Lloyd's launches ground-breaking space insurance policy

Lloyd’s of London is going into orbit with its latest insurance launch, announcing that it will be releasing a space insurance policy with the aim of entering a growing industry that could help send its profits to the moon. The policy will be available through Lloyd’s Under the Lift Space initiative, with policies worth $25 million (£19 million) offered by 18 insurance syndicates operating out of the London insurance market. The initiative will be led by Brit and Hiscox MGA. The policies will pay out in the event of accidents like exploding rockets, in-orbit collisions or damage to components when they are being transported before a launch. The policies could also cover firms’ third party liability to any tourists who they launch into space, and could increase the level of space risk underwritten at Lloyd’s, which is currently estimated to be between £125 million ($163 million) and £150 million ($195.6 million).