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.
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