Insurance company to insure large tourist project in Azerbaijan
Azerbaijan, Baku, September 14 / Trend A. Akhundov /
Azerbaijani insurance company Pasha Sıgorta is a major candidate to insure the remaining stages of the construction of the Shahdag winter and summer tourim complex in the Gusar region, company chairman Nofel Rzayev said.
"Pasha Sıgorta is interested in insuring the subsequent phases of the complex," Rzayev said.
Documents were signed for insurance of the first phase of construction of the Shahdag complex, the largest construction phase, in early September.
The official insurer is Pasha Sıgorta through U.S. broker Marsh.
The first phase of the construction, worth 365 million euros, covers the period up to August 2013. It includes all of the preparatory and basic work to build sports facilities, hotels and other objects as part of a ski resort and entertainment center.
Full insurance covers all risks of property damage during construction of the complex, liability for potential damage and risks of terrorism before third parties, as well as three years of insurance.
Pasha Sıgorta has been certified by Moody's as having attained the ISO 9001: 2000 standard since 2007. Pasa Sıgorta is also a participant to the UN Global Compact Initiative for the protection of human rights, environmental protection and countering corruption.
Pasha Sıgorta is a member of the group Pasha Holding. It offers 30 types of insurance services to corporate and individual clients.In April, the company completed increasing its authorized capital to 20 million manat, which are secured on profits earned in 2009 and partly due to additional investment of shareholder of the company.
On Sept. 14, the official exchange rate is 0.8037 manat to $1.