OneWeb signs $1bn insurance for remaining LEO satellite constellation

OneWeb signs $1bn insurance for remaining LEO satellite constellationThe contract is with the New York-based insurance broker and risk advisor Marsh, which has arranged a multi-launch insurance programme.

This will cover physical loss or damage to the remaining OneWeb GEN 1 satellites and launch vehicles, and involve a global panel of specialist insurers.

The insurance programme will underpin the next stage in the development of OneWeb’s global communications capabilities, says the company. For example, OneWeb is due to imminently launch another 34 satellites for its constellation, from Baikonur in Kazakhstan.

“OneWeb is embarking on its next phase of growth as it looks to complete its constellation and deliver commercial service by the end of the year, and this agreement provides an added layer of security as our company moves quickly toward realising this goal,” said Steven Fay, OneWeb’s Deputy Chief Financial Officer.

The announcement follows the completion of OneWeb’s ‘Five to 50’ launch programme, which has delivered the satellites the company required to bring OneWeb services to Canada, the UK, and Northern Europe later this year.

OneWeb highlights it has already secured all funding necessary to take its LEO satellite constellation into commercial service later this year, recently announcing additional funding from Bharti Global as well as Hanwha.

The company’s aim is to “deliver broadband connectivity worldwide to bridge the global Digital Divide by offering everyone, everywhere access including to the Internet of Things (IoT) future and a pathway to 5G”.

See also: OneWeb to start service this year

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