OREANDA-NEWS.  National Settlement Depository (NSD), Russia’s central securities depository, and Ingosstrakh OJSIC, one of Russia's leading insurers, report that they have concluded a one-year agreement for complex insurance covering criminal and professional liability of NSD.

The insurance policy is related to all types of NSD’s activities and covers damage inflicted upon the policy-holder and third parties (including NSD's clients) as a result of wilful activity by third parties, as well as a result of unintentional mistakes and errors made by the policy-holder’s employees and executives while carrying out their professional duties. In addition to this, the policy covers damage inflicted by the company as a result of electronic and computer crimes, technical errors, computer or telecommunications failures led to the partial or full loss of information related to the clients’ accounts.

The policy liability limit was fixed at USD 65 million for all claims for the duration of the policy. Given the scale of insurance cover, the main re-insurers behind the policy include Lloyd’s syndicates (UK) specialized in re-insurance of such risks.