-scale projects as construction of the Far-East Federal University and the bridge over Zolotoy Rog Bay again testifies to the fact that the Group is currently one of the leaders among market-players covering risks of implementation of federal and regional investment programs.