OREANDA-NEWS. Ingosstrakh Insurance Company paid over RUB 5 m in respect of the damage to a piece of forest industry equipment.

Volvo EC210BF excavating machine was insured by Ingosstrakh Insurance Company against the risks of fire, explosion during operation, natural disasters, accidents, rollover, theft, robbery, intentional destruction or damage and other risks, for 1 year.

On August 28, 2014, the excavating machine was damaged by fire. The incident occurred in the forestry area of Kargopolsky District, the Arkhangelsk Region. Independent examination was conducted in order to establish the causes of the accident and determine the amount of loss. The incident was recognized as an insured event, and Ingosstrakh Insurance Company paid insurance compensation pursuant to the terms of the contract.

The insured piece of equipment was pledged under a loan agreement with a commercial bank.