Effects of Satellite Insurance Contract

Abstract

The duties of the satellite owner include paying the installments or paying the agreed-upon financial payment within the specified period for its performance, providing the satellite insurance company with essential, necessary and important data and information that are of interest to the insurance company during the conclusion of the contract, and notifying the insurance company of any change that occurs in the risks during the implementation of the contract, Informing the insurance company that the insured risk has been verified. The satellite insurance company relies on this information to conclude the insurance contract for the required satellite or not.

There are obligations on the satellite insurance company, some of which begin even before concluding the contract, such as preparing the insurance application, its obligation to issue a temporary coverage note, which “represents direct coverage of the insured risk, and the obligation to issue the satellite insurance policy, which is legal evidence that the contract has been fulfilled.” It is concluded, and the insurance company is committed to the guarantee, that is, insurance protection for the insured risks to which the satellite is exposed between the conclusion of the contract and the occurrence of the insured risk, and finally the obligation to pay the insurance amount when the insured risk occurs.