OREANDA-NEWS. October 10, 2011. Ingosstrakh Insurance Company insured space vehicles Express-AM5 and Express-AM6. The total insurance amount for these two space vehicles (SV) is RUB 12,6 bln. The risks of full and partial launch death and on-station operation of Express-AM5 and Express-AM6 are insured. The sum insured for the first and second SV is RUB 7,08 bln and is RUB 5,56 bln respectively.

Let’s remind you that satellite Express-AM4 was lost due to insertion into wrong orbit in the end of August. As stated earlier, Ingosstrakh Insurance Company will perform its obligations in full measure under this event insured. The insurance coverage for Expert-AM4 satellite is RUB 7,5 bln. The risks related to the launch were reinsured in leading Russian and foreign companies. 

Ingosstrakh Insurance Company has been a traditional insurer of space risks for several decades. Since 1999 the company provides insurance coverage to FSUE Space Communication. During the period of cooperation the following items were insured by Ingosstrakh Insurance Company: SV Horizon No.45, SV Express-А1, SV Express-А2, SV Express-А3, SV Express-АМ1, SV Express-АМ2, SV Express-АМ3, SV Express-АМ4, SV Express-АМ11, SV Express-АМ22, SV Express-АМ33, SV Express-АМ44, SV Express MD1.

Ingosstrakh Insurance Company has an extensive experience not only in insurance but settling the damages under on-station operation risks. One the largest payments in the history if Russian insurance industry was the loss of SV Coupon owned by the Central Bank of Russia with recovery amount exceeding USD 80 mln in 1998 and in 2009 Ingosstrakh Insurance Company paid as much as RUB 1,071 bln to FSUE Space Communication. The payment was made in connection with partial destruction of space vehicle Express-AM2 due to abnormal operation of the solar battery rotator. In 2006 the insurance company paid over USD 1,5 mln because of malfunction of maneuvering engine at SV Express-А1Р. In 2000 году Ingosstrakh compensated the damage in the amount of USD 12,5 mln in connection with the loss of SV Express-А1" caused by the carrier rocket Proton.

According to Anton Almazov, Head of Department of Aerospace Risk Insurance, Ingosstrakh Insurance Company, insuring orbital group of space vehicles is one the most complicated and risky types of space risk insurance. The company employs experts with necessary experience and qualifications to perform transactions in space insurance and settle similar damages.