Global insurer and reinsurer XL Catlin has announced the launch of a new seamless, single policy space insurance coverage for satellite owners, manufacturers and launch providers.
The new solution covers all satellite and launch vehicle physical damage exposures from pre-launch to launch activities, through deployment of the spacecraft in orbit, explains the firm.
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, standardized product will provide easy access to insurance throughout the development and deployment lifecycle of satellites and launch vehicles.”
Data from the United Nations Office for Outer Space Affairs (UNOOSA) claims that there are almost 5,000 satellites currently orbiting earth, which is an increase of 4.79% on last year. 2017 was actually a record year for satellite launches, with 466 launched. So far, in 2018, 220 satellites have been launched, say XL Catlin.
“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,” added Kunstadter.
The new solution will offer coverage limits up to $5 million during both the pre-launch and launch phases, and limits can differ during each phase.