A single, seamless space insurance policy that covers physical damage to all satellite and launch vehicles in pre-launch, launch and orbital deployment phases has been created by XL Catlin.
The Bermudian-based company is aiming the new insurance policy at satellite owners, manufacturers and launch providers.
Chris Kunstadter, Global Head of Space Insurance, said: “We have developed this coverage based on our review and monitoring of the space industry as well as on feedback from clients and brokers. With the proliferation of new, small satellites and launch vehicles, a single, standardised product will provide easy access to insurance throughout the development and deployment life cycle of satellites and launch vehicles.”
According to the United Nations Office for Outer Space Affairs there are 4,857 satellites orbiting the planet; an increase of 4.79 per cent compared to last year, which was a record-breaking year for satellite launches with a total of 466 satellites launched. To date there have been 220 satellites launched. this year.
“The policy is a game changer for the aerospace industry which traditionally has had to secure separate policies for each portion of the process. Now we can insure all aspects and phases under one single policy,” Mr Kunstadter said.
The new policy offers limits up to $5 million during both the pre-launch and launch phases and limits can differ during each phase. The underwriting teams are based in New York and London, covering global clients in the aerospace industry.
XL Catlin has a comprehensive suite of insurance products for space operations, including launch, in-orbit, and associate coverages for satellites, launch vehicles, and other space payloads, as well as pre-launch and liability coverages. Coverage extends to traditional and specialised aerospace, telecommunications, and earth observation organisations, and related businesses.