Space craft Insurance: 3 Key Benefits
In 2023, there are many exciting space projects being launched by a variety of companies around the world. The global space economy is worth around $423 billion dollars. Space companies have a lot of money on the line in a very risky industry — it pays to protect your project with the right insurance coverage.
Space craft insurance, once far too dangerous to consider, is now an important part of every spacecraft mission. What benefits can this coverage provide for your project? Here’s what you need to know.
Protection From Liability
Many space projects are required to have space craft insurance because of the danger that a failed project can injure someone else or damage another company’s — or country’s — property.
International laws clearly state that a nation can be held financially responsible for damage caused by a space mission that causes damage to another country. Within the U.S., liability laws hold companies responsible for financial losses they cause to others as well.
If your project injures someone or damages someone else’s property, space craft insurance can help cover the costs, potentially preventing a lawsuit and serious financial losses for your organization.
Recovery of Your Investment
If something happens to a satellite or spacecraft, your organization could be out hundreds of millions of dollars. That’s not something most companies can simply absorb and continue to operate, which is why spacecraft insurance is so important.
Coverage for space missions is complex, but it can be broken down into three phases.
AIT and pre-launch coverage helps cover damages that occur on works in progress and may also include coverage for manufacturing and transport.
Launch insurance covers liability and damage that might occur between launch and the end of in-orbit testing.
In-orbit insurance can provide either liability, damage coverage, or both while the satellite is in orbit.
Recovering your investment in case of an incident can help you either exit your project in good graces with your investors or prepare for a new mission.
Flexibility of Coverage
In the past, some companies in the space industry have been hesitant to look into space craft insurance because they worried they’d be stuck with a large, one-size-fits-all package that was well outside their budget.
However, today’s space craft insurance is much more flexible. For example, our company represents Aesir Space, a London-based space insurance specialist that offers a broad range of coverage options and extremely flexible packages.
You can choose the exact coverage that’s right for your project without expensive add-ons you don’t need. If you need a more comprehensive plan, we can help with that as well. When you work with us, you can find unique coverage options like launch delay, contingency coverage, and more.
Get Space craft Insurance For Your Project Today
If you’ve been debating whether to look into space craft insurance, there’s no more reason to wait. As you can see, there are clear financial benefits, and our flexible packages will help you find the right coverage at a price that fits your budget.
Schedule a consultation to get a quote today!