OREANDA-NEWS. Ingosstrakh Insurance Company adjusted the damage claim under the loss-of-revenue insurance policy for operation of Express-MD1 spacecraft, with the insurance settlement of RUR 90.9 m received by GeoTelecommunications LLC.

The spacecraft was designed to provide digital TV and radio service, telephony, data communication, multimedia services, mobile communications within Russia and Central Asia.

On July 4, 2013 the spacecraft Express-MD1 switched to non-oriented mode following complete loss of information exchange between the on-board digital computing system and the flywheel engine complex. As a result all transponder were disconnected and relaying of signals via the satellite was stopped. Disconnection of transponders led to failure in communications operator work GeoTelecommunications LLC. The company failed to fulfill its contractual obligations in full and incurred loss-of-profit losses at RUR 90.9 m.

After a thorough investigation of all the circumstances Ingosstrakh Insurance Company recognized the event to be insured against and compensated its customer for the losses pursuant to the current insurance contract.

It should be reminded that previously Ingosstrakh Insurance Company has already paid out to the Russian Satellite Communications Company RUR 857 m due to full loss of Express-MD1 spacecraft.

Ingosstrakh Insurance Company holds leading positions in space insurance sector, acting as a traditional insurer of space risks for several decades. The company has been providing insurance protection to the Russian Satellite Communications Company since 1999. Ingosstrakh Insurance Company has a wide experience not only in insurance but also in settlement of losses under spacecraft startup and orbit operation risks, with settlement for loss of Kupon spacecraft being one of the largest in the history of Russian insurance, when Ingosstrakh Insurance Company paid to the owner, the Central Bank of the Russian Federation a compensation of over USD 80 m.

GoeTelecommunications LLC is one of the leading players on satellite communications market in Russia former Soviet countries. The company offers a wide range of communications services, including provision of digital communication channels, in particular those for on-air broadcasting, for organization of TV and radio program broadcasting in the territory of Russia and the countries within the operating area of utilized communications satellites, and satellite internet data exchange, TV channel 24-hour broadcasting services, and TV content aggregation etc.

Communication services are based on ABS-1 (ABS-2), Express-АМ33, Express-АМ3, Express-АМ-22, AMOS-4 satellites. The teleport technical capacity makes it possible to provide a wide choice of the ways of signal delivery and other services that simplifies the search of the optimal solutions for the broadcasters and users of main communication channels and broadband Internet access.