Space insurance is the financial protection and risk-sharing regime that protects those involved in space activity from loss of assets, business interruption, and third-party liability for bodily injury and property damage. The first space insurance policy was written in 1965, to protect COMSAT, the US signatory to INTELSAT, from liability arising from their involvement in deployment of the earliest INTELSAT satellites. Since then, space insurance has expanded to become a critical resource that enables innovation and investment in space activity, as well as unlocking the economic potential and providing an economic safety net for the risks associated with space activity.
Small Satellites and Risk management, Insurance, and Liability Issues
Handbook of Small Satellites ; Chapter : 60 ; 1029-1039
2020-09-13
11 pages
Article/Chapter (Book)
Electronic Resource
English
Actual financial loss sustained , Ancillary coverage , Asset protection , Business interruption , Fortuity , Indemnification , Insurance coverage , Insurance exclusions , Insured vs. uninsured launches , Launch insurance , Launch risk guarantee , Liability claims , Low-value launches and satellites , Market dynamics , Pooling , Risk , Satellite failure , Satellite value chain , Space insurance , Underwriting criteria , Underwriting process , Warranty payback coverage , Wrap-around coverage Physics , Space Sciences (including Extraterrestrial Physics, Space Exploration and Astronautics) , Aerospace Technology and Astronautics , Communications Engineering, Networks , Monitoring/Environmental Analysis , Physics and Astronomy
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