SOGAZ, Admiralty Shipyards ink insurance agreement for six subs
SOGAZ Insurance Group and JSC Admiralty Shipyards have entered into an agreement for insurance of construction of a series of six submarines of 636 Project in the amount of nearly USD 2 billion, the insurer press service said.
According to the agreement SOGAZ provides insurance coverage of the serial submarines at all stages of shipbuilding contracts execution until the newbuilds delivery. Insurance coverage provided for the shipyard risks associated with the possible loss or damages of the submarines, including the insurer liability for damages to third parties.
The agreement will be valid until September 2016, and will cover all phases of construction ─ launching, dock-site, shipyard’s and state trials as well as the crew training and acceptance – handing-over certificate signing.
Admiralty Shipyards (Admiralteysky Verfy) is the oldest Russian shipbuilder, founded back in 1704. The company is part of Western Center of Shipbuilding controlled by United Shipbuilding Corporation. JSC Admiralty Shipyards specializes in design, construction and upgrade of civil vessels and warships for the Russian Navy. To date, the Company has built more than 300 submarines (including 41 nuclear-powered subs) and 68 deep submergence vehicles and ROVs.