The NSD, the Russian CSD, signed a one-year comprehensive insurance agreement with Ingosstrakh Insurance Company. The liability limit under the agreement which covers NSD`s professional liability and insurance against financial crimes is USD 65 million for all insured events during the term of the contract.
The policy covers all NSD professional activities including clearing and banking activities along with provision of depository’s services. Also insurance coverage is extended to the damage caused by intentional illegal actions of third parties, errors and omissions, unintentionally committed by managers or employees of the insured when carrying out their professional activities. It also covers damage caused by electronic and computer crimes, failure of computer equipment, hardware or software electronic and computer crimes leading to destruction or change (corruption) of electronic data.
All insurance risks under the contract have been reinsured by Lloyd's syndicates, one of the world's leading insurance market providing specialist insurance services.
Impact on investors: The conclusion of comprehensive insurance agreement allows NSD to ensure more protection of clients’ assets safekeeping and greatly reduces risks associated with the provision of services of assets safekeeping.