OREANDA-NEWS. September 05, 2011. Ingosstrakh has reimbursed for expenses incurred by the organizers of the Duran Duran concert to be held on June 21, 2011 in Moscow but was cancelled due to illness of the band’s front man Simon John Charles Le Bon. The overall payment of approx. RUB 6.0 mln became one of the largest in this type of insurance on the Russian market, reported the press-centre of Ingosstrakh.    

Under the cancellation risk insurance agreement the losses incurred by the organ-izer in case of event cancellation for reasons beyond control such as impossibility of using the concert site due to its damage (e.g. fire), disease of the band members or accident renders impossible their performance, terrorist act or national mourning, etc., have been insured. Upon receiving all the required documents from the organizer proving the size and validity of expenses incurred, Ingosstrakh quickly and fully reimbursed for concert hall lease, advertizing, printing and distribution expenses.

Eugenia Iliyicheva, PR Director of the company who organized the concert, said: “We’ve been cooperating with Ingosstrakh Insurance Company for many years and con-cluding cancellation risk agreements and civil liability agreements for cultural events. Over the period of our long-term partner relations we never had any reason to question qualification of staff members of the insurance company. In case of force majeure Ingosstrakh meets its contractual obligations to the fullest extent which proves the reliability of our business partner. The insurer renders premium quality services and confirms the status of the market leader”.

Ingosstrakh Insurance Company has extensive experience of insuring cultural events. The Company used to insure concerts of such well-renowned stars as Elton John, Britney Spears, Simply Red, Metallica, Scorpions, Depeche Mode, U2, and others.

Ingosstrakh Insurance Company has been working on international and local markets since 1947. The company is a national leader by the total amount of insurance premium in voluntary in-surance sector (other than life insurance). Ingosstrakh Insurance Company is authorized to render all types of insurance services (in acc. with insurance company specialization) specified in cl. 32.9 of the Insurance Law of the Russian Federation, as well as reinsurance Services. The company is present in 220 cities, towns, and settlements of the RF. Branches and subsidiaries of the insurer work in foreign countries and in former USSR countries.