What’s happening?

It’s a landmark moment for UK insurance. Global brokerage, Marsh, has announced that it has organised the insurance policy for the first ever rocket launch in the country on behalf of Beazley and Space Forge. The policy will cover, among other aspects, the risk of losing the ForgeStar’s crucial payload.

Expected to launch at Spaceport Cornwall, the ship will carry the ForgeStar-0 space factory which will hopefully create materials that cannot be created on Earth.

What the key players said

“This is truly a historic moment for the UK, as both the ambition and capability to launch satellites into space becomes a reality,” said Neil Stevens, senior VP, aviation and space at Marsh Specialty. “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.”

“The upcoming launch is a huge moment for Space Forge,” said Space Forge’s CTO and co-founder Andrew Bacon. “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.”

Source: https://www.insurancebusinessmag.com/uk/news/breaking-news/marsh-arranges-insurance-for-uks-first-space-rocket-launch-428360.aspx

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