Exhibit 10.41

CONFIDENTIAL TREATMENT OF CERTAIN DESIGNATED PORTIONS OF THIS EXHIBIT HAS BEEN REQUESTED BY ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED. SUCH CONFIDENTIAL PORTIONS HAVE BEEN OMITTED, AS INDICATED BY A [*] IN THE TEXT, AND SUBMITTED TO THE COMMISSION.

Confirmation Advice

SATELLITE LAUNCH AND IN-ORBIT INSURANCE POLICY

This is to certify that the policy described herein has been issued to the Named Insured or agreed between the Named Insured and the Insurer for the Policy Period indicated. Notwithstanding any requirement, term or condition of any contract or other document with respect to which the advice may be issued or may pertain, the insurance afforded by the policy described herein is subject to all terms, conditions and exclusions of the Policy.

Named Insured:

ICO Satellite Services G.P.

Named Insured’s Address:

2300 Carillion Point

Kirkland WA 98033

Loss Payee:

A Partial Loss and/or Total Loss shall be adjusted with and payable to the Named Insured or to any other loss payee (“Loss Payee”) as notified in writing by the Named Insured to the Insurers.

Type of Insurance:

Launch and In-Orbit Insurance

Amount of Insurance:

The total amount of insurance under this Policy shall be [*].

Premium:

(a)           The premium is [*] (the “Premium”) and is due from and payable by the Named Insured to the Insurers in accordance with the following installments:

(i)            as a deposit, five percent (5%) of the Premium is due and payable by the earlier of thirty (30) days after inception of the Policy Period or thirty (30) days prior to the scheduled launch date; and

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(ii)           the balance of the Premium (the “Balance Premium”) is due and payable no later than thirty (30) days prior to the scheduled launch date. The Named Insured will advise the Insurers of the scheduled launch date no later than forty five (45) days prior to the scheduled launch date.

(b)           The Premium will be fully earned at Attachment of Risk.

(c)           If Launch has not and will not occur within the Policy Period, the Insurers agree to return to the Named Insured any portion of the Premium the Insurers have received, without interest, within thirty (30) days of their receipt of notification from the Named Insured that the Launch has not and will not occur within the Policy Period.

(d)           In the event Launch is delayed for more than one hundred twenty (120) days after the date of the payment of the Balance Premium, then, at the Named Insured’s request, the Insurers will return to the Named Insured within thirty (30) days of their receipt of the Named Insured’s request, the Balance Premium they have received without interest. The Balance Premium shall again be due and payable thirty (30) days before the rescheduled launch date, if such rescheduled launch date is within the Policy Period. The Named Insured will provide the Insurers with the rescheduled launch date no later than forty five (45) days prior to the rescheduled launch date.

Interest:

To pay the Named Insured the Amount of Insurance in the event of a Total. In the event of a Partial Loss, to pay the Named Insured by paying the Partial Loss Amount, as more fully set forth in the wording.

Policy Term:

The Policy Period is from February 14, 2008 to February 14, 2009, both dates at 12:01 AM local time at the Named Insured’s Address.

Policy Form:

Manuscript Policy Form dated February 14, 2008

Coverage Overview:

The policy provides coverage for a reduction of performance while operating in the Insured Operating Configuration aggregated over the Mission Life. The policy contains details of a specific method of Space Segment performance measurement (the Space Segment Performance Factor or SSPF), based on the comparison of the measured performance of [*] that form the Insured Operating Configuration against a pre-agreed scale of indemnities.  The policy also provides the opportunity for ICO to submit a claim

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under an alternative basis in the event that it is proved that the defined basis of evaluating SSPF cannot be applied to a particular loss scenario

Territory:

Anywhere

Taxes Payable by the Insured:

None

Endorsements:

The following endorsements will be attached to the policy:

·      Loss payments not affected by the Guarantee Amount

·      Loss payments not affected by the Guarantee Amount and the Loss payments are different during pre-separation phase and the post-separation phase

·      Loss payments not affected by the Guarantee Amount and a [*]

·      [*]

·      Coverage not provided for [*] is declared in lieu of a Total Loss

·      Coverage not provided for [*] and loss payments not affected by the Guarantee Amount and the Loss payments are different during pre-separation phase and the post-separation phase

·      DIC only coverage provided during the pre-separation phase and full coverage during the post-separation phase

·      Launch only coverage

·      Coverage not provided for the [*]

Cancellation:

This Policy may be cancelled only by mutual agreement between the Named Insured and the Insurers or unilaterally by the Insurers for non-payment of Premium when due.

In the event of cancellation by mutual agreement between the Named Insured and the Insurers, the Insurers shall return unearned Premium to the Named Insured within thirty (30) days of the effective date of such cancellation, if such cancellation contemplates a return of Premium by the Insurers.

In the event of cancellation due to non-payment of Premium, the Insurers must provide written notice of cancellation to the Named Insured at least fifteen (15) days prior to the effective date of such cancellation. For the purposes of this Condition 4, the fifteen (15) day period shall begin upon receipt of such notice by the Named Insured. Payment of the due Premium within such notice period shall void such notice of cancellation for non-payment of premium

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Insurers:

Claim Payment:

Payment for a Partial Loss or Total Loss (“Claim Payment(s)”) shall be made within [*] days of either the:

(i)            Insurers agreement to the Claim and the Named Insured’s and, if applicable,  the Insurer’s execution of a release agreement in a form to be agreed by the Named Insured and the Insurers in respect of such Claim in accordance with Condition 16 (b) (iv); or

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(ii)           issuance of an arbitration award in favor of the Named Insured with respect to a Partial Loss or Total Loss for which a Claim has been submitted.

Issued By:

Robert C. Schenone, Managing Director, Marsh USA, Inc., New York

Issue Date:

February 14, 2008

This advice is issued as a matter of information only. This advice does not amend, extend or alter the coverage afforded by the policies described herein.

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FORM OF

SATELLITE LAUNCH AND

IN-ORBIT INSURANCE POLICY

DECLARATIONS

1.             NAMED INSURED:

ICO Satellite Services G.P. (the “Named Insured”)

2.             NAMED INSURED’S ADDRESS:

11700 Plaza America Drive

Suite 1010

Reston, Va.  20190 U.S.A.

3.             LOSS PAYEE:

A Partial Loss and/or Total Loss shall be adjusted with and payable to the Named Insured or to any other loss payee (“Loss Payee”) as notified in writing by the Named Insured to the Insurers.

4.             POLICY PERIOD:

The Policy Period is from February 14, 2008 to February 14, 2009, both dates at 12:01 AM local time at the Named Insured’s Address. If the Launch takes place during the Policy Period, the Policy Period shall continue until the earlier of Declaration 7(a), 7 (b) or 7(c) (the “Policy Period”).

5.             AMOUNT OF INSURANCE:

The total amount of insurance under this Policy shall be [*] (“Amount of Insurance”).

6.             ATTACHMENT OF RISK:

Risk of loss under this Policy shall attach at Launch, provided this occurs during the Policy Period (“Attachment of Risk”).

7.             TERMINATION OF RISK:

Risk of loss shall terminate (“Termination of Risk”) upon the occurrence of the earliest of the following:

(a)           at 12:01 A.M. local time at the Named Insured’s Address, on the date that

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(b)           is one (1) year after Launch; or when Claim Payments equal the Amount of Insurance; or

(c)           when the Space Segment is a Total Loss as agreed by the Named Insured and the Insurers.

8.             PREMIUM:

(a)           The premium is USD TBD (the “Premium”) and is due from and payable by the Named Insured to the Insurers in accordance with the following installments:

(i)            as a deposit, five percent (5%) of the Premium is due and payable by the earlier of thirty (30) days after inception of the Policy Period or thirty (30) days prior to the scheduled launch date; and

(ii)           the balance of the Premium (the “Balance Premium”) is due and payable no later than thirty (30) days prior to the scheduled launch date. The Named Insured will advise the Insurers of the scheduled launch date no later than forty five (45) days prior to the scheduled launch date.

(b)           The Premium will be fully earned at Attachment of Risk.

(c)           If Launch has not and will not occur within the Policy Period, the Insurers agree to return to the Named Insured any portion of the Premium the Insurers have received, without interest, within thirty (30) days of their receipt of notification from the Named Insured that the Launch has not and will not occur within the Policy Period.

(d)           In the event Launch is delayed for more than one hundred twenty (120) days after the date of the payment of the Balance Premium, then, at the Named Insured’s request, the Insurers will return to the Named Insured within thirty (30) days of their receipt of the Named Insured’s request, the Balance Premium they have received without interest. The Balance Premium shall again be due and payable thirty (30) days before the rescheduled launch date, if such rescheduled launch date is within the Policy Period. The Named Insured will provide the Insurers with the rescheduled launch date no later than forty five (45) days prior to the rescheduled launch date.

9.             MARGINS:

Prior to Attachment of Risk, the Named Insured shall provide to the Insurers the propellant and power budgets for the Satellite (the “Final Pre-Launch

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Calculations”).

With respect to the propellant margin, the Final Pre-Launch Calculations shall be based on three (3) sigma Launch Vehicle and Satellite performance dispersions. If it is demonstrated through the Final Pre-Launch Calculations that the Fuel Life is projected to be less than [*], as measured from ninety (90) days after Launch, then Mission Life shall be reduced to be [*] less than the Fuel Life.

With respect to the power margin, the Final Pre-Launch Calculations shall be based on worst case Satellite performance over the Mission Life, with the payload operating at its specified levels and assuming [*] failed. If it is demonstrated through the Final Pre-Launch Calculations that, during all periods of Mission Life, a minimum solar array power margin of at least [*] does not exist or the battery depth of discharge is worse than [*], the Required Values listed in Appendix 2 shall be adjusted to reinstate such [*] solar array margin and battery depth of discharge no worse than [*].

INSURING AGREEMENT

In consideration of the payment of the Premium by the Named Insured to the Insurers, in reliance upon the statements in the Declarations and in the Underwriting Information, and subject to the Insuring Agreement, Definitions, Declarations, Conditions, Exclusions, Appendices and as applicable, Endorsements, of this Policy, the Named Insured and the Insurers agree as follows:

(a)           In the event of a Total Loss occurring between Attachment of Risk and Termination of Risk, the Insurers shall pay the Loss Payee the Amount of Insurance less the Guarantee Amount, if the Guarantee Amount is payable under the Launch Contract.

In the event of a Total Loss, the Named Insured shall have the right to declare a Partial Loss in lieu of a Total Loss, in which case the Claim Payments shall be in accordance with Insuring Agreement (b). If the Named Insured exercises its right to declare a Partial Loss in accordance with the preceding sentence, the Named Insured shall be entitled to submit a subsequent Claim for any subsequent Partial Loss and/or Total Loss; however the Named Insured shall not be entitled to make a Claim for a Total Loss for the Partial Loss that was declared by the Named Insured in accordance with this paragraph.

(b)           In the event of a Partial Loss occurring between Attachment of Risk and Termination of Risk, the Insurers shall pay the Loss Payee an amount calculated in accordance with the Partial Loss Amount less the Guarantee Amount, if the Guarantee Amount is payable under the Launch Contract.

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(c)           In the event the Space Segment suffers a loss, damage or failure for which Total Loss or Partial Loss Amount calculations or determinations do not apply, then the associated Claim shall clearly demonstrate, with reasonable certainty (1) why the existing formulae cannot be applied, and (2) the alternative basis for the loss calculations or determinations. The Insurers shall accordingly pay the Loss Payee up to the Amount of Insurance proven pursuant to the Claim. A Claim filed under this paragraph must be demonstrated by the Named Insured to result in the Space Segment’s inability to perform its intended communications purposes. Any Claim filed under this paragraph shall be computed with the same margins and limitations of coverage as those outlined in this Policy.

(d)           In the event the Loss Payee has previously been paid for any Claim, the amount payable for a subsequent Claim shall be adjusted to eliminate any duplicative recovery for any previous Claim.

(e)           In the event of a Partial Loss or Total Loss, the Named Insured shall utilize all applicable redundant and/or spare components to minimize the amount payable under the Claim. However, the Named Insured shall have the right to operate the Space Segment in any configuration.

(f)            In no event shall the total amount of Claim Payments under this Policy exceed the Amount of Insurance, subject to Condition 10.

(g)           A Partial Loss or Total Loss shall not be deemed to have occurred unless such Partial Loss or Total Loss has manifested itself by telemetry or payload performance data or lack thereof, or any other ground measurement, recorded between Attachment of Risk and Termination of Risk, and the Named Insured has complied with all of the terms of this Policy. Telemetry data or any other ground measurement recorded after Termination of Risk may be used in determining the amount submitted in the Claim.

(h)           In the event of:

(i)            a Partial Loss or Total Loss occurring between Attachment of Risk and Termination of Risk; and

(ii)           degradation of the Satellite performance continues beyond Termination of Risk; and

(iii)          this degradation is demonstrated by the Named Insured, with reasonable certainty, to result from the event between Attachment of Risk and Termination of Risk that caused the Partial Loss or Total Loss in (i) above,

then such degradation of the Satellite performance shall be included in the calculations of the Claim and covered under this Policy.

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DEFINITIONS

1.                                       CLAIM:

“Claim” shall have the meaning set forth in Condition 16 (b) (iii).

2.                                       CLAIM PAYMENT:

“Claim Payment” shall have the meaning set forth in Condition 8 (a).

3.                                       FUEL LIFE:

“Fuel Life” shall mean the period of time measured from the earlier of:

(a)                                  completion of the Satellite in-orbit testing at the Specified Orbit Location; or

(b)                                 ninety (90) days after Launch,

until all available propellants on the Satellite are projected to be used.

All Fuel Life calculations made after Attachment of Risk shall follow the same methodology used to determine the Final Pre-Launch Calculation for Fuel Life, except to the extent maneuvers have been performed and/or the performance of the Satellite has been measured in orbit, in which case propellant calculations shall be based on actual in-orbit measurements. Values shall be used that are consistent with the Named Insured’s ability to accurately measure and determine utilization and/or performance.

Fuel Life will not be reduced by a planned use of fuel to intentionally move the Satellite, with the exception of end of life de-orbiting, from its Specified Orbit Location, unless such a move is undertaken to avoid or diminish a Partial Loss or Total Loss.

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4.                                       GBBF SUBSYSTEM:

“GBBF Subsystem” shall mean the ground-based beam forming subsystem that is to be delivered by Space Systems/Loral to the Named Insured pursuant to the Satellite Contract.

5.                                       GUARANTEE AMOUNT:

“Guarantee Amount” shall mean any amounts payable under the Launch Contract from the launch services provider to the Named Insured in the event of a Partial Failure, Constructive Total Failure or Total Failure, all three terms as defined in the Launch Contract. The maximum value of the Guarantee Amount is [*].

Insolvency and/or bankruptcy of Lockheed Martin Commercial Launch Services shall not affect the Guarantee Amount.

6.                                       INTENTIONAL IGNITION:

“Intentional Ignition” shall mean the point in time during the launch countdown when the engine start command is issued, causing the start bottle to be pressurized and hypergolics to enter the chamber.

7.                                       LAUNCH:

“Launch” shall mean Intentional Ignition followed by either:

(a)                                  release of the Launch Vehicle from the launcher hold down restraints for the purpose of lift off; or

(b)                                 total loss or destruction of the Satellite or Launch Vehicle.

8.                                       LAUNCH CONTRACT:

“Launch Contract” shall mean the contract between the Named Insured and Lockheed Martin Commercial Launch Services, Inc., dated March 10, 2006, including Amendment 1.

9.                                       LAUNCH VEHICLE:

“Launch Vehicle” shall mean the launch vehicle described in the Launch Contract.

10.                                 MISSION LIFE:

“Mission Life” shall mean [*] after the earlier of:

(a)                                  completion of the Satellite in-orbit testing at the Specified Orbit Location; or

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(b)           ninety (90) days after Launch.

11.                                 PARTIAL LOSS:

“Partial Loss” shall mean either:

(a)                                  the Partial Loss Amount is greater than [*] but none of the criteria for a Total Loss are fulfilled; or

(b)                                 one (1) or more of the criteria of a Total Loss are fulfilled, and the Named Insured, in its discretion, claims a Partial Loss in accordance with the second paragraph of Insuring Agreement (a).

12.                                 PARTIAL LOSS AMOUNT:

“Partial Loss Amount” shall mean the amount payable as calculated in accordance with Appendix 1.

13.                                 PERFORMANCE SPECIFICATIONS:

“Performance Specifications” shall mean the applicable performance specifications for the Satellite and the Space Segment, including:

(a)                                  Exhibit B, Satellite Performance Specification;

(b)                                 Exhibit E, Space Segment Performance Specification.

14.                                 POLICY:

“Policy” shall mean this agreement including the Insuring Agreement, Definitions, Declarations, Conditions, Exclusions, Appendices and as applicable, Endorsements.

15.                                 SATELLITE:

“Satellite” shall mean exclusively the telecommunications spacecraft known as ICO G1 as identified in the Satellite Contract.

16.                                 SATELLITE CONTRACT:

“Satellite Contract” shall mean the space segment contract for ICO G1 between ICO Satellite G.P. and Space Systems/Loral, Inc., including Amendments [*].

17.                                 SPACE SEGMENT:

“Space Segment” shall mean the combined Satellite and the GBBF Subsystem,

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integrated for the purpose of communications services, delivered by Space Systems/Loral to the Named Insured pursuant to the Satellite Contract.

18.                                 SPECIFIED ORBIT LOCATION:

“Specified Orbit Location” shall mean the initial geosynchronous orbit location of 92.85° degrees west longitude within [*].

19.                                 TOTAL LOSS:

“Total Loss” shall mean any of the following:

(a)                                  the Satellite is lost or is completely destroyed; or

(b)           the Satellite is not capable of reaching or maintaining its Specified Orbit Location within one hundred and eighty (180) days after Launch; or

(c)           [*]

or

(d)                                 the Space Segment Performance Factor as defined in Appendix 1 is equal to or less than [*] between Attachment of Risk and Termination of Risk on a permanent or permanently intermittent basis.

20.                                 UNDERWRITING INFORMATION:

“Underwriting Information” shall mean the written information provided to the Insurers by or on behalf the Named Insured or by the Named Insured’s insurance broker (Marsh Inc.), before Attachment of Risk, with respect to the Space Segment and/or Launch Vehicle.

EXCLUSIONS

This Policy does not apply to loss, damage or failure caused by or resulting from:

1.                                       War, invasion, hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual, impending or expected attack by:

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(a)                                  any government or sovereign power (de jure or de facto); or

(b)                                 any authority maintaining or using a military, naval or air force; or

(c)                                  a military, naval, or air force; or

(d)                                 any agent of any such government, power, authority or force.

2.                                       Any anti-satellite device, or device employing atomic or nuclear fission and/or fusion, or device employing laser or directed energy beams.

3.                                       Insurrection, strikes, labor disturbances, riots, civil commotion, rebellion, revolution, civil war, usurpation, or action taken by a government authority in hindering, combating or defending against such an occurrence, whether there be declaration of war or not.

4.                                       Confiscation, nationalization, seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government or governmental authority or agent (whether secret or otherwise and/or whether civil, military or de facto) or public or local authority or agency.

5.                                       Nuclear reaction, nuclear radiation, or radioactive contamination of any nature, whether such loss or damage be direct or indirect, except for radiation naturally occurring in the space environment.

6.                                       Electromagnetic or radio frequency interference, except for physical damage to the Satellite directly resulting from such interference and from interference coming directly from the Space Segment.

7.                                       Willful or intentional acts of the Named Insured, with the exception of the range safety officer acting within his authorized responsibilities, designed to cause loss or failure of the Satellite; however, this exclusion shall not apply to actions of any employees, contractors or subcontractors of the Named Insured while acting outside their authorized responsibilities.

8.                                       Any act of one or more persons, whether or not agents of a sovereign power, for political or terrorist purposes and whether the loss, damage or failure resulting therefrom is accidental or intentional.

9.                                       Any unlawful seizure or wrongful exercise of control of the Space Segment and/or Launch Vehicle made by any person or persons acting for political or terrorist purposes.

10.                                 Loss of revenue, incidental damages, consequential loss or extra expenses, other

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than the expenses insured under Condition 10 of this Policy.

11.                                 Third party liability.

12.                                 [*]

CONDITIONS

1.                                       ABANDONMENT:

In no event shall the Named Insured abandon the Space Segment, or any portion thereof, to the Insurers without the prior written agreement of the Insurers.

2.                                       ACTION AGAINST THE INSURERS:

The Named Insured will not take legal action or initiate an arbitration against the Insurers with respect to a disputed Claim until [*] after the Named Insured submits a completed Claim, in accordance with Condition 16.

3.                                       ARBITRATION:

Any dispute arising out of or related to this Policy shall be determined by binding arbitration.  Such arbitration shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association.

Under such arbitration, there shall be three (3) unbiased arbitrators, one (1) to be chosen directly by each party within thirty (30) days of the notice by either party of its intention to seek arbitration of a dispute, and the third (3^rd) arbitrator to be selected by the two (2) arbitrators so chosen within thirty (30) days of the selection of the second arbitrator.  Each party shall pay the fees of the arbitrator it selects and of its own attorneys, and the expense of its witnesses and all other expenses connected with presenting its case.  Other costs of the arbitration, including the cost of any record or transcripts of the arbitration, administrative fees, the fee of the third arbitrator, and all other fees and costs shall be borne equally by the parties unless directed otherwise by the arbitrators.

The arbitration shall be conducted in Washington D.C., U.S.A and judgment on the award rendered by the arbitrator(s) may be sought and entered in any court having jurisdiction.

4.                                       ASSIGNMENT:

The Insurers will not be bound by any assignment of interest under this Policy unless prior to assignment the Named Insured obtains the Insurers’ written

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agreement. Assignment of interest as such term is used in the preceding sentence shall not be deemed to include any assignment of the Policy or Claim Payments due under this Policy assigned as collateral security under any security agreement securing any indebtedness of the Named Insured or any of its affiliates.

5.                                       CANCELLATION:

This Policy may be cancelled only by mutual agreement between the Named Insured and the Insurers or unilaterally by the Insurers for non-payment of Premium when due.

In the event of cancellation by mutual agreement between the Named Insured and the Insurers, the Insurers shall return unearned Premium to the Named Insured within thirty (30) days of the effective date of such cancellation, if such cancellation contemplates a return of Premium by the Insurers.

In the event of cancellation due to non-payment of Premium, the Insurers must provide written notice of cancellation to the Named Insured at least fifteen (15) days prior to the effective date of such cancellation. For the purposes of this Condition 4, the fifteen (15) day period shall begin upon receipt of such notice by the Named Insured. Payment of the due Premium within such notice period shall void such notice of cancellation for non-payment of premium.

6.                                       CHANGES:

Notice to or knowledge possessed by any agent or other person shall not effect a waiver or a change in any part of this Policy nor estop the Insurers or the Named Insured from asserting any right under the terms of this Policy. The terms of this Policy may be waived or changed only upon mutual written agreement between the Named Insured and the Insurers. The Insurers shall issue an endorsement recognizing such change.

7.                                       CHANGES IN UNDERWRITING INFORMATION:

(a)                                  If, prior to Attachment of Risk, one or more of the following occurs:

(i)                                     a material change in any of the Underwriting Information; or

(ii)                                  a change in any material fact or circumstance concerning the Space Segment and/or Launch Vehicle; or

(iii)                               a material amendment is executed under the Launch Contract or Satellite Contract.

then the Named Insured shall promptly send a written notification of any such change(s) (“Change”) to the Insurers as soon as reasonably practicable.

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If the Named Insured does not notify the Insurers of the Change, and a Partial Loss or Total Loss takes place as a result of the impact of such Change, the Partial Loss or Total Loss shall not be covered under this Policy.

If, in the Insurers’ reasonable opinion, the Change results in a material increase in risk of loss or a material change in insurable interest under this Policy (“Material Change”), then the Insurers shall notify the Named Insured in writing as soon as reasonably practicable, but in any event within ten (10) days of Insurers’ receipt of the written notification of the Change. The Insurers will be deemed to have accepted the Change as not being a Material Change if they do not respond within ten (10) days of their receipt of written notification of the Change.

(b)                                 In the event that the Insurers notify the Named Insured in accordance with the last paragraph of (a) above, the Insurers and the Named Insured shall promptly commence to renegotiate the affected terms of this Policy. Such renegotiation shall be conducted in good faith and without delay.

(c)                                  Unless and until such renegotiations result in the Insurers agreeing in writing to cover the impact of the Change, any Partial Loss and/or Total Loss resulting from such impact shall not be covered under this Policy.

8.                                       CLAIM PAYMENTS:

(a)                                  Payment for a Partial Loss or Total Loss (“Claim Payment(s)”) shall be made within [*] of either the:

(i)                                     Insurers agreement to the Claim and the Named Insured’s and, if applicable,  the Insurer’s execution of a release agreement in a form to be agreed by the Named Insured and the Insurers in respect of such Claim in accordance with Condition 16 (b) (iv); or

(ii)                                  issuance of an arbitration award in favor of the Named Insured with respect to a Partial Loss or Total Loss for which a Claim has been submitted.

(b)                                 Where a Claim Payment has been made under this Policy and the Insurers and the Named Insured subsequently agree that because of additional information or subsequent events the Partial Loss or Total Loss was eliminated or reduced, the Named Insured shall return to the Insurers within [*] days of such agreement either:

(i)                                     in the event a Claim is subsequently reduced to [*], the amount of Claim Payments under this Policy with respect to such Claim, without interest; or

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(ii)                                  in the event a Claim is subsequently reduced but to greater than [*], the difference between the Claim Payments related to such Claim(s) and the subsequently agreed Claim, without interest.

Reasonable sums expended by the Named Insured to reduce or eliminate the loss shall be deducted from any Claim Payments returnable to the Insurers pursuant to this Condition 8(b).

In the event Termination of Risk has not occurred by the time of the agreement to return any Claim Payments pursuant to this Condition 8(b), the Amount of Insurance will be reinstated in an amount equal to the amount by which the a Claim has been agreed to be reduced or eliminated.

9.                                       CONFORMITY WITH STATUTES AND APPLICABLE LAW:

Terms of this Policy which are in conflict with the statutes of the state wherein this Policy is issued or under the law of which this Policy is construed are hereby amended to the extent necessary to conform with such statutes.  All other terms and portions of terms of this Policy shall remain unaffected by such requirement for statutory conformance.  The law of the State of New York shall govern this Policy, without regard to choice of law principles.

10.                                 CORRECTIVE MEASURES:

If a Partial Loss or Total Loss can be satisfactorily corrected or compensated for within a reasonable amount of time of the Partial Loss or Total Loss by additional ground installations, procedural changes, software development or any other reasonable corrective measures (“Corrective Measures”), the Insurers, after consultation with the Named Insured, shall at the Insurers’ choice either:

(a)                                  pay the Loss Payee for the Claim as set forth in this Policy; or

(b)                                 pay the Loss Payee for all necessary cost and expenses incurred or to be incurred by the Named Insured to implement the Corrective Measures. The Named Insured shall have no obligation to implement any Corrective Measures prior to an agreement between the Named Insured and the Insurers as to the amount and timing of payment by the Insurers of the costs and expenses incurred or to be incurred by the Named Insured to implement the Corrective Measures, and, if reasonably practical, Insurers shall pay the Loss Payee in advance for such cost and expenses for the Corrective Measurers that will be incurred or to be incurred by the Named Insured. Nothing in this Condition 10 will be construed to amend or override the Named Insured’s obligations as stated in Due Diligence.

[*]  CONFIDENTIAL TREATMENT REQUESTED BY ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED.

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In the event the Insurers choose Condition 10 (b) above, the amount of the Claim shall be adjusted to take into account the satisfactory correction of or compensation for the Partial Loss or Total Loss. However, in the event that the Corrective Measures do not eliminate the impact of the Partial Loss or Total Loss, the Insurers will bear in addition to the incurred cost and expense in (b) above, the Claim Payment.

Notwithstanding this Condition 10, Insurers shall not be liable to pay for any corrective measures undertaken or obliged to be undertaken by Space Systems/Loral Inc. in accordance with the Satellite Contract

11.                                 CURRENCY:

The Premium and Claim Payments under this Policy shall be paid in United States currency.

12.                                 DECLARATIONS:

By acceptance of this Policy, the Named Insured agrees that:

(a)                                  the statements in the Declarations and in the Underwriting Information are its agreements and representations; and

(b)                                 this Policy is issued in reliance upon such agreements and the truth of such representations; and

(c)                                  this Policy embodies all agreements existing between the Named Insured and the Insurers, relating to this Policy.

13.                                 DUE DILIGENCE:

The Named Insured shall use due diligence and do and concur in doing all things reasonably practicable to avoid or diminish any loss under this Policy and shall act at all times as if uninsured in actions or decisions relating to this Policy or the subject matter of this Policy.

14.                                 EXPORT CONTROL:

(a)                                  All requirements or obligations of the Named Insured under this Policy to provide:

(i)                                     information, documentation or other materials;

(ii)                                  respond to questions or requests for information;

(iii)                               transfer title to or control of the Satellite,

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may be subject to export control laws, regulations and/or policies and government agency approvals of any government having jurisdiction or authority with respect to the Space Segment or the Launch Vehicle or any data and services related thereto. The Named Insured’s and the Insurer’s rights shall not be affected by delays due to the relevant government’s approval process, in the delivery of any data or information requested under this Policy, nor shall any such delay relieve the Named Insured or Insurer’s from any of their duties and/or obligations under this Policy.

(b)                                 The Named Insured warrants that it will exercise all reasonable efforts to obtain, or cause the parties having the obligation to obtain all necessary licenses and/or approvals in order to comply with all requirements and obligations under this Policy to provide such information or materials and respond to the Insurer’s questions or requests for information.

In the event a government agency fails to grant a necessary license or approval to permit transmittal of the information to the Insurers, the Insurers and the Named Insured will exercise good faith efforts to mutually agree an alternative method to proceed under this Policy.

15.                                 MISREPRESENTATION AND FRAUD:

The Insurers shall have the right to declare this Policy null and void by written notification to the Named Insured, if the Named Insured conceals or knowingly misrepresents to the Insurers directly and/or through the Named Insured’s agents any material fact(s) or material circumstance(s) concerning the insurance provided under this Policy or the subject thereof, and/or if the Named Insured defrauds or attempts to defraud the Insurers, whether before or after a Partial Loss or Total Loss.

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16.           NAMED INSURED’S DUTIES:

(a)           Upon the written request of the Insurers, the Named Insured will respond to all reasonable and specific written requests regarding design, test, manufacture, quality control, launch, orbital and performance information concerning the Space Segment and/or Launch Vehicle and/or the subject matter of this Policy that is available to the Named Insured.

(b)                                 In the event of an occurrence that, based on information available at the time, is reasonably likely to result in a Partial Loss or Total Loss under this Policy, the Named Insured shall:

(i)            Give written notice to the Insurers as soon as practicable identifying the Named Insured and shall contain all information available to the Named Insured regarding the occurrence (“Notice of Loss”). In no event shall the Notice of Loss be provided later than [*] after the earlier of:

(A)                              the date on which the Senior Vice President, Space Systems and/or Senior Vice President, Corporate Development or their designated representatives in their absence have been notified or have become aware of such event; or