OREANDA-NEWS. Ingosstrakh Insurance Company Branch in Arkhangelsk has concluded a compulsory civil liability insurance contract for the owner of a hazardous facility for damage caused as a result of an accident at a hazardous facility (Compulsory Insurance for Hazardous Production Facilities) with Arkhangelsk Pulp and Paper Mill OJSC. The sum insured under the contract amounted to RUB 1 bn.

The object of insurance is a cellulose production site of hazard class 1. The insurance program is intended to provide compensation for damage caused to life, health or property of victims, including the company's employees, as a result of an accident at a hazardous facility. Pursuant to the effective legislation, the limit of indemnity for harm to life and health of each victim is RUB 2 m.

Owners of hazardous facilities have to insure their liability for the damage pursuant to the federal legislation (No. 225-FZ of 27.07.2010). The new rules of compulsory insurance of hazardous facilities are effective from January 1, 2012 for commercial organizations and from January 1, 2013 for state-funded organizations.

Ingosstrakh Insurance Company Branch in Arkhangelsk has provided property and liability insurance, as well as insurance of employees against accidents, for APPM OJSC since 1992.

Arkhangelsk Pulp and Paper Mill OJSC was founded in 1940 and is one of the leading timber and chemical enterprises of Russia and Europe. The company specializes in manufacturing paperboard and commercial pulp, fiberboard, paper and paper stationery products.