OREANDA-NEWS. The "European Bureau" of Transsiberian Reinsurance Corporation paid the Insurance indemnity in the amount of 769.7 thousand USA dollars to insurance company of Bangladesh on the fact of a fire at the local weaving Mill. The risks on the terms of facultative property insurance were represented by a broker from Bahrain.

The Weaving Mills's buildings, structures, machinery, equipment, raw materials and finished products were under the scope of Direct Insurance coverage and placed in a Warehouse. On October 8, 2013 at about 5 p.m., local time, workers witnessed smoke and then open fire on the area. The fire was spread rapidly far and wide the large area due to the huge amount of fuel materials replaced there. The fire caused significant damage to buildings and structures of the Mill, and the Equipment, stock of raw materials and finished products were totally destroyed. The fire accident was caused by the flame sparkles from the exhaust pipe drying machine and a breaking order heating temperature limit.

This accident amounted to the Risk of Insurance. The European bureau of Transsib Re has paid the Reinsurance indemnity of their share in the amount of 769 703 USD after receiving a full package of documents related to the loss.