American International Group (AIG) has rolled out Launch Plus 10, a new product that provides risk coverage for satellite owners and operators for the first 10-years of their satellite’s in-orbit operation.
The new product will be offered by UK underwriting team at AIG Europe, which appointed Sciemus Space as a consultant.
AIG aerospace & marine global president and CEO Joe Trotti said that most assets are insured for the launch risk plus 12 months and the policy is renewable each year.
"As the asset ages, and failure rates and losses emerge, the cost and coverage for clients can vary – adding a level of unpredictability to the operators’ business model," Trotti added.
The new offering allows clients to align insurance needs with their long term operational requirements, according to Trotti.
"In what is a complex, high-value asset business, this protection gives clients greater certainty to budget for their long term costs — knowing that the policy covers their asset over a significant portion of its expected design life."