OREANDA-NEWS. December 7, 2011. National Settlement Depository (NSD), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, and Ingosstrakh Insurance Company, one of Russia's leading insurers, report that they have concluded an annual agreement for complex insurance covering criminal and professional liability of NSD. The policy liability limit was fixed at USD 65 million for all claims for the duration of the policy, and potentially for any single claim during the period. Including internal funds allocated for the purposes, the total amount of liability cover is over USD 202 million (as of 1 December, 2011). The re-insurers behind the policy include Lloyd’s syndicates (UK).

The activities carried out in accordance with NSD’s securities market licenses, its bank operations, as well as the company's clearing operations, depository services and services related to custody of securities but not connected with depository operations are covered by the new policy.

The new insurance policy covers losses incurred by the policy-holder and third parties (including, but not limited to NSD's clients) as a result of the third parties' voluntary acts, the managers' and employees' mistakes and negligence while implementing professional activities. The policy also covers losses incurred by the policy holder as a result of electronic and computer crimes, technical errors or failures of computer hardware, software, and telecommunications equipment leading to a partial or full loss of information associated with NSD clients' accounts.