Romanian power producer Hidroelectrica buys insurance against management errors

The largest Romanian power producer Hidroelectrica wants to find an insurer to issue a policy that will cover up to EUR 50 million of the damages caused by potential errors or omissions of its management, or flawed predictions of its Executive Board and Supervisory Board. The insurance contract will be concluded for one year. The policy value is estimated at RON 900,000 (EUR 199,000), reports local Profit.ro. The policy will also cover the expenses for defense, investigation, and experts of any kind within the limit of EUR 1 million, as well as for fixing the image/reputation, for crisis communication and public relations, within the limit of EUR 100,000. Expenses for limiting losses and the emergency expenses worth EUR 1 million will also be covered. Hidroelectrica’s Executive Board is made of Ovidiu Agliceru (CEO), Iulian Tudor, and Petronel Chiriac. The company is in the process of recruiting a new Supervisory Board and new managers. The Energy Ministry holds 80% of Hidroelectrica’s shares while Fondul Proprietatea owns the remaining 20%. editor@romania-insider.com