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UrtheCast Obtains Comprehensive Insurance Coverage

 

Nov. 20, 2013

UrtheCast Corp. has successfully obtained a comprehensive insurance policy from a leading space insurance broker for the launch, installation, commissioning, and business interruption of its two cameras aboard the International Space Station (ISS).

The insurance coverage provides risk indemnity in the event that the rocket fails to achieve orbit, or in the event that the space walk results in damaged or lost cameras. This coverage also includes full protection if camera performance metrics are not achieved post installation. Insuring the first repairable and maintainable camera system in space presented a unique opportunity for UrtheCast's brokers and the group of underwriters. Overall, the insurance coverage provided a few firsts for the insurance industry, including ISS failure coverage and coverage for the suitability of the Bi-axial Pointing Platform (BPP).

The coverage taken out by UrtheCast, approximately $35 million in case of a total loss of the cameras, will allow the Company to continue on its business plan. Under this scenario, UrtheCast would immediately initiate the construction of its second-generation cameras to be mounted on the ISS. These cameras would leverage the knowledge gained by our engineering staff during the construction of the first-generation cameras, allowing us to efficiently replace the cameras.

The cost of the insurance, based on industry benchmarking, is within the typical satellite industry rates for total loss failure, not only as a result of the rocket launch but also if the cameras fail to provide imaging. This cost is a competitive rate based on the benchmarking done for similar coverage for a typical launch into orbit and continuing business interruption coverage.

"Obtaining this insurance at typical industry rates shows the confidence in our engineering by the space industry underwriting community," stated UrtheCast's co-founder, President, and Chief Operating Officer, Wade Larson. "The placement of this insurance provides significant risk mitigation for our shareholders' investment. In the small chance that it will be required, we will return to the construction of our next-generation cameras and ensure that they are, again, space-ready."