On September 19, 2002 the company "Palmira-MT", local manufacturer
and footwear supplier, owner of wide network of retail shops "Monarch Footwear" in all RF territory, has concluded an insurance agreement with the insurance company "Energogarant".
All the goods of the network were insured for one year term.
The limit of reponsibility of the insurer for shops situated in Moscow amounts to nearly 1.5 million USD, for the regional shops - to about 5 million dollars.
The responsibility of "Energogarant" guarantees insurer's responsibility against the following risks: fire, explosion, water and lightning damage, unlawful actions of the third parties, damage resulting from acts of element. This agreement is a continuation of cooperation begun in 2001. The former insurance agreement provided the responsibility in the amount of 6800 thousand dollars.
During the validity term of previous insurance agreement an insurance event occurred: the goods were stolen from the warehouse in Irkutsk affiliate of "Palmira-MT". As a result "Energogarant" paid indemnity in the amount of about 7 thousand dollars.
"Palmira-MT" group of companies is one of the oldest private enterprises on the home market of production and distribution of footwear. The company was registered in December 1990 in the form of joint enterprise. For 12 years "Palmira" has passed a way from wholesale business of selling imported footwear to a distributor with its own production and a network of retail shops "Monarch Footwear", covering all Russia from Vladivstok to Saint Petersburg. Strategic plans of the company are aimed at further expansion on the market; beginning from 2002 franchising of "Monarch Footwear" has begun. Until the end of 2003 more than 40 franchising shops will be opened.

The source: Business New agency (http://www.abnews.ru)
18.10.2002