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Russia: $46 million under Arbitration Award Default
Zurich provided Arbitration Award Default (AAD) coverage to
an investor in the energy sector for a project that depended on payments from a state-owned enterprise (SOE) in Russia. The SOE defaulted on its obligations under the contract and subsequently failed to comply with the arbitration award obtained against it. The customer led a claim under the AAD peril of its political risk policy and was indemni ed $46 million by Zurich and coinsurers in 2014."
Credit & Political Risk Claims Payment Overview, 1997-2017 | Zurich ...
Zurich has paid a claim as large as USD $46M before.
Thailand government has mentioned interest in allowing Chattree to restart - which costs $50M.
That could be settled for in a lawsuit - either paid by government or insurer.
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