Space Partnership International (“SPI”) has announced that it is offering a suite of space insurance products to support NASA’s Commercial Crew Development (“CCDev”) Initiative, the initiative, which includes manned vehicles for space transportation to and from the International Space Station (“ISS”) is designed to usher in a new era of commercial services in low earth orbit.
NASA has recommended in its CCDev solicitation of October 25th that participants in the Initiative obtain appropriate commercial insurance to include coverage for damage to the participant’s property (such as its launcher and any other flight hardware), and for third-party damages not otherwise addressed by FAA requirements.
This requirement for insurance is new for NASA and reflects the changing commercial practices of the space agency. One that will require unique solutions that reflect the space industry and overall insurance requirements. SPI’s Managing Director Jean Michel Eid noted that “the SPI Team has a long and successful history in understanding the complexities of space liability and how the various concepts of domestic and international law, including the NASA Act, the Commercial Space Act and UN Outer Space Treaties, interact.”
The SPI team has been involved with these issues for over 25 years in which time frame insurance placements have included the first policies for: space shuttle cargos, civilian astronauts, mars mission, X-Prize, satellite de-orbit liability, and coverage for NanoRacks relating to its operations with the ISS.
Source : PRWeb
