[12-28-07 – Satellite Today] Bao Viet, Vietnam’s largest insurance provider, and the Post and Telecommunications Insurance Joint Stock Co. signed a contract to insure the VinaSat-1 satellite, according to press reports from Vietnam.
VinaSat-1, scheduled to be launched in March by Arianespace, was insured for $177 million, which will cover loss or damage to the satellite during launch and the first year of operations as well as any loss of service for the lifetime of the spacecraft, the reports said. Bao Viet will be responsible for 65 percent of the value, while Post and Telecommunications will be responsible for the remaining 35 percent.
VinaSat-1 is being manufactured by Lockheed Martin Commercial Space Systems and will carry 20 C- and Ku-band transponders to radio, television and telephone transmission services for Vietnam and the Asia-Pacific region.