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In deciding what to charge, insurers are likely to look at satellite policies, which range between 2.5 percent and 10 percent of insured value, Neil Stevens, a space insurance expert and member of the UK’s Satellite Finance Network advisory board.Īt that rate, a policy paying a million dollars would cost $25,000 to $100,000. It would take time, perhaps years, for those changes to be approved by all U.S. “I suspect in insurance company offices all over the country right now - as a result of what’s happened to the Virgin Galactic plane - it’s being discussed,” said Burke Christensen, former insurance lawyer and chief executive who has authored or edited three textbooks on insurance law. Pembroke Managing Agency offers a policy that pays up to $5 million per space passenger or up to $20 million per trip, according to parent Ironshore International, which announced the policy in June. Still, the industry is starting to gear up for sparce tourists, just as they cover satellite launches. life insurer MetLife MET.N said it doesn't have imminent plans to offer space tourism insurance. Northwestern Mutual said that it is paying close attention to the issue after the crash, but that there is too little safety data to assess the risk of space tourism. "If we had an applicant with such plans, we would postpone any underwriting decision until they returned," Prudential PRU.N spokeswoman Sheil Bridgeforth said. The companies themselves are taking a cautious approach. Insurance companies, which say they are considering what to do about space tourists after the Virgin crash, are likely to start adding questions about space travel and may even explicitly exclude space coverage, the industry observers said. life insurance policies don’t ask about space tourism or exclude it from coverage, meaning insurers most likely would have to pay if the holder died on a space trip, insurance industry veterans said. That loophole is likely to disappear, slowly, after the fatal crash last week of a test flight of a Virgin Galactic space ship designed to take tourists into space. Sheriffs' deputies look at wreckage from the crash of Virgin Galactic's SpaceShipTwo near a broken down house near Cantil, California November 2, 2014.
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