A satellite usually has an asset value in the range of US$ 200–400m and a service life of 15 years in orbit. The insurance covers this value, i.e. the cost of acquisition, launch, financing and insurance. The limit of indemnity for an individual satellite, and thus the indemnity payable in the event of loss, decreases over a satellite’s lifetime, in line with its depreciation in value. The insurance, which is referred to as end-of-life cover, commences with a satellite’s launch and terminates at the end of its scheduled service life, or after 15 years at most. What is new, besides the cover period of up to 15 years, is that during the term of insurance no adjustment is made to the conditions of insurance, even if the satellite’s technical condition has changed. New end-of-life cover gives clients planning security with regard to their insurance costs and scope of cover for the satellite’s entire useful life. Most satellites are funded by long-term debt. The availability of insurance cover plays a decisive role in whether a satellite project can be financed and at what cost. (Munich Re). Up to now, standard covers have comprised launch insurance, which commences with a satellite’s launching and has a term of up to one year, followed by in-orbit insurance, which as a rule is renewed annually. Prior to renewal, the satellite’s technical condition is verified and any adjustments to the scope of cover and/or price are made.