Space and Satellite Insurance
Who We Are
Marsh’s Space Projects team is a specialised broking arm of the Aviation and Aerospace Practice and is dedicated to providing insurance and risk management solutions to the space insurance industry. We provide total risk management support throughout a satellite or launch vehicle lifecycle.
What We Do
Our brokers and Account Executives in the Space Projects team primarily:
- Provide space related risk management and insurance advice to clients and prospects globally.
- Negotiate with insurers the terms and conditions of syndicated space insurance placements.
- Manage each of the other Space Projects team disciplines (e.g. technical etc.) to ensure all aspects of the project timeline culminate in successful and timely placements of satellite risks.
- Keep clients fully appraised of the progress of placements and the state of the space insurance market in general.
Our team is comprised of engineers providing technical advice on space-related matters, lawyers (non practicing), a business administration team and a claims team.
Key Space and Satellite Insurance Coverages to Consider
We provide expert advice and tailored services to clients in all of the following areas:
Satellite Launch and In-Orbit Insurance
Provides coverage for loss, damage or failure of the satellite during the launch, in-orbit testing and in-orbit operation.
Launch Risk Guarantee
This product is for launch vehicle service providers. It provides coverage to the launch vehicle service provider for underperformance of the launch vehicle.
Satellite Launch Vehicle Flight Only Insurance
This product is available to the title holder of the satellite during the launch phase. It provides cover against the underperformance of the launch vehicle, up until separation of the satellite.
Satellite Post Separation Insurance
Coverage against loss, damage or failure of the satellite after the satellite has separated from the launch vehicle. This product is designed so that there is no gap in coverage with any policy that has provided coverage of the “launch phase”.
Satellite In-Orbit Insurance
Coverage for loss, damage or failure of the satellite during the “in-orbit phase”.
Facultative Space Reinsurance
This product is provided for underwriters for all types of individual space risks they wish to reinsure.
Satellite Third Party Liability Insurance
Covers bodily injury and property damage to third parties as a result of launch and in-orbit activities.
Satellite Transit and Pre-Launch Insurance
Provides cover against physical loss or damage of the satellite during transit from the manufacturer’s facilities to the launch site and the integration of the satellite to the launch vehicle. Typically coverage will terminate at “lift off” or “intentional ignition”. Satellite assembly, integration and testing can also being included in this type of policy.
Satellite Loss of Revenue Insurance
Coverage can be provided to cover the amount of revenue that an operator or owner may lose should the satellite not perform the manufacturer’s specification.
This provides coverage to the equipment manufacture for failure of a piece of equipment to perform to the manufacturer’s specification.
Astronaut/Cosmonaut Personal Accident Insurance
Provides cover for expenses from an accident with a lump sum payment, a daily or monthly amount or a payment for loss of life from an accident.
Key Specialist Skills
Our team members, all in house, have a variety of backgrounds, from insurance marketing, engineering, legal, financial to account management.
Market Leading Experience
Marsh is a pioneer of space insurance, establishing a specialised group dedicated to space insurance in 1977. Today, Marsh’s Space Projects team has grown into a highly experienced group of over 40 space insurance professionals, many of which have worked at Marsh for more than 25 years.
Marsh’s Space Projects offices are distributed globally, offering unique 24/7 coverage, coupled with support of Marsh local presence in over 100 countries.
Diversity and Market Presence
Our large and diverse portfolio of clients results in regular placement activity. This provides us with continuous market insight and knowledge allowing us to identify the latest market trends and capitalise on those for our clients.
Innovation and Problem Solving
We take an innovative approach to all aspects of risk management and coverage design. We have delivered numerous ‘market firsts’ in terms of financial and coverage solutions, such as full vertical marketing, coverage for Ground Based Beam Forming, or long term policies.