OREANDA-NEWS. SOGAZ Insurance Group has signed a nuclear insurance contract in respect of construction in progress and building structures in the territory of power unit No. 3 of the Rostov Nuclear Power Plant. The total sum insured under the contract is more than RUB 104.8 bn.

"The insured amount is set at the value of the construction and installation project. The insurance liability limit is RUB 15 bn per each insured event. The insurance contract provides for retroactive conversion from the start of loading fuel into the reactor. This is special insurance which is aimed at protecting the property interests of the customer and building contractors from the risks of radiation exposure. The risks have been reinsured in full in domestic and international markets," said Dmitry Malyshev, Vice-President and Director of Corporate Insurance, SOGAZ Insurance.

The insurance covers construction in progress, construction and assembly works, building structures, equipment, temporary housing camp for construction workers, construction and assembly facilities and materials on the site and in the field of construction and assembly works, and elements used in performing works to become a part of the project under construction. The property is subject to insurance in case of death, loss, or damage resulting from nuclear risks.

The insurance contract will be signed following a request for proposals, bids for which has been received from three insurance companies.

Rostov NPP is one of the largest energy companies in the South of Russia. The plant provides 40 percent of power production in the Rostov region. Electricity is also supplied to the Volgograd Region, Krasnodar Krai, and Stavropol Krai. Prior to November 2014, Rostov NPP had two units. The third unit was actually started in November 2014. Power unit No. 4 is under construction.