Trim the Satellite That Grew

What is a satellite measured against when you check its cap?

• The price you paid for it
• Its value today, as a share of today's book
• Its value on the day you wrote the policy

The worst-case satellite loss is count × cap × crash depth. Which of the three does a count cap fix?

• The crash depth
• The cap per name
• The count, so the worst case can't grow with every new name