Insurance of LNG terminal and its assets

A liquefied natural gas terminal in Klaipėda operated by Klaipėdos Nafta was put into service in 2014. One of the prerequisites for operation was obtaining insurance of the LNG terminal and the assets stored within it (including liquefied natural gas).

 This was the first instance of insurance of such type of property in the Baltic states. Marius Matiukas was the head of this project.

In the framework of the public procurement procedure, negotiations with several insurers were held. Insurance of the property required an assessment and assurance of maximum security, a competition sufficient to ensure the best price and insurance formulations of the international market, since the insured risks could not be independently assumed by insurers operating in Lithuania.