[SatNews] Providing simple-to-obtain insurance options will give these companies peace of mind and the ability to weather any satellite launch failure.”
Terran Orbital announced a new launch and satellite replacement insurance service for customers of Terran Orbital’s launch services and satellite. The risk management and mitigation service provides insurance on major U.S. and international launch vehicles.
Terran Orbital, the industry leader in turnkey nanosatellite systems and solutions, has partnered with Aon Risk Solutions’ International Space Brokers, the world’s only insurance broker dedicated exclusively to the space industry. The partnership will provide customers in the growing, small-satellite community with insurance solutions with minimal paperwork at an affordable price.
Small satellites, ranging from the small one kilogram CubeSats to small satellites in the tens of kilograms, can take advantage of the insurance which can cover the costs for a replacement launch opportunity and include the replacement costs of the satellites themselves.
Navigating the insurance world in the past had been difficult for small satellite developers due to daunting amounts of paperwork and single policies that could often be cost-prohibitive. “We are pleased to respond to the needs of these companies by reducing the risk in their business models,” said Terran Orbital’s CEO Anthony Previte. “The launch campaign is typically a large portion of any small satellite budget. Providing simple-to-obtain insurance options will give these companies peace of mind and the ability to weather any satellite launch failure.”
“We are committed to empowering the growth of the small satellite community by fulfilling its need for financial security through simple access to the space insurance market,” added Michael J. Vinter, Executive Vice President, Aon Risk Solutions’ International Space Brokers.
Terran Orbital’s principals have managed 18 launch campaigns with 121 satellites to date and have an unmatched understanding of small satellite customers’ unique needs.