EchoStar Communications Corp. reported in a March 9 Form 8-K filed with the Securities and Exchange Commission that it settled an insurance claim related to the failure of EchoStar 4 for an aggregate amount of $240 million. The company said in the filing that the satellite insurance consists of separate, substantially identical policies with several carriers for varying amounts that, in combination, created a total insured amount of about $219 million. All of the carriers contested the loss claim. On March 4, EchoStar agreed to settle its claim and its related claims for accrued interest and bad faith with all carriers, which agreed to pay their proportionate share of an aggregate amount of $240 million. EchoStar noted in the filing that it retains the title to and use of the EchoStar 4 satellite. The company reported that as of the filing date, it received signed agreements from insurers to pay the claim, covering 83 percent of the aggregate amount.
EchoStar Settles Insurance Claim
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