Nord Stream insurers say policies did not cover war risks, Kommersant reports

Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesMOSCOW - Insurance policies for the Nord Stream gas pipelines damaged by blasts in 2022 did not provide for coverage in the case of war, Kommersant daily reported on Thursday, citing documents filed at London's High Court.

Nord Stream is seeking more than 400 million euros from its insurers over the explosions which ruptured pipelines designed to transport Russian gas to Germany. It named Lloyd's Insurance Company and Arch Insurance DAC as defendants in the suit.Sweden – which in February dropped its investigation – and Germany have both found traces of explosives relating to the incident that ruptured the Nord Stream 1 and Nord Stream 2 pipelines, suggesting it was a deliberate act.

Kommersant daily, citing the court documents, said the insurance did not cover damages directly or indirectly resulting from war, military actions or detonation of explosives.Russia and the West, at loggerheads over Moscow's conflict with Ukraine, have pointed fingers at one another. Each has denied any involvement, and no one has taken responsibility.

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