The Preliminary Stage in the Conclusion of Satellite Insurance Contract

(comparative Analytical Study)

Abstract

The satellite insurance contract is one of the most costly contracts due to the large financial obligations it bears on its two parties. This fact made the preliminary stage for concluding the satellite insurance contract to occupy a prominent and significant stage of the conclusion of this contract due to the identification of insurance details, premiums and conditions related to the risk and the type of insurance, which enables the two parties to the contract to proceed with the implementation of their obligations with understanding and knowledge.

What makes this preliminary stage important is that the parties to the contract deliberately study cases and conditions extensively, relying on data related to the satellite and its launch. From a technical point of view, there are a number of matters that must be discussed and agreed upon between the insurance company and the owner of the satellite, and these matters are related to the satellite manufacturer, the type of satellite, the launch date, the technical specifications of the satellite, the launch company, and the technical and financial ability of the satellite owner.

The preliminary negotiations in this contract have a major role in interpreting the terms and provisions of the contract when there are ambiguous or disagree about their content, as they facilitate the identification of the real intentions of the two parties, and therefore the judge uses them for identifying the real intention of the parties to the contract.