SOGAZ Insurance Group has signed an insurance contract with OJSC Nizhny Novgorod Engineering Company ATOMENERGOPROEKT (OJSC NIAEP), General Contractor for the construction of power units No.3 and No.4 at Rostov NPP (RNPP).

According to the contract, SOGAZ will provide insurance coverage for company’s construction/installation risks of the from 2010 to 2017, including two years of warranty service. OJSC NIAEP insured its risks for the total amount of RUB 197.7 billion. Nuclear risks after loading the nuclear fuel into the reactor of RNPP power units will be reinsured on the Russian and foreign reinsurance markets.

The construction of power units No.3 and No.4 at Rostov NPP is being carried out within the federal target program “Development of Nuclear Industry in the Russian Federation from 2007 through 2010 and up to 2015" enacted by the Government of the Russian Federation in 2005. These will be standard water-cooled power generating units (VVER series) with a B-320 reactor and PGV-1000M enhanced steam generating plants delivering up to 1,100 MW of electrical power each.

OJSC NIAEP risk insurance is not SOGAZ’s first experience in insuring the construction of NPP power units. SOGAZ is providing insurance coverage for the construction of power units for Leningrad NPP-2 and Kalininsk NPP. Besides, SOGAZ has provided insurance for the property and workforce of OJSC Rosenergoatom Concern.

Rostov NPP, a branch of OJSC Rosenergoatom Concern, is one of the largest power generating enterprises in the south of Russia, accounting for 15 percent of the annual electric power output in the area.