Energoatom supervisory board members insured against arrests for UAH 19 million

On October 29, the National Nuclear Energy Generating Company Energoatom ordered liability insurance for the chairman and members of the supervisory board of the company for the amount of UAH 19,301,833.00 from the Insurance Company Colonnade Ukraine, according to the results of the tender.

Nashi Hroshi announced this with reference to the data in the Prozorro system, the Ukrainian News agency reports.

"The services were ordered for a year. The total insurance premium is UAH 19.30 million, of which UAH 17.37 million is for covering the liability of the members of the supervisory board and UAH 1.93 million is for covering the reimbursable expenses of the insured person. The insurance tariff is 4.9375%," Nashi Hroshi writes.

The sum insured to cover liability is UAH 390.92 million.

The publication says that if the insured person needs defense costs and expenses or a preliminary investigation of the claim takes place, they will be reimbursed within the mentioned sum insured.

Costs related to bail or preventive measures, restrictions on rights to assets or freedoms and extradition proceedings will be indemnified in the amount of 10% of the sum insured, but not more than UAH 500,000 for each individual insured event.

The territory of insurance coverage and jurisdiction covers the whole world, except for the US and Canada.

Colonnade Ukraine was awarded the contract without competition, as no one else came to the open bidding.

To participate in the tender, it was necessary to provide a similar liability insurance contract for the chairman and members of the supervisory board or managers and members of the supervisory board, executed in 2019-2024, with a service period of at least one year.

The winner had five such agreements with Ukrposhta JSC, NPC Ukrenergo, Main Gas Pipelines of Ukraine JSC, State Enterprise Ukrainian Sea Ports Authority and the Innovation Development Fund.

The sole shareholder of Kyiv-based Colonnade Ukraine Insurance Company is SCP Luxembourg SA RL from Luxembourg, and the ultimate beneficiary is Vivian Prem Watsa from Canada

According to the YouControl analytical system, the winner is a member of the Fairfax Financial Holding corporate group.

This is an international insurance group represented in the Ukrainian market by this and other insurance companies: PrJSC IC Universalna, ALC IC ARX Life, JSC IC ARX, which are included by the NBU in the non-banking financial group Fairfax.

Vivian Prem Watsa is the Chairman and CEO of Fairfax Financial Holdings.

In total, since 2019, Colonnade Ukraine has received government contracts worth UAH 57.29 million.

As the Ukrainian News agency earlier reported, at the end of July, Energoatom announced an auction for insurance of the supervisory board's liability for UAH 19.302 million.