XL Catlin launches seamless space insurance

XL Catlin has announced the launch of a seamless space insurance coverage for satellite owners, manufacturers and launch providers. The new single policy covers all satellite and launch vehicle physical damage exposures, from pre-launch to launch activities through 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,” says Chris Kunstadter, global head of Space Insurance. “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.”

According to the United Nations Office for Outer Space Affairs (UNOOSA), there are 4,857 satellites currently orbiting the planet; an increase of 4.79% compared to last year. 2017 was a record-breaking year for satellite launches with a total of 466 satellites launched. So far in 2018, 220 satellites have been launched.

The new policy offers limits up to US$5 million during both the pre-launch and launch phases, and limits can differ during each phase. The underwriting expert teams are based in New York and London, covering global clients in the aerospace industry.

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This story was originally published by Canadian Insurance Top Broker.