"GRAND" INSURANCE COMPANY WILL PAY COMPENSATION TO "ARMAVIA" AIR COMPANY

Panorama.am
16:06 03/05/06

"Grand" Insurance Company is ready to pay the compensation to air
companies "Armavia" in accordance to the Insurance agreement clause
on third party liability - the managing director of "Grand" Artak
Antonyan said to Panorama reporter. In his words the air-craft A-320
was insured also by CASCO (insurance of vehicles against total loss
or partial damage, resulting from fire, theft, malicious acts of
third parties, natural disasters, road accidents, etc).

Presently the amount of the insurance indemnity is being
defined. Antonyan reported that "Grand "reached preliminary agreement
with re-insuring company about compensation payment.