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Azerbaijan insures â€œAzerspace-1â€ satellite in UKâ€™s company

09 August 2012 10:31 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA. An agreement was signed with UKâ€™s â€œMarshâ€ insurance broker for the insurance of Azerbaijanâ€™s first telecommunication satellite â€œAzerspace-1â€ for placing the satellite to orbit and its one-year use in the orbit, press service of the â€œAzercosmosâ€ OJSC told APA.

According to information, it was achieved to obtain the lowest and advantageous tariff that was recorded in space insurance market from 1999 up to now. Its main reason is the choosing of successful and satellite and launch by the Ministry of Communications and IT as a result of long-term research and negotiations and cooperation with US â€œOrbital Sciencesâ€ and Franceâ€™s â€œArianespaceâ€ for production of satellite and missile carrier due to placing of Azerbaijanâ€™s first telecommunication satellite to the orbit. The several factors as constant participation of â€œAzercosmosâ€ OJSCâ€™s specialists on human resources and technical spheres in refresher courses and trainings abroad, including purposeful and effective use of experience of foreign countries had a positive effect on obtaining an advantageous insurance. The detailed researches were carried out on international space insurance services and preference was given to the companies highly rated by Standard&Poor.

According to agreement on launching â€œAzerspace-1â€ telecommunication satellite and its one-year use in the orbit, in case of any accidents, Azercosmos OJSC will have a chance to continue the â€œAzerspace-1â€ project on account of insurance expenses.

â€œAzerspace-1â€ telecommunication satellite will be launched late 2012-early 2013 from Kuru space port in the French Guiana in South America.