National Settlement Depository (NSD), Russia’s central securities depository, and Ingosstrakh OJSIC, one of Russia's leading insurers, have concluded a one-year agreement for complex insurance.
The policy liability limit was fixed at $65 million for all claims for the duration of the policy. Given the scale of insurance cover, the main reinsurers behind the policy include Lloyd’s syndicates.
The policy covers NSD’s operations within the framework of the company’s licenses of a professional securities market participant, including clearing and depository operations along with the banking license.
The insurance policy covers damage inflicted upon the policy-holder and third parties (including but not limited to NSD's clients) as a result of wilful activity by third parties, as well as a result of unintentional mistakes and errors made by the policy-holder’s employees and executives while carrying out their professional duties.
In addition to this, the insurance policy covers damage inflicted by the company as a result of electronic and computer crimes, technical errors, computer or telecommunications failures led to the partial or full loss of information related to the clients’ accounts.
