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Industries / Space

Space

Advancements continue to develop at a rapid pace in space exploration, travel, and technology. As the space ecosystem expands and becomes increasingly common, space risk management has progressed from providing simple launch insurance to a complex discipline. With specialized knowledge of the industry, our experts will help you manage dynamic risks and protect your business from unexpected losses with insurance solutions aligned with the unique challenges you face.

COLLABORATIVE PARTNERSHIP

Redefining the advisory experience

An impactful partner acts like your mission control – helping you identify, navigate, and manage risks you may encounter to help safely execute your pursuit. Together with you, our space experts will do a deep dive into your risk topography, discover your priorities, define risk strategies, and help simplify the insurance process. You’ll work with a team of professionals who have the industry experience and resources to help protect your investments, assets, and future.

Let our experience help guide you. We’ll provide you with:

Contract analysis

Risk reviews and reporting

Benchmarking

Claim negotiation and advocacy

Insurance program design and implementation

Space satellite over the planet earth

RENEWED APPROACH

Propelling the possibilities with tailored solutions


No two space clients’ needs are the same. This is why our risk management approach is one to one – providing solutions, based on our depth of knowledge in the space industry, that are customized for your exact needs. We explore your business from all angles, leveraging our proprietary RiskMap process to identify your exposures, and offer practical steps and processes to protect your business. As your partner, we’ll provide ongoing support and continually create solutions that keep pace with your vulnerabilities, no matter how complex.

We provide specialized coverage for:

FUNDAMENTAL SOLUTIONS

Revolutionizing space risk management

Space ventures involve high costs and inherent risks, making it crucial for companies and governments to protect your investments with a risk and insurance strategy that evolves in lockstep with the opportunities you pursue. Whether it’s protection from the exposures you’ve come to expect or newer areas of risk, our team will develop highly customized insurance solutions that help protect your business from all angles of commercial risk.

Specialized coverages to consider include these and more:

Launch insurance

Launch insurance is a specialized form of insurance that provides coverage for the significant risks associated with space missions and satellite launches. Space ventures involve high costs and inherent risks, making it crucial for companies and governments to protect their investments. Rocket launch insurance typically covers damage to the payload or spacecraft, launch vehicle failures, third-party liability, and mission delays. Insurers assess risk factors, such as the launch provider’s track record, payload value, and mission complexity, to determine the premium. This type of insurance plays a pivotal role in mitigating financial losses and fostering the growth of the space industry by providing a safety net against unforeseen incidents during space missions. This can also cover the FAA requirement limit for each launch.

Pre-launch insurance

Pre-launch insurance is a vital component of the space industry, offering coverage for the various risks and uncertainties that arise before a satellite or spacecraft is launched into orbit. This type of insurance provides financial protection against potential losses due to technical malfunctions or accidents during the pre-launch phase, which include assembly, integration, testing, and transportation. Pre-launch insurance helps mitigate the significant financial investment made by satellite operators and manufacturers, helping ensure that they can recover costs in the case of unforeseen events that could disrupt or delay the launch. By offering a safety net during the critical pre-launch period, this insurance plays a crucial role in supporting the successful deployment of space assets and fostering innovation in space exploration and technology.

In-orbit coverage

In-Orbit coverage for satellites is a specific type of insurance policy that provides protection against potential incidents, malfunctions, or damage that may occur once the satellite is launched and operating in space. Coverage typically includes anomalies during satellite’s operational life, such as in-orbit failure, on-station failures, partial or total loss of the spacecraft due to malfunctioning, collision with space debris, solar weather effects, and system failures. These plans often offer coverage during an extended period of operations, protecting against financial loss due to reduced or interrupted revenue streams.

Annual or per campaign testing coverage

Coverage for annual or specific campaign testing applies to both rocket launchers and their payloads. Every payload, be it a satellite, rover, or more, must qualify through a rigorous series of tests before it is affixed to the launch vehicle. These evaluations delve into various aspects, including vibration standards and thermal conditions, among others. For launchers, elements like propulsion systems, structural sturdiness, combustion sequences and operational protocols are thoroughly checked to ensure they meet stringent safety norms. The rigorous and systematic nature of these tests helps identify potential vulnerabilities, mitigate risks, and enhance overall launch safety.

THE BALDWIN GROUP INSIGHTS

Stay in the know


Our experts monitor your industry and global events to provide meaningful insights and help break down what you need to know, potential impacts, and how you should respond. 

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Ignite the possibilities

When you decide to partner with us, you choose to protect your now and your future with solutions and professionals as unique as your business.