OREANDA-NEWS. August 11, 2011. Ingosstrakh Insurance Company paid an insurance compensation of 7,143,600 rubles to the woodworking company RUSFOREST UST ILIMSK, LLC.

On the night of March 22/23, 2011, fire broke out in the logging unit of the Ust Ilimsk district forestry in the John Deere 2054 harvester owned by RUSFOREST UST ILIMSK, LLC. Most likely, the fire outbreak was caused by the depressurization of the hydraulic system and ignition of the generated air-steam mixture.

Ingosstrakh Insurance Company reimbursed the damage of 7,143,600 rubles based on the information received from the equipment supplier and the independent appraiser pertaining to the residual value of the usable remainders.

Ingosstrakh Insurance Company and Rusforest Group have been successfully cooperating since 2009. So far, the company has insured the client's property, the risk of machinery and equipment breakdown and the risk of business interruption. Ingosstrakh Insurance Company has also insured the mobile equipment under the rules of mobile equipment insurance. The total amount insured for Rusforest Group is over 3 billion rubles.

For the two years of cooperation, Ingosstrakh Insurance Company has settled several insurance cases and paid the insurance compensation to the client. One of the most significant payments was made in April 2011, for the fire damaged felling machine Timberjack 1270 harvester. The insurance compensation amounted to 4,209,054.65 rubles.

Rusforest Group (www.Rusforest.com ) is one of the major woodworking companies in Russia. The Group has an estimated cutting area of over 3 million m3 per year, and produces 230,000 m3 of timber per year (the forecast for 2011 is 311,000 m3). The basic production capacities are located in Irkutsk and Arkhangelsk Regions, as well as in the Krasnoyarsk Territory. The shareholders of the company are West European institutional investors, the shares of Rusforest AB are listed on the Stockholm Stock Exchange OMX First North (RUSF).