Session
Technical Session III: Systems/Buses
Abstract
The space insurance industry provides coverage for physical damage and liability risks to which space ventures are exposed as part of their business. The Insured party obtains insurance coverage through a Broker, who represents the Insured in soliciting coverage from the various Insurers in the world market. Physical damage insurance is designed to cover the value of an asset or the revenue it may provide, while liability insurance covers damage to the person or property of parties unrelated to those involved in launch activities. Under the Commercial Space Act of 1988, U.S. commercial ELV operators are required to obtain a license from the Department of Transportation and to carry liability insurance. To date, two U.S. commercial ELV launches have been conducted, and the necessary insurance has proven to be available at affordable rates.
The Insurance Climate for Small Satellites and ELVs
The space insurance industry provides coverage for physical damage and liability risks to which space ventures are exposed as part of their business. The Insured party obtains insurance coverage through a Broker, who represents the Insured in soliciting coverage from the various Insurers in the world market. Physical damage insurance is designed to cover the value of an asset or the revenue it may provide, while liability insurance covers damage to the person or property of parties unrelated to those involved in launch activities. Under the Commercial Space Act of 1988, U.S. commercial ELV operators are required to obtain a license from the Department of Transportation and to carry liability insurance. To date, two U.S. commercial ELV launches have been conducted, and the necessary insurance has proven to be available at affordable rates.
