A satellite is a very valuable asset. It is made to order, extremely fragile and a complex piece of engineering. It must endure the stresses of the launch and then must operate in an alien environment and cannot be fixed if something goes wrong. Therefore, obtaining specialist insurance cover from an insurer that has a deep understanding of the industry is essential for any commercial smallsat operator who is aiming to bring revenue in from its small satellites.
In a nutshell, there are two principal types of satellite insurance. The first is pre-launch and launch, which covers loss, damage or failure before, during or in the first year if the satellite’s operations – the most critical phases of the satellite’s life. If something does go wrong, it would be most likely to occur during these phases. During post-in-orbit testing, the chances of the satellite failing tend to fall significantly.
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