OREANDA-NEWS. November 23, 2011. The information agency Bashinform, assisted by the Chamber of Commerce and Trade of the Republic of Bashkortostan, hosted a roundtable discussion dedicated to legislative changes in insurance coverage of hazardous industrial objects. During the event, the issues of providing insurance protection for hazardous objects were covered by Mr. Pavel Kravchenko, project manager at the Liability Insurance Centre of OJSC IC ROSNO, and Riat Biktashev, head of the branch Ural-ROSNO, reported the press-centre of ROSNO.

The roundtable focused on the possibilities for provision of insurance protection to the corporate sector in the context of the new RF Federal Law No. 225-FZ "On Obligatory Insurance of Civil Liability of Hazardous Object Owner for Damage Inflicted Through Accident at Hazardous Object", which becomes effective on 01 January 2012. The event was attended by representatives of Rostekhnadzor, GU Emercom for the Republic of Bashkiria, the regional chamber of commerce and trade, journalists, and heads of enterprises and specialists responsible for operational safety of hazardous objects. Among the participants of the event were OJSC ANK Bashneft, OJSC Sotsinvestbank, OJSC Belskiy DOK, OJSC Ufanet, OJSC Polief, OJSC Salavatsteklo, OJSC Chishma Sugar Plant, Neftekhim Experimental Plant, etc.

Mr. Pavel Kravchenko told about the peculiarities of transition to the new model for insurance coverage of liability for operation of hazardous industrial objects and about the additional programs for insurance coverage of hazardous objects, analyzed the practice of insurance coverage of hazardous industrial objects, statistics of insurance compensation payments and methods for evaluation of damage from accidents at hazardous objects, and also he touched the issues of cooperation with supervisory bodies. In addition, the roundtable participants learned about the key requirements to operation of hazardous industrial objects, the role of specialists responsible for safety, the situation regarding the accident rate at enterprises, consequences of emergencies, criteria for selection of reliable insurer and the methods for minimization of business risks related to operation of hazardous industrial objects.

Representatives of the Priuralskoye Department of the Federal Agency for Ecological, Technological and Atomic Supervision reported on the procedure for development and revision of norms and specifications related to operation of hazardous industrial objects and hydroengineering installations, also covering the issues of cooperation with insurance companies In respect of presentation of information and reports.

"Presently, the Russian legislation does contemplate insurance of liability of the owners of hazardous industrial objects, but insurance compensations under such contracts are small, because the majority of such objects are insured for such insurance amounts, which, in case of a large accident, would be insufficient for reimbursing the damage inflicted to third parties and the environment", said Mr. Riat Biktashev. However, as from 01 January 2012, with the new law becoming effective, and given the modification of the insurance protection mechanism, the owners of hazardous industrial objects will be able to more effectively protect their property interests related to their obligation to reimburse the damage inflicted to victims in case of an accident. "The use of insurance protection instruments strengthens the financial stability of any production line. Under the new law, insurance compensations are paid not only to third parties, but also to the aggrieved employees of those organizations which operate hazardous objects", stressed Mr. Pavel Kravchenko.

OJSC IC ROSNO has been providing insurance coverage of hazardous industrial objects since 1997. Presently, the company has about 10 thousand effective civil liability insurance contracts with the organizations which operate hazardous industrial objects. ROSNO is one of the oldest members of the National Union of Liability Insurance Companies (NSSO), fully meeting its requirements as to financial condition. In addition to the obligatory insurance contract, ROSNO is ready to provide insurance coverage of liability for the damage inflicted to the environment and cover the client’s costs arising in connection with containment and elimination of consequences of accidents and incidents.