(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 7. The independent
transmission operator ICGB has selected a leading insurer for the
Greece-Bulgaria gas interconnector, the company told Trend.
DZI - General Insurance EAD will be responsible for insurance of
the activities of the IGB gas pipeline in its operational
The risk will be transferred to leading international reinsurers
who hold a minimum credit rating of "A-" (A minus) as per Standard
& Poor's or AM Best.
The comprehensive insurance premium, which allows for a
potential extension of up to 24 months beyond the initial 12-month
term, amounts to EUR 2,650,044.
The insurance policy provides coverage for the following
- All types of property damage, including breakdown of
machinery/facilities and business interruption.
- General liability insurance encompassing "Product liability,"
"Pollution liability," and "Employer's liability."
- Risks associated with terrorism, sabotage, strikes, riots,
civil disturbances, and malicious acts, including disruption of
commercial and operational activities.
- "Terrorism liability" – liability towards third parties.
The Interconnector Greece-Bulgaria began commercial operation on
October 1, 2022.
Since the beginning of the current heating season, the
interconnector provides nearly 1/3 of the winter consumption of
natural gas in Bulgaria. IGB is the first route for diversified
supplies of natural gas to Bulgaria, guaranteeing increased
security of supply and diversity of sources, contributing
significantly to the competition in the natural gas market, which
is a prerequisite for optimized prices for businesses and domestic
consumers in the country.
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