The Russian Central Securities Depository, NSD, has entered into a one-year comprehensive insurance contract with insurance company Ingosstrakh. The coverage under the contract, which includes professional liability and insurance against financial crimes, is USD 65 million for all insured events during the term of the contract.
Pursuant to the contract, insurance protection is provided with respect to all professional activities carried out by NSD, including but not limited to: clearing activities, depository services, and services offered as central securities depository and others.
The policy coverage spreads across all types of activities provided by NSD and provides protection against damages caused by intentional illegal actions of third parties, by errors and omissions, or committed unintentionally by managers and employees of the depository when carrying out their professional duties. It also covers damages caused by electronic and computer crimes, technical mistakes or failure of computer equipment, communication devices, hardware or software leading to partial or full corruption or destruction of electronic data.
All insurance risks under the contact have been reinsured by Lloyd's.