OREANDA-NEWS. Ingosstrakh Insurance Company paid out the indemnity for damage to a port berth by an Ocean Fortune motor ship. The payment under the ship owner liability insurance program amounted to 150,000 Euro.

On May 14, 2014 the Ocean Fortune motor ship insured by Ingosstrakh Insurance Company impacted the port's berthing facility, damaging it seriously, while mooring at Psachna port (Greece).

The port authorities addressed the ship owner with a financial claim that initially amounted to 600,000 Euro. To avoid demurrage-related expenses, Ingosstrakh Insurance Company provided the damaged party with a bank guarantee as a security of the ship owner's obligations.

Ingosstrakh Insurance Company engaged independent surveyors, P&I correspondent in Psachna and professional lawyers to investigate the case and protect the interests of the client.

Acting on behalf of the client, Ingosstrakh Insurance Company in cooperation with the ship's owner company held a series of successful negotiations with the port authorities and other parties involved and provided a repair cost estimation based on the quotations collected. As a result an out-of-court settlement of the claim was reached.

Moreover, the final amount of indemnity for this event was reduced from 600,000 Euro to 150,000 Euro. As was requested by the ship owner, the indemnity was remitted directly to the the claimant in full.

According to Aleksey Kasatikov, the head of Special Risk Insurance Damage Settlement Department of Ingosstrakh Insurance Company, cases of ship impact on berthing facilities are quite widespread. "We register several dozens of such accidents every year," notes the expert. "Such cases demonstrate clearly that ship owner liability should be insured only with companies of international standing and experience in the settlement of complicated marine insurance claims."

Ingosstrakh Insurance Company has been engaged in watercraft and ship owner liability insurance for 65 years. Over the years of active operation, an extensive network of correspondents to represent the interests of Ingosstrakh Insurance Company's clients has been established. Sound reputation and international experience allow Ingosstrakh Insurance Company to issue financial securities which are accepted around the globe.