The newly launched space insurance policy Llift Space is designed for satellites that weigh under 300kg
Specialist insurance market Lloyd’s has launched Llift Space, a new multi-million-pound space insurance policy for the private spaceflight industry.
The new space insurance policy is said to have been designed to address the distinct requirements of a fast growing new space sector. As per Lloyd’s, the new sector can potentially help in tripling the size of the global space market in the next 20 years.
Llift Space, which is available only in the Lloyd’s market, will enable customers to cover their assets from the pre-launch phase, which includes transit and placement on the launch vehicle, through to the launch phase, and finally to the in-orbit operation.
The space insurance policy is designed for satellites that weigh under 300kg, said the specialist insurance market.
Lloyd’s claims that the policy is modular, which lets customers to select the elements within each phase that are most relevant to their coverage requirements.
The new space insurance policy Llift Space has the backing of 18 syndicates
Llift Space, which is targeted at the NewSpace sector, is said to have the backing of a consortium of 18 syndicates, led by Brit and Hiscox MGA, with a $25m capacity per risk.
Hiscox space head Pascal Lecointe said: “Having two leading markets in the sector come together in a way that’s never been done before to create a genuinely innovative Lloyd’s product for this dynamic new industry, highlights the place Lloyd’s retains at the forefront of the global space insurance market.”
According to Lloyd’s, NewSpace is characterised by lower cost and easier routes to space, which has opened up the space sector to wealthy entrepreneurs, private enterprise, and innovative start-ups. The emergence of the sector is increasing the need for space insurance, said the London-based insurance market.
Lloyd’s innovation head Trevor Maynard said: “New aerospace companies and ventures are emerging all the time. They are looking to develop faster and cheaper access to space and spaceflight. As they do so, they want access to easily scalable insurance that fits their needs and can be arranged quickly to support technological development and business growth.
“Our new space consortium allows Lloyd’s to do this better than ever.”
Recently, Lloyd’s revealed a blueprint that outlines its plans to launch an electronic exchange and a complex risk platform among other measures to help it become the most advanced insurance marketplace in the world.