According to the approved Programme for insurance protection of JSC RusHydro for 2009, all insurance agreements permitted by the Civil Code of the Russian Federation covering both the property risks of the HPP and liability towards the personnel of the HPP and third parties were concluded at the JSC RusHydro subsidiary Neporozhniy Sayano-Shushenskaya HPP:
- property insurance agreement;
- voluntary medical insurance agreement;
- accident and sickness insurance agreement;
- civil liability insurance agreement for operating organisations and owners of hydro-engineering structures;
- civil liability insurance agreement for organisations operating hazardous production facilities;
- mandatory civil liability insurance agreements for owners of means of transport (OSAGO);
- motor vehicle insurance agreement.
In accordance with world practice, the required terms and conditions for the insurance were determined on the basis of an independent surveyor's assessment of the JSC RusHydro HPP's risks. The investigation was carried out by the company CJSC Industrial Risk. As a result of the study, the surveyor determined that the scenario for the biggest of the likely losses for the Sayano-Shushenskaya HPP might be considered as a loss in the amount of 50 million US dollars. At the same time, in world practice, hydro-electric power stations are hardly ever insured against disaster risks (in the amount of several hundred million US dollars or more) in view of the extremely low probability of such events and the large insurance premium.
JSC RusHydro conducts continuous work to improve the terms and conditions of the insurance coverage for its risks. For instance, the indemnity limits for a single insurance event is constantly being raised:
until 28 March, 2008
1.9 billion roubles
from 28 March, 2008 through 31 December, 2008
2.1 billion roubles
from 01 January, 2009
200 million US dollars
For 2010, a further increase in the given limit is planned.
JSC RusHydro believes that any statements regarding a wish on the part of JSC RusHydro to economise on risk insurance and inadequacy of the insurance coverage are unfounded and irresponsible.