- Parabolic Arc
- June 7, 2023
Companies Offer Insurance for Smallsats
Irvine, CA, July 7, 2015 (Terran Orbital PR) – 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. To learn more about Terran Orbital’s launch insurance offerings and current launch opportunities, contact [email protected].
About Terran Orbital:
Terran Orbital is a leading aerospace provider of nanosatellite and microsatellite vehicles, services, and solutions. Terran Orbital invests in leading-edge solutions for customers focused on achieving world-class space-based research, observation and communications at a fraction of the cost of traditional spacecraft developers. Through their Tyvak and Tyvak International brands, based in the U.S. and Europe, Terran Orbital partners with customers to produce advanced mission solutions with industry leading turn-times and price-points. Visit www.TerranOrbital.com for more information.
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 69,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: https://aon.mediaroom.com/
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