Two satellites have just collided in orbit, about 500 miles over Siberia. There doesn't appear to be a whole lot known yet. This could be completely innocuous in terms of consequences, or pretty bad. I remember reading an article some years ago about a potential chain-reaction, where debris might impact other satellites, creating more debris that destroyed still more... I haven't read much more about this idea, so I really have no idea whether it's considered plausible. But whatever, consider this a heads-up. ; )
Followup: WaPo has a similar article with a little better info. (Registration may be required; free, and they've never spammed me)
I imagine casualty insurance is quite affordable, but considering the cost of some satellites, or what damage earthfall could entail, liability must be a bitch.
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