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Federal grid company to consider $16mln settlement with major insurer

17:35 19/09/2011

MOSCOW, September 19 - RAPSI. The federal grid company will consider a settlement agreement with a major insurer amounting to $16.6 million in compensation, the company reports.

The Federal Grid Company of Unified Energy System was established in 2002 as part of power industry reform. It operates and manages Russia's unified electricity transmission grid system.

AlfaStrakhovanie is part of Alfa Group and offers over 100 types of insurance services, including life and accident insurance. It has more than 390 offices all over Russia.

The Chagino substation burned down during assembly works in 2008. AlfaStrakhovanie recognized it as an insured event and paid the company 409.6 million rubles ($14.6 million). After a lawsuit was filed, the defendant paid another 97 million rubles, but the company's expenses amounting to 1.005 billion rubles had not been covered in full, the plaintiff said.

An appeals court adjourned until September 26 its hearing of the insurer's appeal against the 499 million ruble ($16.6 million) award for the grid company. Meanwhile, AlfaStrakhovanie sent to the company a draft sentiment agreement for the entire 499 million rubles on September 15.

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Federal grid company to consider $16mln settlement with major insurer

17:35 19/09/2011 The federal grid company will consider a settlement agreement with a major insurer amounting to $16.6 million in compensation.
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