Support The Moscow Times!

Lost Satellites Poorly Insured

Three Glonass satellites lost in a failed launch earlier this month were insured for $3.5 million, or about 5 percent of their cost, Vedomosti reported Tuesday.

The insurer, Sputnik, reinsured the satellites for $3.3 million with another company, said the head of the Federal Service for Insurance Industry Supervision, Alexander Koval.

But the value of the lost equipment is estimated at $80 million to $100 million, with equivalent sums paid in similar cases in the past, the report said.

A new Glonass launch, scheduled for Dec. 28, has been postponed until next year, RIA-Novosti said Tuesday. 


Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.