On January 1, 2012 the main provisions of Federal Law #225-FZ dated July 27, 2010 “On Compulsory Liability Insurance of an Owner of a Hazardous Facility against Damage resulting from an Accident at a Hazardous Facility” (the Law) came into force.
The Law concerns the compulsory requirement for legal entities or entrepreneurs who own or operate hazardous facilities in Russia to insure against damage resulting from any accident at those facilities.
Under the Law injured persons include both third parties and employees. The Law extends to the following types of hazardous facilities:
1) Plants (enterprises) or their workshops, territories or fixed facilities where:
2) Hydraulic Facilities:
Dams, power plants, water outlets, water discharge facilities, tunnels, canals, pump stations, navigation locks, shipping locks, facilities designated to protect against the flooding and destruction of ponds and river banks, facilities enclosing stores of liquefied industrial or agricultural waste, facilities protecting against washout on canals and other facilities designated for usage of water resources and protection against negative impact of waters and liquefied wastes.
3) Refueling stations (liquid motor fuel).
As from January 1, 2013 the Law covers state or municipally owned hazardous facilities, hazardous facilities the operation of which is partially or fully financed in accordance with state budgets, and lifts and escalators in residential multi-storeyed apartments.
The main differences between Federal Law #116-FZ dated 21.07.1997 “On Industrial Security of High Hazardous Facilities” and the new scheme are as follows:
AIG, JSC is a member of the National Union of Liability Insurers. On December 22, 2011 AIG, JSC was granted a license for the provision of compulsory liability insurance to owners of hazardous facilities.
AIG is a world leader in liability insurance with over 90 years’ experience in the insurance industry. AIG, JSC has an Expert-RA rating of “A+” (very high level).
Our underwriters are ready to consult on and assist in concluding compulsory liability insurance contracts under the new Law.
For more information or to apply for a policy, email firstname.lastname@example.org or telephone Robert Kupreishvili on +7 (495) 935 8950