XL Catlin has announced the launch of the new seamless space insurance product for satellite proprietors, manufacturers and launch providers. The insurance policy covers all satellite and launch-vehicle physical damage exposures from pre-launch to produce activities with the deployment from the spacecraft in orbit.
“We allow us this coverage according to our review and monitoring from the space industry, and also on feedback from clients and brokers,” stated Chris Kundstadter, XL Catlin’s global mind of space insurance. “With the proliferation of recent, small satellites and launch vehicles, just one, standardized product will give you quick access to insurance through the development and deployment lifecycle of satellites and launch vehicles.”
There are other than 4,800 satellites presently orbiting our planet, based on the Un Office for Space Matters. That’s a 4.97% increase from this past year. 2017 would be a record-breaking year for satellite launches, with 466 satellites launched. To date this season, 220 satellites happen to be launched.
“This policy is really a game-changer for that aerospace industry, which typically has already established to secure separate policies for every area of the process,” Kunstadter stated. “Now we are able to insure every aspect and phases under a single policy.”
The insurance policy offers limits as much as US$5 million throughout the pre-launch and launch phases, and limits may differ during each phase.