Was the Space Shuttle insured?

[JEDI]

If so, how much is NASA getting? And how much were the premiums?

 

[DivideBYZero]

Originally posted by: XFILE
If so, how much is NASA getting? And how much were the premiums?

STFU. :disgust:

 

[TheGameIs21]

Originally posted by: DivideBYZero

Originally posted by: XFILE
If so, how much is NASA getting? And how much were the premiums?

STFU. :disgust:

Before you get all pi$$y about his post.... I think it's an honest question. I also wonder the same thing. Not because I don't think it was worth it but because I wonder if an insurance company would insure a device that is strapped to such an explosive engine for take off. If they would insure it.... How much would the premiums be on a device that cost so much to make...

 

[Justin218]

I believe it was... not entirely sure though :/

 

[FoBoT]

things like that are normally self insured

since the government owns it, i am sure that it is self insured, which means all the taxpayers are covering it

so to speak

really large corporations/govts. normally self insure, its cheaper than paying a middle man

 

[0roo0roo]

 

[cliftonite]

Originally posted by: FoBoT
things like that are normally self insured

since the government owns it, i am sure that it is self insured, which means all the taxpayers are covering it

so to speak

really large corporations/govts. normally self insure, its cheaper than paying a middle man

How does that work?

 

[everman]

Originally posted by: cliftonite

Originally posted by: FoBoT
things like that are normally self insured

since the government owns it, i am sure that it is self insured, which means all the taxpayers are covering it

so to speak

really large corporations/govts. normally self insure, its cheaper than paying a middle man

How does that work?

er if you're insuring yourself, that means the compensation money is comming from the owner of the thing that was insured?...

 

[katka]

since the government owns it, i am sure that it is self insured, which means all the taxpayers are covering it

I think that this is correct.

 

[FoBoT]

yeah, it means you are rich enough to just cover the loss yourself

instead of paying somebody premiums, you just keep the money

since most stuff that is insured never breaks/gets stolen/is lost, etc, large corps/govts just cover the few losses they have and come out ahead by not paying somebody else insurance premiums

they in effect, are thier own insurance company

all of the computers at the company i work for are self insured (about 70,000 PC's), if some get damaged/stolen, the office just calls our hardware depot and they ship them new ones, the company pays for the loss. but it is cheaper to cover them ourselves than to have somebody else be the middle man and make a profit on the deal

 

[Shaka]

it sounds like self-insurance is not actually insurance... but rather just eating the loss. but i'm probably just confused about the term "insurance" since it usually means something involving a 3rd party.

 

[mee987]

why would the shuttle be insured at all? its not like they had to get it insured so they could get plates on the thing.

 

[mee987]

Originally posted by: Shaka
it sounds like self-insurance is not actually insurance... but rather just eating the loss. but i'm probably just confused about the term "insurance" since it usually means something involving a 3rd party.

if you are self insured you do eat the loss, but over time that can be cheaper than paying premiums. you have to have plenty of money to back it up though... i dont know how much, but its not like i could just declare myself self insured right now and the govt would be cool with that.

 

[FoBoT]

yes, that is the point, it costs more to pay a 3rd party to cover the loss than doing it yourself, if you have the $ to do it

maybe i am not explaining it clearly

lets go googlling

link

Self-insurance
A form of risk financing through which a firm assumes all or a part of its own losses. Self insurers may purchase insurance to cover excess losses.

found a page that says

7. like flood insurance, the government would provide insurance for the shuttles. They do that now anyway.

ok, here is a page from an actual govt/Congressional committee

In our Report of September 6, 2000 we stated:

''It now appears, however, that two central parameters of the original program cannot be met: (1) Industry cannot fund the planned RLV without considerable (probably several types of) Government support (loan guarantees, anchor tenancy, indemnification and/or insurance, possibly direct funding, etc.);

 

[OFFascist]

The spacehab, which was the module that they had in the cargo bay which I believe was owned by whatever company made it, was insured.

link