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Spaceflight for spur races of Richard Branson and Jeff Bezos insurers – News

Richard Branson I plan to fly to the ballistic space on Sunday, 9 days ago Similar journey By fellow billionaire Jeff Bezos. These first flights for space moguls will also start without liability insurance, DealBook Newsletter Report..

Broker says neither Virgin Galactic Also, Mr. Branson does not appear to have purchased the press if a British businessman is hurt or worse. (Crafts are probably covered.) The same is true for Bezos and his company Blue Origin. Virgin, Mr. Branson, Blue Origin refused or did not respond to the request for comment.

Hamilton’s Head of Space Insurance, Shima Adia, who provides insurance through Lloyd’s of London, said: “But there was no specially written policy for these flights.”

Liability insurance is required for international flights. However, the virgin aircraft VSS Unity was launched and landed at the same location in New Mexico, so Branson’s flight was technically a domestic trip, despite a surge to the edge of space. Is considered to be. Virgin states that passengers must ultimately sign a contract that agrees to take full responsibility for their safety, but under American law, in the case of personal injury or loss of life. It is almost impossible to transfer all responsibility to.

Insurers say it is very likely that regulators will soon seek liability insurance. Space travel is not covered by regular life insurance, according to industry experts. It can also be a problem for businesses if executives, like Branson and Bezos, decide they want to travel to space. So-called key person policies could theoretically cover stock market fallout if something happens to top executives.

There are not many options for casual space travelers, but some insurers are interested in developing such policies. Allianz first began designing a space travel policy in 2012, but there is no evidence that it was sold. (Allianz did not return a request for comment.) Space travel is new, but experts say there is now enough data on rocket launches to know how to price these policies.

Lloyd’s of London estimates that the space insurance market has paid an average of $ 500 million annually over the last decade. However, these policies generally target satellites and other non-human cargo.

“The big question for the insurance industry is whether this is similar to aviation insurance or current space policy,” said Neil Stevens, senior vice president of space products at insurance broker Marsh. Says. “There was no situation where the insurance market was not expanding.”

But so far, space travel has begun without an insurance network for passengers. Developing these policies is another small step that is likely to be needed before space travel can leap into a fully functional tourism market.

Spaceflight for spur races of Richard Branson and Jeff Bezos insurers

Source link Spaceflight for spur races of Richard Branson and Jeff Bezos insurers



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