OREANDA-NEWS. December 15, 2011. National Settlement Depository (NSD, the insurer) and Ingosstrakh Insurance Company entered into a comprehensive insurance agreement providing coverage against crimes and professional liability of NSD for the time period of 1 year. The sum insured under the insurance agreement is USD 65 mln. USD for each and in total for all insured events within the effective period of the agreement. Including NSD own funds the total volume of financial coverage of liabilities of NSD as of December, 1 2011 amounted to USD 202 mln. USD. Lloyd’s syndicates (Great Britain) acted as the main reinsurers under the policy.

The policy insures the activities of NSD within the frames of its licenses of a professional member of the securities market and for execution of bank operations, and also:

–        clearing activities

–        rendering the accompanying services of a depository

–        activities connected with responsible storage of securities not related to depository activities

The insurance coverage extends to losses incurred by the insurer and third parties (including but not limited to the customers of NSD) as a result of deliberate malicious actions of third parties, accidental mistakes and omissions of the managers and employees of the insurer during the conduct of their professional activities. The insurance coverage under the agreement also extends to losses resulting from electronic and cyber crimes, technical errors or malfunction of computers, software and communication facilities leading to partial or full loss of data regarding the client’s accounts.