Insurer of Satellites Curbs Underwriting

In the wake of three satellite losses in a week, an aerospace insurer said Tuesday that his company will no longer underwrite communications satellites until they are properly operating in orbit.

James Barrett, president of International Technology Underwriters of Washington, or INTEC, said that since February, 1984, the aerospace insurance industry has faced more than $500 million in claims with the failure or destruction of seven communications satellites.

“In no future underwriting will INTEC insure the performance of a communications satellite prior to its successful positioning and operation on orbit and delivery to the owner,” Barrett said in a statement.