For protection of its patrimony, Petrobras has the basic philosophy of transferring, through taking out insurance, the risks that, in the event of their occurrence, may cause losses that significantly impact the Company’s patrimony, as well as the risks subject to obligatory insurance, whether through legal or contractual provisions. The other risks are subject to self-insurance, with Petrobras intentionally assuming the full risk through absence of insurance. The Company assumes an expressive portion of its risk, contracting deductible amounts that may reach an amount equivalent to US$ 50 million.
The risk assumptions adopted are not part of the scope of an audit of financial statements. Accordingly, they were not examined by our independent auditors.
The main information concerning the insurance coverage in force as of December 31, 2009 may be presented as follows:
|assets||Types of coverage||R$ - Insured amount|
|Facilities, equipment and products in stock||Fire and operating risk||124,488,532||99,853,676|
|Tankers and auxiliary vessels||Hulls||1,825,822|
|Fixed platforms, floating production systems and offshore drilling unity||Petroleum risks||40,583,132||16,180,214|
Petrobras does not take out insurance for loss of earnings, control of wells and control of the pipeline network in Brazil. Considering its financial size and its commitments and investments in the areas of health, environment and security and quality, Petrobras, similarly to petroleum companies of a similar size, retains a significant portion of its risk, including through the increase in its deductible amounts, which may reach US$ 50 million.