OREANDA-NEWS. November 12, 2009. The branch of Ingosstrakh IJSC in Saratov paid RUB 2.7mln to Yantar-2003 located in the village of Pionerskoe in Sovietsky district of Saratov region for the crop of winter wheat and rye damaged by drought.

The future crop on the total area of 2168 hectares was insured by the Saratov branch of Ingosstrakh in August 2008. The contract was signed within the framework of the state support program. Total insured amount is about RUB 16mln.

The insured event was a drought that took place in August-September 2009 during seed germination, which resulted in a partial loss of winter wheat and rye crop. To identify the damage, several examinations were performed and the accident was recognized as an insurance event. In November 2009 Ingosstrakh IJSC paid a compensation to the farm.

“The management took the decision to insure the farm last year, - said Director of Yantar-2003 Viktor Baklachev. –Besides its main function, insurance protection is also a positive factor for credit decisions in commercial banks. As a result, the farm has been a client of Ingosstrakh for two years now. It chose Ingosstrakh because it is reliable, offers adequate insurance programs and a large network of branches. When it became clear that the crop of the farm was damaged, we didn’t start to panic since we knew that the crop was insured by a reliable company, and a full compensation paid to us is a proof of that. It enabled the company to keep afloat in this difficult time".

The insured property was pledged to the regional branch of the Russian Agricultural Bank under the loan.

Ingosstrakh IJSC has been cooperating with OOO Yantar-2003 since 2008. During this period, insurance protection was provided to the agricultural equipment and vehicles, agricultural animals (large cattle and hogs), as well as the future agricultural crop (winter rye and wheat).