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. Last Updated: 07/27/2016

Failed Satellite Costs Insurer $84M

Russia's second biggest insurer, OSAO Ingosstrakh, said Thursday that it had paid the biggest indemnity in its history -- 523.3 million rubles ($84.2 million) -- after the failure of a satellite.

The Central Bank launched its Coupon satellite, the first of three satellites in the Banker communication system, Nov. 12, 1997. But March 17, 1998, Coupon failed, and six days later, communication with the satellite was lost.

The failure occurred due to a breakdown of on board synchronizing equipment, Ingosstrakh said in a statement.

Ingosstrakh insured Coupon, built by the S.A. Lavochkin design bureau, against all risks connected to its transportation to the launch site, preparations for the launch and the launch itself.

The 523.3 million ruble indemnity is Ingosstrakh's biggest. It paid $56.2 million last December after the crash of an AN-124 Ruslan plane in Siberia.