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On Thursday, February 22, Falcon 9 successfully launched the PAZ satellite to low-Earth orbit from Space Launch Complex 4 East (SLC-4E) at Vandenberg Air Force Base in California. The instantaneous launch opportunity happened at 6:17 a.m. PST and the PAZ satellite was deployed approximately eleven minutes after launch.
"Companies and governments spend huge sums to get things into space, but an average of about 1 in 20 launches will fail. That's why many of today's launches — especially those putting commercial satellites into orbit — are covered by space insurance policies to prevent catastrophic financial losses.
But insuring a payload on the tip of a rocket is entirely different from insuring a home, boat or car. There are only about 50 insured launches each year paying about $750 million in premiums to a handful of companies. If just a few big accidents pile up, there is a real risk of the industry ending up in the red."
Story: http://www.spacex.com/sites/spacex/files/paz_press_kit_2.21.pdf
"Companies and governments spend huge sums to get things into space, but an average of about 1 in 20 launches will fail. That's why many of today's launches — especially those putting commercial satellites into orbit — are covered by space insurance policies to prevent catastrophic financial losses.
But insuring a payload on the tip of a rocket is entirely different from insuring a home, boat or car. There are only about 50 insured launches each year paying about $750 million in premiums to a handful of companies. If just a few big accidents pile up, there is a real risk of the industry ending up in the red."
Story: http://www.spacex.com/sites/spacex/files/paz_press_kit_2.21.pdf