Any manmade body, including spacecraft, launched by rocket into space and put into orbit around the earth. The use of satellites for communications has been greatly extended and the aviation insurance industry has developed a range of policies to meet the risks. See SATELLITE/SPACE INSURANCE.
Insurance Encyclopedia
Satellite Astronaut/Cosmonaut Personal Accident Insurance
Provides cover for expenses from an accident with a lump sum payment, a daily or monthly amount or a payment for loss of life from an accident.
Satellite consequential loss insurance
Consequential loss cover following physical loss or damage to a satellite. Media and telecoms companies rely upon satellite transmission on a daily basis and service interruptions are costly. Cover can be effected at any time during the lifespan of the satellite.
Satellite Facultative Space Reinsurance
This product is provided for underwriters for all types of individual space risks they wish to reinsure.
Satellite In-Orbit Insurance
Coverage for loss, damage or failure of the satellite during the “in-orbit phase.”
Satellite Launch and In-Orbit Insurance
Provides coverage for loss, damage or failure of the satellite during the launch, in-orbit testing and in-orbit operation.
Satellite Launch Risk Guarantee
This product is for launch vehicle service providers. It provides coverage to the launch vehicle service provider for underperformance of the launch vehicle.
Satellite Launch Vehicle Flight Only Insurance
This product is available to the title holder of the satellite during the launch phase. It provides cover against the underperformance of the launch vehicle, up until separation of the satellite
Satellite Loss of Revenue Insurance
Coverage can be provided to cover the amount of revenue that an operator or owner may lose should the satellite not perform the manufacturer’s specification.
Satellite Post Separation Insurance
Coverage against loss, damage or failure of the satellite after the satellite has separated from the launch vehicle. This product is designed so that there is no gap in coverage with any policy that has provided coverage of the “launch phase.”