Speciality insurance marketplace Lloyd’s of London has rolled out a space insurance policy for the private spaceflight sector.
Named Llift Space, the new proposition enables customers to insure their assets in different phases of the launch, from the pre-launch to the in-orbit operation.
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The policy caters to satellites weighing below 300kg. Customers can insure different elements within each phase depending on their needs.
A consortium of 18 syndicates is supporting the new offering with a $25m capacity per risk and focuses on the NewSpace sector. The consortium is headed by Brit and Hiscox MGA.
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. The breadth and depth of space insurance knowledge among Lloyd’s underwriters and brokers means that Lloyd’s is the number one choice for both traditional and NewSpace insurance.”
Last month, Lloyd’s of London announced the decision to streamline its governance with the formation of a single governing body. The decision was taken after five months of consultation.
