Ironshore’s Aviation Division has teamed with the Starr Group, an insurance and risk solutions provider, to offer commercial satellite risk protection.
Through a Treaty Reinsurance program, Starr will underwrite satellite launch and in-orbit insurance, which protects against operational risk and includes up to 12-year annual policies. Starr will insure up to $30 million on a single launch or $35 million on a dual launch, and Ironshore will shoulder 10% of the coverage.
The protection includes only satellite replacement with performance deductibles written into the policy to determine spacecraft value and launch rates. Ironshore said the cost of a failed launch is determined and the insurance is written a year ahead to the launch, and the value of a failed launch can exceed $200 million.
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