Satellite Insurance
May 17, 2018
Ian Westwood
May 17, 2018
Ian Westwood
Satellite insurance is a specialized aircraft safety industry with a total of 30 insurance companies providing services.
The insurance mainly covers the costs that may arise as a result of the following risks:
1) restart of the satellite in case of failure of the first launch;
2) replacement of the satellite in case of damage;
3) deviation of the satellite from the given trajectory;
4) failure of the satellite into orbit;
5) civil liability insurance to third parties.
The first company to insure the satellite was Lloyd's of London. In 1965, it insured the Intelsat Early Bird I satellite. In 1968, it insured the risks arising “before” and “during” the launch for the Intelsat III satellite.