XL Catlin has announced the launch of a new seamless space insurance product for satellite owners, manufacturers and launch providers. The policy covers all satellite and launch-vehicle physical damage exposures from pre-launch to launch activities through the deployment of the spacecraft in orbit.
“We have developed this coverage based on our review and monitoring of the space industry, as well as on feedback from clients and brokers,” said Chris Kundstadter, XL Catlin’s global head of space insurance. “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.”
There are more than 4,800 satellites currently orbiting the earth, according to the United Nations Office for Outer Space Affairs. That’s a 4.97% increase from last year. 2017 was a record-breaking year for satellite launches, with 466 satellites launched. So far this year, 220 satellites have been launched.
“This policy is a game-changer for the aerospace industry, which traditionally has had to secure separate policies for each portion of the process,” Kunstadter said. “Now we can insure all aspects and phases under one single policy.”
The policy offers limits up to US$5 million during the pre-launch and launch phases, and limits can differ during each phase.