ICGB completed the procedure for selection of a leading insurer for the gas interconnector with Greece
The project company ICGB AD successfully completed the tender for the selection of the leading insurer for the project "Gas Interconnector Greece - Bulgaria". The UK based company AIG UK has been selected as contractor after a two-step procedure.
The role of the leading insurer is of great significance as his duties will include covering for all insurance risks (Construction All-Risk or CAR insurance). ICGB concludes insurance policy for:
- Construction All Risks (CAR)
- Delay in Start Up (DSU)
- Third Party Liability (TPL)
The coverage of those risks is organized by the Contracting Entity and it is outside the mandatory insurances that each of the contractors must provide under the legislation in Bulgaria and Greece. The premium under the concluded contract is for EUR 1 300 000, VAT exclusive.The public procurement is implemented as part of the risk management measures that the project company performs and is in compliance with the international practices, as it aims to provide coverage in the event of adverse events accompanying the construction, testing and commissioning (except the mandatory insurances for the constructor, the designers and other participants in the construction), which will be provided under the contracts concluded with them.
For more information:
Action Global Communications Bulgaria
Tel.: +359 2 9803018
Mobile: +359 885 074422