RSCC to receive insurance compensation for loss of Express MD1 small satellite

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The satellite was insured with OJSIC Ingosstrakh and reinsured in the international insurance market.

Ingosstrakh has paid out P857 million following the total loss of Express MD1 in July 2013.

Express MD1 was insured with OJSIC Ingosstrakh for a one-year period of in-orbit operations. The policy holder under the insurance contract was RSCC.  The contract was reinsured in the international market by leading reinsurance companies.

The occurrence was recognized as insured event, and OJSIC Ingosstrakh fully complied with its obligations regarding Express MD1 under the insurance contract.