03b Insurance Claim

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Chirpy O3b CEO Steve Collar was reported today declaring that all 8 of its satellites are “fully operational”. However, word reaches us from Lloyds of London that it is likely that the first four satellites, which were reported last year to have experienced an in-orbit failure, will be the subject of a total loss insurance claim.

This means that insurers are being asked to pay out the full value of the insurance policy on those satellites. So, which is it? Are they fully operational or fully crocked? As a privately-owned company based in a shadowy offshore tax haven, O3b is not under the same kind of obligations to report fully and truthfully that their publicly quoted and established rivals like Inmarsat and EUTELSAT are, so one should not perhaps expect too much clarity. But we await an announcement about insurance which can’t be too far away.

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