XL Catlin unveils ‘game-changing’ aerospace offering
Re/insurer XL Catlin has launched a new space insurance coverage for satellite owners, manufacturers and launch providers that it claims will be a game changer for the aerospace industry.
XL said 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.
It offers limits up to $5 million during both the pre-launch and launch phases and limits can differ during each phase. The underwriting teams are based in New York and London, covering global clients in the aerospace industry.
"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 Kunstadter, global head of space insurance said. "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."
"The policy is a game changer for the aerospace industry which traditionally has had to secure separate policies for each portion of the process. Now we can insure all aspects and phases under one single policy," Kunstadter added.
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 percent compared to last year. 2017 was said to be a record-breaking year for satellite launches with a total of 466 satellites launched. So far in 2018, 220 satellites have been launched.
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