New Legislation to Affect Companies with Certain Hazardous Operations in Russia
Published: November 22, 2011 | Country: United States
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Effective January 1, 2012, a new legislation in Russia imposes compulsory liability on owners and/or operators of “hazardous facilities” for damages as a result of an accident at such hazardous facilities. The requirements apply to Russian companies and multinationals with subsidiaries in Russia.
The legislation was triggered by an explosion at Russia’s largest hydroelectric plant in 2009, killing and injuring many.
The required insurance focuses on bodily injury of workers and inhabitants and third party property damage. Features of the new legislation introduce complications to insurance programs, including large gaps in wording and a need for additional risk assessments.
Businesses with operations in Russian territories may have to comply with the new liability legislation. The Marsh broking specialists and the risk consultants of Marsh Risk Consulting can assist clients in preparing for the requirements of the legislation.