OREANDA-NEWS. Ingosstrakh Insurance Company paid RUB 857 m for the total loss of Express-MD1 spacecraft (SC) in July 2013.

Express-MD1 Spacecraft was insured with Ingosstrakh Insurance Company for a period of 1 year of on-orbit operation and was intended to provide services in the sphere of digital television, telephony, data transmission, multimedia, and mobile communications in Russia and Central Asia. According to the terms of the contract, the policy holder was Russian Satellite Communications Company. The insurance contract was reinsured in the international market by the leading reinsurance companies.

This incident was recognized as the insured event case and Ingosstrakh Insurance Company has satisfied its obligations pursuant to the insurance contract in full in respect of Express-MD1.

Ingosstrakh Insurance Company has a leading and time-honored position in the sector of space insurance, having been a space risk insurer for several decades. Since 1999, the company has provided insurance protection for Russian Satellite Communications Company (FSUE). During this period, Ingosstrakh Insurance Company insured following spacecrafts: Horizon No. 45, Express-A1, Express-A2, Express-A3, Express-AM1, Express-AM2, Express-AM3, Express-AM4, Express-AM11, Express-AM22, Express-AM33, Express-AM44, Express-MD1, Express-MD2, Express-AM5, and Express-AM6.

Ingosstrakh Insurance Company has extensive experience not only in the insurance, but also in the settlement of losses on the risks involved in spacecraft launch and in-orbit operations. One of the biggest insurance settlement payments in the history of the Russian insurance was for the loss of Coupon spacecraft owned by the Central Bank of the Russian Federation, in the amount of more than USD 80 m, in 1998.

In 2009, Ingosstrakh Insurance Company paid Russian Satellite Communications Company (FSUE) RUB 1.071 b. The settlement was effected due to the partial loss of Express-AM2 spacecraft caused by abnormal work of the pivot mechanism of the solar panels. In 2006, the insurance company paid over USD 1.5 m due to the failure of orbital maneuvering engine of Express-A1P spacecraft. In 2000 Ingosstrakh Insurance Company paid compensation in the amount of USD 12.5 m due to the total loss of the Express-A1 caused by the accident with Proton carrier rocket.

Express-AM4 spacecraft, insured by Ingosstrakh Insurance Company, was lost at the end of August 2011 as a result of its launching into an unplanned orbit. As it has already been stated here, the insurance company has satisfied its obligations related to the insured event. The insurance payment in respect of Express-AM4 satellite was RUB 7.5 bn. It is the largest payout in the history of the Russian insurance. The risks for the launch had been reinsured by the leading Russian and foreign companies.

Ingosstrakh Insurance Company also paid RUB 1,177,149,000 in December 2012 for the total loss of Express-MD2 Spacecraft (SC), which did not come out into the desired orbit after the launch in August 2012. The contingency event was caused by malfunctioning of Briz-M booster.

Russian Satellite Communications Company (FSUE) was established in 1967. RSCC is a Russian national satellite communications operator. It's spacecraft's have global coverage.

The company is in the top ten of the largest world satellite operators. RSCC has the largest Russian orbit group of 11 geostationary satellites operating in C-, Ku-and L-bands. The coverage area of RSCC spacecrafts includes the whole territory of Russia, CIS countries, Europe, Middle East, Africa, Asia-Pacific, North and South America and Australia. RSCC provides telecommunications services to customers in 35 countries.