ABSTRACT

Space insurance is defined as a specialised niche market in which fall all insurance contracts designed for protecting against the financial consequences of events occurring between the lift-off of the satellite and its end of life. Space insurance is in principle available for all types of satellite applications: telecommunications, geo-localisation, deep space exploration, remote sensing or even military applications. Third party liability insurance protects the satellite operator as well as all other participants to the space project against the financial consequences of a damage caused to a third party. The space insurance policy provides much wider protection than the pure 'physical damage' of satellite equipments. There is a unique point in between the partial loss and the total loss called the 'constructive total loss' (CTL) point. As soon as an abnormal event is recorded as potentially leading to a claim, the insured shall immediately send a short notice, the 'Notice of Loss', to the insurers.