OREANDA-NEWS. October 10, 2012. Ingosstrakh Insurance Company in Novosibirsk has paid some RUB 6.7 m due to spring wheat yield damage. The insured person was the individual entrepreneur A. Fedin, head of a farm enterprise located in Zdvinsky District of Novosibirsk Region, specializing in grain crop production.

The insurance event is soil and atmosphere drought in Zdvinsky District of Novosibirsk in June – July 2012. The drought resulted in the reduction of spring wheat yielding capacity.

A special expertise with the assessment of the crops' biological yielding capacity was needed in order to determine the amount of loss. According to its results, the event was recognized the insured event, and Ingosstrakh Insurance Company paid the indemnity in full to the insured person.

The further spring wheat yield within the area of 1,400 ha has been insured against hail, atmospheric and soil drought, frost, early appearance or formation of snow cover, hurricane, soil water saturation, fire, plant diseases, and crop infestation.

The yield is pledged property of Novosibirsk region branch of Rosselkhozbank OJSC under the credit obtained.

Ingosstrakh Insurance Company and the farm enterprise of A. Fedin have been profitably cooperating in the field of agricultural insurance since 2006. In 2011, the enterprise obtained payment in the amount of RUB 1.6 m for shortfall in spring wheat production because of drought.