Wednesday, March 23 2011 02:30

INGO Armenia insurance company insures environment risks of GeoProMining Gold Company


ArmInfo. INGO Armenia insurance company has insured environment risks of GeoProMining Gold Company. It is the first case of environment risk insurance in Armenia, INGO Armenia told ArmInfo.

The two parties made at once three insurance contracts: medical insurance, accident insurance and insurance of environment risks. Under the last contract the insurer is responsible for environment pollution risks.

At the request of the insurant, the contract on environment risks insurance includes in it general coverage, and a number of other components, in particular, the insurant represented by GPM Gold insures also the risk of unexpected emission of toxic substances into the air or water resources.

Company has a license for 13 classes of non-life insurance. INGO ARMENIA Insurance Company is a full member of INGO International Insurance Group. As of Jan 1 2011 total capital of INGO Armenia amounted to 1.6 bln drams, assets - 4.2 bln drams. The company collected 1.9 bln drams premiums for 2010, says the Ranking of Armenian Insurance Companies prepared by ArmInfo.

GeoProMining is an international privately-owned diversified metals resource holding company with a portfolio of quality exploration and mining projects. The company was founded in 2001 and is focusing on gold, silver, copper, molybdenum, antimony and other metals.

GeoProMining Ltd owns two world class gold companies: Quartzite in Georgia and GeoProMining Gold Ltd in Armenia.
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