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New Space

An innovative approach to risk management and insurance for New Space.

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The global New Space sector is rapidly transforming, offering unprecedented opportunities, capabilities, and investments. With an expanding stakeholder base and significant technological advancements, this is an exciting time for the sector.

As companies push the boundaries of innovation, creating more capable and cost-effective satellites and launch vehicles, they must also navigate risks. These risks can complicate funding from traditional investors, delay revenue streams, and impact mission performance.

That’s where the Marsh Space Projects team can help. We specialize in helping organizations to identify, quantify, and mitigate space risks, providing tailored insurance solutions that help clients navigate complex risks with greater confidence. With our extensive industry experience, engineering knowledge, and technical expertise, we can support the growth of New Space innovation and commercialization, guiding clients through every phase of their missions — from pre-launch operations to de-orbiting.

Protecting New Space companies and assets

Our New Space insurance hubs are located around the world, offering 24/7 service to our clients. We offer risk management and broking services, with a team that includes satellite engineers with industry experience, as well as claims and administrative support.

Our tailored offerings include:

  • Marsh’s exclusive Fast Track facility, offering clients exclusive and discounted capacity across their portfolio.
  • Insurance specifically designed for New Space companies, covering the risk of physical loss or damage.
  • Pre-launch and space launch insurance that is often available in a single, continuous policy.
  • Flexible insurance options for all phases, including assembly, integration and testing, pre-launch, launch, in-orbit (signal acquisition, commissioning, 180 days, 365 days), and third-party liability.
  • A streamlined process that uses centralized data collection, tools, and data analytics to gather key details and inform purchasing decisions.

Why Marsh

By choosing Marsh, you gain a dedicated partner focused on driving your business forward. Our team of space specialists, located in 15 countries around the world, brings a wealth of experience totaling over 1,000 years, including satellite engineers, brokers, and claims specialists.

Within Marsh’s Space team, we have designated members specifically focused on the New Space sector and have designed our service and product offerings for New Space companies. This allows us to address your insurance needs quickly. Our sub-team also includes former small satellite engineers from the New Space industry who understand your requirements and the varying approaches to risk from a technical standpoint.

This specialized expertise enables us to deliver a full suite of insurance broking and risk management solutions to the New Space industry. We provide data-driven insights, tailored insurance products, and advanced analysis tools, all designed to help clients navigate complex risks and seek to optimize their risk management strategies.

To connect with us for more information, contact us at NewSpace@marsh.com.

FAQs

Marsh Space Projects collaborate with a range of clients in the space industry, including:

  • Entrepreneurs
  • Startups
  • Satellite owners, operators, and manufacturers across a variety of missions, including communications, remote sensing, lunar, asteroid mining, space tourism, in-space manufacturing, in-orbit servicing, and more.
  • Launch service providers and orbital upper stage tugs.

We streamline the placement process and aim to simplify the submission of information to insurers, improving efficiency and accessibility. We offer a fresh approach to New Space risk management that seeks to optimize the traditional space insurance model for the emerging New Space sector.

New Space companies can use insurance for various aspects of spacecraft, including assembly, integration, and testing (AIT), storage, transit to launch site, pre-launch campaigns, launch, in-orbit operations, and third-party liability.

Companies can also secure insurance for property, professional indemnity, and directors and officers liability.

Some of the risks facing New Space stakeholders may include:

  • Damage to a spacecraft or launch vehicle during construction, transport, and pre-launch activities
  • Delay and cash flow constraints in the event of business interruption
  • Access to capital raising and project financing
  • Operational failures affecting assets and infrastructure
  • Space debris collisions

Yes. Often clients find that the identification, quantification, and management of key risks is critical to success. Marsh helps clients develop risk registers and corporate risk governance frameworks that enable the dynamic management of critical risks and can promote oversight by boards of directors, investors, and other stakeholders as required. We also offer additional advisory solutions which are described here.

Our people

Adam Sturmer

Managing Director, Space Projects, Marsh Specialty Aviation & Space, United Kingdom

  • United Kingdom

Stephen Monks

Managing Director, Space Projects, Marsh Specialty Aviation & Space, United Kingdom

  • United Kingdom

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Talk to us

For more information and to speak with a NewSpace representative, please fill out the form.

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