Ironshore's space insurance

It is one thing for a company to say it will offer out-of-this-world coverage but another to actually deliver it.

Ironshore means it though — literally.

The company announced on Wednesday it has struck a deal with the Starr Group to provide commercial satellite risk.

The global space programme insurance scheme provides coverage for satellite launches and in-orbit satellites through Starr Space.

Satellites

Ironshore Aviation will assume 10 per cent of the global facility underwritten on a quota share basis with other leading ­insurance carriers.

Launch insurance for commercial satellites is underwritten in the event of an unsuccessful launch of the spacecraft on a per launch basis up to a predetermined insured value that can exceed $200 million per insured.  

The Starr facility insures up to $30 million on a single launch and $35 million on a dual satellite launch with Ironshore providing 10 per cent of the coverage.

Risk

In-orbit insurance protects against operational risk throughout the design life of the satellite, with annual policies that can extend to 12 years, of which seven years is the typical insurance coverage ­period.

Gerald Frick, who heads Ironshore Aviation, said: “Space insurance coverage is a highly specialised field, requiring disciplined technical underwriting expertise.

“Satellite owners recognise the launch and in-orbit operations are subject to catastrophic losses and seek insurance protection to maximise the operational life of the spacecraft.”