Insurer To Offer Space Insurance Program
Bermuda based insurer Ironshore will now be insuring spacecrafts. Ironshore’s aviation division has entered into a treaty reinsurance program with the Starr Group to provide protection against commercial satellite risk.
Gerald Frick who heads Ironshore aviation said:
Space insurance coverage is a highly specialized field, requiring disciplined technical underwriting expertise. Satellite owners recognize that the launch and in-orbit operations are subject to catastrophic losses, and seek insurance protection to maximise the operational life of the spacecraft.
The global space insurance program provides coverage for satellite launch insurance and in-orbit insurance, underwritten through Starr Space. Ironshore aviation will assume 10% of the global facility underwritten on a quota share basis with other insurance carriers.
Launch insurance for commercial satellites is underwritten on a per launch basis. In the event of the unsuccessful launch of the spacecraft on the predetermined insured value that can exceed $200m per insured. The Starr facility insures up to $30m on a single launch and $35m on a dual satellite launch with Ironshore providing 10% of the coverage.
This is great news.
I just sent a letter to the Government and also other members of Parliament ( can’t disclose content because ‘Ironisnutshore’ refused to speak to me about my questions about “space”.
I asked, is Hamilton a “Space”….no answer
Starr refused to answer any questions…something to do with their so far away and cost of ravel etc.
Oh well…….did my best tou bring you guys up too date.
I’ll stick with GEICO…………………arryting his green…even martian dollars…..