OREANDA-NEWS. November 1, 2012. Ingosstrakh Insurance Company has insured concert cancellation risk of the legendary Deep Purple rock band, which took place on October 28 in Moscow Olympic sport complex. The total sum insured under the insurance agreement amounts to RUB 15 m.

In accordance with the agreement, the losses of the organizer have been insured which may be incurred in case of the event cancellation for the reasons being beyond the organizer's control. In particular, the impossibility of the music venue utilization because of its damage (e. g. resulting from the fire), the illness of the leading singer or an accident due to which the leading singer cannot perform, a terrorist act, national mourning and other risks.

In case one of the risks or several risks arise, Ingosstrakh Insurance Company shall indemnify rental expenses for the concert hall, advertisement expenses, ticket printing and sales, as well as other expenses of the organizer provided for in the insurance agreement.

Ingosstrakh Insurance Company has a broad experience of insuring cultural events and settlement of losses for the insurance of this type. The company has already insured concerts of such world stars as Elton John, Britney Spears, Simply Red, Metallica, Scorpions, Depeche Mode, U2, etc.

It is worth recalling that in the year 2011 Ingosstrakh Insurance Company indemnified the organizers' losses for Duran Duran concert in Moscow and in 2012 insurance indemnity was paid due to concert cancellation of Black Sabbath concert. Duran Duran concert was canceled because of the illness of the band's leading singer Simon John Charles Le Bon, Black Sabbath concert was abolished due to Tony Iommi's illness. The payments made, RUB 6 m and RUB 4.5 m respectively, were among the biggest in the Russian market for this insurance type.

Deep Purple is a British rock band formed in Hertford, England, in February 1968 and believed to be one of the most notable and influential hard rock bands of the 1970s. Musical critics call Deep Purple among the founders of hard rock and value their contribution in the development of the progressive rock and heavy metal highly. The musicians of the so called classical Deep Purple (in particular the guitarist Ritchie Blackmore, the organ player Jon Lord, the drummer Ian Paice) are considered genius instrumentalists. Over 100 m copies of their albums have been sold in the world, 7.5 m in the USA only.