Ironshore, Starr Offer Satellite Launch Coverage
The commercial satellite risk protection covers satellite replacement, and protects against operational risk.
Virtual Water Cooler, July 26, 2010
Ironshore’s Aviation Division has teamed with the Starr Group, an insurance and risk solutions provider, to offer commercial satellite risk protection.
Through a Treaty Reinsurance program, Starr will underwrite satellite launch and in-orbit insurance, which protects against operational risk and includes up to 12-year annual policies. Starr will insure up to $30 million on a single launch or $35 million on a dual launch, and Ironshore will shoulder 10% of the coverage.
The protection includes only satellite replacement with performance deductibles written into the policy to determine spacecraft value and launch rates. Ironshore said the cost of a failed launch is determined and the insurance is written a year ahead to the launch, and the value of a failed launch can exceed $200 million.
