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. 

(MT)


Read more