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Major insurer loses $1.6 mln lawsuit against shipyard

16:01 01/12/2011

ST.- PETERSBURG, December 1 - RAPSI. The commercial court has held against an insurer's lawsuit against a shipyard for $1.6 million in insurance premium, the court records read.

The reasons for the decision have yet to be specified.

The Baltiysky Zavod shipyard builds diesel and nuclear icebreakers, large cargo vessels, naval ships and manufactures power and other engineering hardware.

The SOGAZ insurance company was seeking the shipyard's debt under an insurance agreement signed on November 16, 2010 for a term ending in late February 2012.

The insurance covered building and assembly risks and liability in building a power unit for the worlds first floating nuclear power station ordered by Rosenergoatom.

The premium was to be paid in installments. Upon the shipyard's request, the first installment date was delayed on several occasions, but the sum was never paid.

In early July, SOGAZ notified the shipyard in writing of the insurance agreement's termination as of July 1 and the need to pay 51.09 million rubles ($1.6 million) in insurance premium. The shipyard did not pay, so the insurer went to court.

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Major insurer loses $1.6 mln lawsuit against shipyard

16:01 01/12/2011 The commercial court has held against an insurer's lawsuit against a shipyard for $1.6 million in insurance premium.
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