Pegasus insurance not covered the entire project

The Ecuadorian State contributed with around $700.000 for the launch, insurance, logistics and certification testing of Pegasus, the first nanosatellite of Ecuador, while the Ecuadorian civilian space agency (EXA) and the private company only invested $80.000.

However, Pegasus was secured by EXA for a value of $200.000, that was cancelled to the Agency two weeks ago, thus confirms Esteban Vela, commercial Manager of Seguros Equinoccial, who added that the sum insured always remains under the authority of the client.

“The costs include the satellite and its put into orbit, these were insured by   EXA. They estimated and defined the amount to insure, justifying that this is what has been spent or will be  spent,”says Vela, and explains that EXA, through a local insurance broker (Tecniseguros), contacted Seguros Equinoccial.

He points out that on the same policy and for the same amount was insured Krysaor, twin of Pegasus and second nanosatellite which would be launched in 69 days.