Spacecraft Insurance: What Risks Are Covered
Hosprop.com offers spacecraft insurance policies & integrated umbrella coverages, with solutions for every phase from pre-launch to recovery.
Spacecraft insurance was considered laughable for many years. No one would cover any aspect of such a dangerous activity — in fact, in place of life insurance, the astronauts who landed on the moon left behind autographs for their loved ones to sell in case they didn’t make it home.
Companies operating in the space industry had to shoulder the risks of their pioneering efforts alone. There were no insurance companies that were equipped to assess the risk of a space mission and offer spacecraft coverage that provided peace of mind.
That’s no longer the case. Today, we provide A+-rated protection worldwide for spacecraft missions. Our team is proud to provide comprehensive coverage options for today’s rapidly-expanding space market.
Why should you consider spacecraft insurance, and what risks can you get coverage for on your project? Read on to find out.
Why Spacecraft Insurance?
Most nations require some form of spacecraft insurance before they allow a company to launch a space vehicle, satellite, or other space mission. The Outer Space Treaty of 1967 and the 1972 Space Liability Convention make it clear that nations are financially responsible for damage done by satellites or space debris launched from their nation.
Beyond the liability concerns, it’s important to ensure that your investment in pioneering technology is protected, and you aren’t going to lose everything if something goes wrong. That’s why so many new space companies are looking for high-quality spacecraft insurance for their projects.
Coverage for the Entire Mission
Thanks to new underwriting built on commercial, scientific, and technological expertise, our insurance products can cover every aspect of your mission. Every spacecraft insurance policy is customized and expertly underwritten for your specific needs.
- AIT and pre-launch insurance covers work in progress, and our coverage also includes pre-launch incidents that prevent or delay launches. Your policy can also include manufacturing and transit coverage.
- Launch and in-orbit liability insurance covers any third-party claims if your space launch or satellite damages someone’s property, injures someone, or leads to a loss of life.
- In-orbit failure insurance protects you in case of failure, whether due to human error or technical faults. This includes degradation or failure of onboard equipment, damage due to operational error or collisions, loss of fuel, and more. This type of coverage applies from the separation from the launch vehicle to the end of the designed lifetime.
- Launch vehicle flight only (LVFO) insurance covers damage to the satellite from the launch through the separation of the satellite from the launch vehicle.
- Combined flight coverage combines the in-orbit failure and LVFO insurance to cover the entire flight.
- Associated covers insurance goes beyond the normal range of insurance and protects your business plan, offering protection to investors and making it much easier for you to raise money for your missions.
NewSpace companies have pushed people to think outside the box, and we’re proud to be part of the insurance innovations that allow this growth to take place.
Get the Spacecraft Insurance You Need Today
Our team is excited to stand behind today’s NewSpace innovations. We provide quick underwriting and cover standard launches along with innovative new products like alternative missions, unique payloads, and more. We proudly represent Aesir Space, a London-based space insurance specialist.
If you’re ready to get a quote, schedule a consultation today!
We are the Extra Milers to protect businesses and properties
The Rick Callaway Team is known as the Extra Milers in protecting your business, employers, employees, and assets. We leave no stone unturned to get you the best deal. No under coverage. No overpricing. Fast turnaround. We have board level business acumen for understanding your business operations to customize your coverage. Please call us for a free consultation: 925-788-5558 or email us at: email@example.com.