Broker and risk advisor Marsh has placed insurance for the first space rocket launch from UK soil.
Arranged on behalf of Space Forge and placed with Beazley, the policy covers risk of loss to the Forgestar payload.
The launch – which is expected to take place this year at 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.
Space launch becomes reality
Commenting on the placement, Neil Stevens, SVP, 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 CTO 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.”
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