OREANDA-NEWS. December 22, 2010. ROSNO’s head office located at Ozerkovskaya Quay hosted a roundtable discussion on the topic "Financial and Insurance Instruments Supporting Operation of Chemical and Petrochemical Companies. International Practice and Opportunities Available in Russia". Organized by ROSNO together with the Russian Union of Chemists, CJSC Roseximbank and Pepelyayev Group, the event was attended by representatives of the Russian chemical companies, reported the press-centre of ROSNO.

The participants proposed a plan to amend the civil, foreign exchange, tax and administrative legislation so as to expand the potential of the Russian chemical exporters in the foreign markets.

The purpose of the roundtable is to increase chemical industry players’ awareness about available financial instruments simplifying export operations and making them more efficient. Among such instruments are the state guarantee-based support, pre-export financing and financing of the non-residents who purchase the Russian products, industrial modernization by means of investment-purpose commercial credit, as well as the arrangements enabling attraction of long-term financing to modernize and reconstruct production facilities.

To this end, ROSNO experts provided information about the existing opportunities for companies in terms of achieving stable business growth, improving competitive ability and investment attractiveness by means of insuring the following: accounts receivable; civil liability for operation of hazardous industrial facilities, liability for the quality of products; reclamation costs; and professional liability of the company management.

"Unfortunately, Russia still lacks the integrated systematic financial support of the exporting companies. Yet today, all possibilities to establish such support by means of various commercial institutions of the financial industry — specialized banks and insurance companies — are already in place, notes Mr. Vitaly Us, Director of ROSNO’s Financial Risks Insurance Department. — For example, ROSNO’s insurance programs designed for the Russian exporters enable insurants to attract cheaper financial resources and protect themselves against potential defaults of the foreign buyers, and to solve the issues related to the financial sanctions which can be imposed in case of a failure to repatriate currency revenues — by means of settling losses in other jurisdictions through insurers and reinsurers. Such insurance coverage is acquiring special importance during the global financial instability and enables more intensive penetration of the new markets".

ROSNO has been operating in this market for over 8 years, providing insurance protection for the international business operations of the Russian companies. The programs offered by ROSNO enable insurance protection against unforeseen business events, such as the protracted payment delay or bankruptcy of the buyer, whether the latter is located in Russia or in other jurisdiction. Under the terms of liability insurance, the exporting company can protect itself against unforeseen expenses resulting from the damage inflicted to third parties or their property, including the same due to the quality defects of the goods (products), works and services, and reclamation costs.