The insurance cover for the UK’s first space launch has been placed in the London market in preparation for lift off next month.
Broker Marsh revealed it has placed insurance for the first space rocket launch from UK soil, on behalf of Space Forge.
Beazley will be the lead underwriter on the policy which covers risk of loss to the Forgestar payload.
Beazley’s head of space, Denis Bensoussan, said: “In recent years, new space ventures have emerged as the fulcrum of innovation, investment and growth, and insuring the first orbital launch from UK soil carrying Space Forge’s first satellite is something we are naturally very proud of. This changing space industry requires different insurance solutions and we need to keep thinking ahead and innovating to enable and support its development.”
The launch, which is expected to take place this year from Spaceport Cornwall, one of the UK’s first domestic spaceports, will carry, among other satellites, Space Forge’s Forgestar-0 prototype space factory that can create materials that are not possible to make on Earth. Once operational, Forgestar will be the world’s first fully returnable and re-launchable satellite platform.
Commenting on the placement, Neil Stevens, senior vice president, Aviation and Space, Marsh Specialty, said: “This is truly a historic moment for the UK, as both the ambition and capability to launch satellites into space becomes a reality. Insurance is a vital consideration for any mission which contemplates commercial space activity; Marsh is proud to work with Space Forge on this landmark project, which will take us all a step closer to in-space manufacturing.”
Space Forge’s chief technology officer and co-founder Andrew Bacon said: “The upcoming launch is a huge moment for Space Forge. It’s been an exciting journey so far, with lots to consider in terms of logistics, legality and security, alongside the actual development, installation and launch of our satellite. It’s great to have another important milestone ticked off the list, having secured the correct insurance. It gives us peace of mind as we prepare for our inaugural mission with ForgeStar-0.”