Moscow. 15 June 2005. Kapital Strakhovaniye Co. ("Capital Insurance") has won the public tender to select an organization providing insurance of the property, machinery and equipment from breakdown or business interruption at OAO "Severo-Zapadnaya CHPP".
The tender was held in accordance with the resolution of the Board of Directors of OAO "Severo-Zapadnaya CHPP" of 4 May 2005 and the Insurance Coverage Standard for RAO "UES of Russia" and its Subsidiaries and Dependent Companies for the period until 1 January 2008 approved by the Management Board of RAO "UES of Russia" on 26 June 2004.
The tender was organized by OAO "Energozashchita Insurance Broker", the captive insurance broker for RAO "UES of Russia". The tender commission was comprised of representatives of RAO "UES of Russia", experts of the All-Russian Insurers' Union and international insurance companies. The key selection criteria used by the tender commission were the expertise of the tender participants in insuring Russian energy facilities, their financial position, reliability of reinsurance, and the volume of insurance coverage offered by the tenderers.
Besides Kapital Strakhovaniye, there were six largest Russian insurance companies taking part in the tender.
OAO "Energozashchita Insurance Broker" plans to hold regular tenders as insurance contracts of RAO UES companies expire and the companies approve their insurance coverage programmes for the next period.
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