Smallsat Insurance 101

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.

Source: XL Insurance

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.
Continue reading “Smallsat Insurance 101”

Join our launch campaign survey!

We have created a short survey that will allow us to validate the ideas we have for the next Precious Payload features. We invite everyone who has experience of launching their payload to space or is planning to do it in the next three years to participate and share their experience.  The questions are designed for satellite operators (commercial, governmental, university-based), manufacturers, launch aggregators, and launch service providers. The questionnaire will be available for the next two weeks.

Let us learn from your experience!

[typeform_embed type=”embed” url=”https://preciouspayload.typeform.com/to/Wvv5l7?utm_source=pp_blog&utm_medium=survey&utm_campaign=launch_survey”]

Commercial space meetup in Dubai

We already have a full video from the meetup organized by our CEO Andrey Maksimov and hosted at AstroLabs. Andrey has prepared a lecture about the prospects of space industry and the UAE space program for Dubai IT community and shared his experience of creating a business in space tech.

Time for SmallSat insurance market to change

In the overview of this year’s Small Satellite Conference, Jeff Foust showed how the demand for SmallSat insurance was growing due to the contraction in the GEO market. Even the big satellite operators like Planet and Spire, who were pulling back from insurance earlier, have shown their interest on a launch-by-launch basis. In response to this market need, we have created an online insurance service. Our colleague from AON, Mike Vinter, has explained why insuring a SmallSat won’t be a pain of the launch campaign, due to these new algorithms developed collaboratively.

This article originally appeared in the Aug. 27, 2018 issue of SpaceNews magazine and on the SpaceNews website on October 4, 2018. The full version is available here.

space_insurance
Photo credit: https://spacenews.com

“GEO satellite orders are down quite a bit, so we’re looking to get some additional premium income for the space insurance industry,” said Mike Vinter, executive vice president with AON Risk Solutions. Continue reading “Time for SmallSat insurance market to change”