Azerbaijani Insurance Company cancels Large Contract
Azerbaijan, Baku/ Trend , corr. U. Ismayilova/ Insurance company, ERA-TRANS has canceled a large contract with the Baku Football Team of "Neftchi" ("Oilman"), a source in the Insurance Company has said.
According to sources in the Company, the contract was canceled due to the untimely payments made by the Football Team. As a result of that, in the first quarter of 2007, the total insurance payments of ERA-TRANS (AZN 2,545,000) exceeded the aggregate amount of its premiums (AZN 207,100) by 12.3 times.
The source also said that the insurance premiums, ERA-TRANS paid on obligatory types of insurance made up AZN 36,657, with AZN 129,170 falling on payments.
Notably, up to 1 January, 2007, the authorized capital of ERA-TRANS, which has operated since 1994, had reached AZN 707,000 The Insurance Company presently offer 24 types of voluntary services and 4 types of obligatory insurance.