We specialise in providing cover for satellites during all stages of their life cycle, from pre-launch and the actual launch, to in-orbit testing and operations in space.
The space industry can be a risky business, with huge assets at stake. You need an insurer who knows the market, understands your risks and can offer insurance solutions tailored to your individual needs.
We have established long-standing partnerships with our clients. This includes global satellite operators and owners who provide telephony, direct-to-home TV, Earth imaging, data transfer, satellite radio, and broadband services.
We use satellites in our everyday lives, often without knowing it. There are the obvious uses like satellite TV and global positioning but we don’t always appreciate that satellites are used in applications like telephony, banking transactions, weather monitoring or mapping etc.
Insurance is a critical enabler in supporting companies that provide these services, allowing peace of mind should something go wrong. With comprehensive Space Insurance coverage in place, businesses can confidently embark on their missions and continue to push the boundaries of innovation.
What we do
Space Insurance is a specialised type of insurance that provides coverage for the various risks associated with space applications, travel and exploration.
This can include a wide range of activities and assets, such as satellites, launch vehicles, and other space-related equipment. The main areas covered by space insurance include:
- Spacecraft assets insurance
- Satellite insurance
- Launch vehicle insurance
- Space station insurance
- Cargo vehicles insurance
- Lunar missions insurance
- Human spaceflight insurance
- In-orbit insurance
- Pre-launch insurance (via our market-leading marine cargo team)
What sets us apart
- Our space team consists of industry leading professionals who have a wealth of experience and passion for this class of business
- We have the technical expertise to offer bespoke wording suited to your requirements
- The team is adept at creating specialist products that cover satellites during all stages of their life cycle
- We are supported by an in-house market-leading claims team
Our capacity
$46 million USD for both launch and in-orbit risks.
Speak to one of our specialist underwriters – select from the regions below
FAQs
What is Space insurance?
Space insurance is a niche yet crucial segment of the insurance industry, specifically tailored to address the risks associated with activities beyond Earth’s atmosphere.
This form of insurance provides financial safeguarding for a variety of space-related operations, including the manufacturing, launching, and operational phases of satellites, launch vehicles, and other spacecraft.
Given the high-risk, high-cost nature of space missions, Space Insurance plays a vital role in the economic viability of space exploration and research.
How does Space insurance work?
The process of underwriting Space insurance policies involves intricate risk assessments, taking into account various factors such as the mission’s complexity, the technology used, and the historical success rate of the companies involved.
These assessments help insurers set premiums that reflect the actual risk level. Should a mishap occur, claimants must navigate a detailed filing process, providing evidence of the incident.
Once claims are validated, compensation is provided to mitigate financial losses. This niche insurance sector plays a pivotal role in managing the substantial risks and costs inherent in operating a satellite.
Why is it necessary to have Space insurance?
Space Insurance is necessary due to the high risks and costs associated with space missions. Space operations involve complex technologies and are subject to a variety of risks, including launch failures, malfunctions in orbit, and damage from space debris or environmental factors.
The high value of space assets and the potential for significant financial loss make insurance essential for companies and organisations involved in space activities.
What types of risks are covered under Space insurance?
Space Insurance covers a variety of risks associated with space missions, including:
- Pre-Launch Insurance: covers damages or losses during manufacturing, testing, transportation, and pre-launch integration of spacecraft and components.
- Launch Insurance: protects against launch failures, including the inability to place the spacecraft in the intended orbit and damages during ascent.
- In-Orbit Insurance: offers coverage for failures or damages while the spacecraft is operational in orbit, including technical malfunctions and collisions with space debris.
- Third-Party Liability Insurance: covers damages to third parties caused by the space operation, such as from falling debris or interference with other satellites.
What is included in Satellite insurance?
Satellite Insurance includes coverage for several key risks and phases in a satellite’s lifecycle:
- Launch Coverage: protects against failures during the launch phase, including damage or loss of the satellite from launch until it reaches its designated orbit.
- In-Orbit Testing: covers defects or failures discovered during the initial testing phase once the satellite is in orbit.
- In-Orbit Operation: provides protection against operational failures, malfunctions, and damage due to space debris, solar storms, or other in-space hazards throughout the satellite’s operational life.
- Third-Party Liability: covers liability for damage that the satellite operations may cause to third parties, such as collision with other satellites or objects in space.
- End of Life: ensures compliance with space debris mitigation regulations, covering costs associated with de-orbiting or moving the satellite to a graveyard orbit.
Can I combine Launch and Satellite Insurance?
Yes, you can. Combining Launch and Satellite Insurance into one policy is a common practice. It offers complete coverage from the launch phase through to the satellite’s operational life.
This approach makes managing insurance easier and ensures consistent protection for the whole mission. By merging these insurances, clients get a simpler, more straightforward insurance process and solid coverage for all stages of the satellite’s journey.
This comprehensive insurance strategy supports the mission’s success by providing a safety net against unforeseen events across all mission phases.
