OREANDA-NEWS. January 19, 2012. Ingosstrakh Insurance Company has completed the settlement of losses on the insured accident related to the total loss of the spacecraft. The insurer paid out to Russian Satellite Communications Company the amount of 7,522,920,166.30 rubles, which is the total insured sum of the space vehicle.

On August 18, 2011, the satellite launcher "Proton-M" launched the spacecraft “Express-AM4” from the Baikonur Cosmodrome; however, the spacecraft was launched to an unplanned orbit. Launching of “Express-AM4” to the unplanned orbit was a consequence of setting of wrong parameters into a flight task of "Briz-M" booster. Due to the non-possibility to transfer the “Express-AM4” spacecraft to geostationary orbit, its use for the intended purpose is impossible.

Ingosstrakh Insurance Company is the traditional insurer of space risks for several decades. And since 1999, the Company provides the insurance cover for Russian Satellite Communications Company. During the period of cooperation Ingosstrakh Insurance Company has covered the following spacecraft: SC "Horizon” No. 45, SC "Express-A1," SC "Express-A2," SC "Express-A3," SC "Express-AM1,” SC "Express-AM2," SC "Express-AM3," SC "Express-AM4,” SC "Express-AM11,” SC "Express-AM22,” SC "Express-AM33,” SC "Express-AM44,” SC  "Express-MD1."

Ingosstrakh Insurance Company has extensive experience not only in insurance, but also in the claims settlement related to the risks of exploitation of spacecraft in the space. One of the largest payouts in the history of Russian insurance was the loss of the “Coupon” spacecraft belonging to the Central Bank of the Russian Federation, with the amount of compensation of more than USD 80 million, in 1998. In 2009, Ingosstrakh Insurance Company paid to Russian Satellite Communications Company 1.071 billion rubles. The Payment was made in connection with the partial loss of the spacecraft "Express-AM2" due to abnormalities in the functioning of solar panels rotator. In 2006, the insurance company paid out more than USD 1.5 million due to failure of the correction engine of the spacecraft "Express-A1P.” In 2000, Ingosstrakh Insurance Company compensated for damage of USD 12.5 million in connection with the destruction of the SC "Express-A1" due to breakdown of the satellite launcher "Proton".

The insurance company is also an active participant of international projects in the area of space insurance. In 2010, Ingosstrakh Insurance Company paid USD 2.2 million for an unsuccessful launch of Indonesian satellite PALAPA D on the Chinese satellite launcher Long March 3B.