OREANDA-NEWS. March 23, 2011. IC ROSNO has reimbursed X5 Retail Group for the loss incurred due to non-performance by the insurant’s contractor of its obligations related to construction and state registration of a shopping mall in Priozyorsk (the St. Petersburg Region). The insurance compensation equalled 16,473,600 roubles, reported the press-centre of ROSNO.

The contractual insurance coverage included both the title risk — risk of loss of an ownership title, and the financial risk — property interests related to the absence of state registration of an ownership title to real estate property. Under the financial risk insurance section, IC ROSNO reimbursed the client for the loss of funds invested in the construction of a shopping mall in Priozyorsk due to the contractor’s bankruptcy.

Since 2008, IC ROSNO has been cooperating with X5 Retail Group in title risk and financial risk insurance covering commercial real estate construction. This payment has become the largest of the amounts paid by ROSNO under such insurance contracts.