WHSD Central section construction is insured for 106 bln rubles
«VTB Insurance» and SOGAZ have insured the IV and V Stages of Western High Speed Diameter (WHSD) Construction in Saint-Petersburg, being led and controlled by Northern Capital Highway, LLC.
WHSD is a unique motorway with traffic capacity of 100 000 cars per day. On the Central Section that passes mostly along overpasses and bridges will have 8 lines of either direction with maximum legal speed of 110 km per hour. Total length of the section is 11,7 km. Operational commissioning of the Project is scheduled for 2016.
Within the terms of the package contract the construction and erection works get all-risks insurance including terrorism and third-party liability risk. The construction and erection risks are insured both for the period of Project implementation and the guarantee maintenance.
Liability limit in accordance with the Contract is more than 106 bln. rubles that is shared between “VTB insurance” and “SOGAZ” in ratio of 58% and 42% correspondingly. According to CEO of “VTB insurance” Alexei Volodin, Western High Speed Diameter is a unique project of great significance so that only Companies with vast experience of construction and erection risks insurance of infrastructure facilities, having impeccable financial metrics and extraordinary credit rating can be the Project’s insurers and be approved by the investors. “Due to our experience and high competency in the subject we can offer an ultimate solution for the reliable insurance of construction and erection risks, facilities and equipment on sites and third-party liability risk”, – Alexei Volodin said.
“The Central Section of the road consists of complicated technical facilities and that is why is the most expensive section of WHSD. Particularly the Project stipulates the construction of unique overpasses and bridges with their total length of 8,5 km, and also construction of the tunnel”,– tells Head of insurance of advanced projects of “SOGAZ” Yuriy Shevchenko.– “Selection of leading insurance companies for the Project of WHSD Construction confirms its strategic relevance for the Northern Capital of St. Petersburg.”
"VTB Insurance" is founded in 2000 and is now a part of VTB International Financial Group. "VTB Insurance" authorized capital is 1,5 bln. rubles. Branches and sales offices of the Company are situated in more than 50 important regions of Russia. According to the results of the III quarter of the year 2012 capacity of fees of “VTB insurance” constituted 18,6 bln. rubles. According to this index the insurer is in the top decile of the greatest market insiders. The Company ranks first in reliable ratings of russian and international agencies.
“SOGAZ” units the following insurance companies: “SOGAZ”, OJSC, “SOGAZ-AGRO”, LLC IC, “SOGAZ-MED”, OJSC IC, “SOGAZ-ZHIZN (life)”, LLC IC, SOVAG (Germany), “SOGAZ a.d.o. Novi Sad” (Serbia), International medical centre “SOGAZ”, Service medical company “SOGAZ-Medservice”, LLC, and Asset management Company “Leader”, CJSC. At the moment regional network of the Group includes more than 600 Departments and sales offices all over Russia. “SOGAZ”, OJSC, was assigned the highest liability rating A++ by the Rating agency “RA Expert” as well as international ratings of financial stability A. M. Best («B++», “Stable” estimate) и Standard & Poors («BBB-», “Stable” estimate). The Company possess first-rate authorized capital of 15,1 bln. rubles on the Russian insurance market.