An insurance package costing US$20 million will be taken on Vietnam's second satellite, scheduled for launching next year, the Tuoi Tre newspaper reported Monday.
A joint-venture between the Post & Telecommunication Joint Stock Insurance Corp (PTI) and Bao Viet Holdings will be the satellite's insurers, the report said, adding that the companies signed an agreement to this effect on Saturday with the investor, Vietnam Posts and Telecommunication Group.
US-owned Marsh & McLennan Companies, Inc., meanwhile, will serve as the reinsurer for the joint-venture, the report said.
With a total investment of $280-300 million, VINASAT-2 is produced by US aerospace company Lockheed Martin Commercial. It will have a life span of 15 years and cover Southeast Asia as well as the surrounding areas.
Vietnam's first satellite, VINASAT-1, also manufactured by Lockheed Martin, was launched in April 2008 to improve telecommunication services, internet connection and TV reception in the country's most remote areas.
The $200 million satellite's footprint extends over Southeast and East Asia, India and Hawaii.
It was insured for a total of $265.3 million, also by Bao Viet and PTI.