Re/insurer XL Catlin has unveiled a new space insurance product, which will have the capacity to cover various phases of space operations.
The new proposition will tend to satellite owners, manufacturers and launch providers by offering satellite and launch vehicle physical damage cover during pre-launch, launch activities, as well as deployment of the spacecraft in orbit.
XL Catlin global head of space insurance Chris Kunstadter 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 lifecycle of satellites and launch vehicles.”
The maximum coverage limit in both the pre-launch and launch phases has been set at $5m. The underwriting expert teams will operate out of New York and London.
“The policy is a game changer for the aerospace industry which traditionally has had to secure separate policies for each portion of the process,” Kunstadter noted.
Besides supporting space operations, XL Catlin’s insurance services also cover traditional and specialised aerospace, telecommunications, along with earth observation organisations.