February 5th, Morning
Space insurance is the third largest program cost, after the satellite and launch services. Over the next five years, all major launch vehicles will be retired or replaced, and numerous new vehicles will come online. With the explosion of the SmallSat market and entrance of numerous newer, less proven launch providers, the complexity of variables is larger than ever before. What is covered in your space insurance, and how much do uncovered categories (i.e. nuclear terrorism) matter? For your category of satellite, of the approximate 40 space insurance companies worldwide, what is most important for you to consider in choosing a provider? Considerations like satellite lifespan, chosen launch provider, post-separation variables, and others will be discussed in detail. How to lower your cost and maximize your coverage by fully understanding underwriting criteria is of utmost importance. While rates are decreasing across the market, risk is increasing. What is the reasoning for this, and what factors will affect the market moving forward?