OREANDA-NEWS. Ingosstrakh Insurance Company Branch in Primorsky Territory has concluded a contract of shipowner's liability insurance (P&I) with Pavino Shipping Company LTD. The limit of insurance liability under the insurance agreement amounted to USD 1 bn. Ingosstrakh Insurance Company is one of the few commercial insurers in the world and the only commercial insurance company in Russia that provides P&I insurance with the limit of USD 1 bn.

Pursuant to the agreement, insurance protection is provided for the liability of the shipowner in respect of the Pavinospirit tanker. The ship was built in 1997 and has a gross tonnage of about 58,000 tons. The insurance policy covers the risks of environmental pollution, collisions with other vessels and objects, salvage of the wreck, military and other risks.

Ingosstrakh Insurance Company has provided marine hull insurance and shipowners' liability insurance since 1947 and is the leader in the Russian marine risks insurance market. The company has established cooperation with top international lawyers, experts, attorneys, as well as an extensive network of P&I correspondents, who are located in almost all ports of the world and provide shipowners with prompt assistance in the investigation of insured events. The portfolio is reinsured with reinsurers of the highest rank.

Pavino Shipping Company Ltd. was established in 1996 in Vladivostok and became the first company in the region to provide bunkering services. At present, Pavino Shipping Company Ltd. supplies bunker fuel in the ports of the Russian Far East. The company has been a member of the International Bunker Industry Association since November 1999.

The company's own tanker fleet, the quality control system for bunker fuel and the cooperation with independent surveyor organizations result in the availability of all the required fuels, their timely delivery, compliance of the fuel quality with international standard ISO 8217: 2005 and the requirements of MARPOL ANNEX VI.