IGB's Operator Selects Insurer For Pipeline's Operational Phase

(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 phase.

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 risks:

- 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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