Arbitrage Court settles RSCC, Rosgosstrakh dispute

08 Aug 2006

The 9th Arbitrage Court of Appeal has ruled on a dispute between Rosgosstrakh Public Corp. and the Russian Satellite Communications Co. (RSCC) concerning insurance compensation payment in relation to the fine-adjustment engine failure of the Express-A1P satellite.

The Arbitrage of Moscow passed on June 6 a "judgment by consent" on collecting from Rosgosstrakh the insurance compensation calculated according to the insurance policy terms for the Total Spacecraft Failure. In doing so, the spacecraft and all revenues obtained from it after the insured accident would be delivered by the insured to the insurer.

According to the agreement, Rosgosstrakh should pay 697,881,600 rubles ($26.17 million). RSCC will keep the Express-A1P satellite and all revenues generated after the insured accident to cover the other damages.

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