Ironshore International announced Wednesday that its Pembroke Managing Agency Limited through its Lloyd’s Syndicate 4000 (“Pembroke”) is introducing insurance coverage for passengers and participants in sub-orbital space flights.
The product covers personal risk exposure of death, serious injury, and associated medical expenses for aspiring astronauts engaged in sub-orbital space flights.
Available limits are available for up to $5 million for any one passenger and up to $20 million for any one space flight event.
“Commercialization of the space travel industry has triggered Pembroke’s development of a forward-thinking program to provide protection for those pioneers seeking to explore space experiences,” said Neil Stevens, Director of the Space Division of Pembroke, in a statement.
Marc McLean, Head of the Personal Accident division at Pembroke, added, “Attention to personal accident risk demonstrates an ongoing commitment to product innovation, enabling us to extend our business lines into exciting new markets, such as space travel, through cross-divisional collaboration.”
What other space-related exposures will Ironshore cover?
Ironshore’s Space division also provides insurance for lenders engaged in the financing of satellite projects. This lender coverage, available for banks and export credit agencies, will protect against the risk of non-disclosure and misrepresentation by borrowers in a satellite financing transaction.
Back on this planet, Pembroke’s Personal Accident unit offers a range of coverages, including Accidental Death & Dismemberment, Permanent Total Disablement for Accident or Sickness, Accidental Medical Expenses, and Business Travel Accident.