UK reduces satellites’ insurance premiums

UK reduces satellites’ insurance premiums

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UK: The UK reduced satellite operators’ insurance premiums for compulsory third-party liability insurance (for both launch and in-orbit operation). This cost will be reduced from EUR 110 million to EUR 60 million for the majority of missions, said, Minister for Universities and Science David Willetts in his speech at the first UK Space Conference. 
He said that it is the first step to make the British satellite industry internationally competitive. The next stage will be to consider proposals to amend the Outer Space Act itself so that there is an upper limit on third-party liability for UK satellite operators for the majority of missions and an exemption for in-orbit liability for very small satellites such as CubeSats.
Willetts said, “The UK’s space sector is a crucial driver of growth, and is worth around 7.5 billion Pound annually. That’s why it’s crucial that we’ve taken the first steps in reforming the Outer Space Act. We have real strengths in satellites and telecommunications, and this will help put UK operators on a level playing field with their international competitors”The Minister also announced that the UK Space Agency has pledged support for 9 groundbreaking spin-out projects, ranging from Europe’s leading space company working with experts in the medical field to identify where space technology can be used or adapted to benefit the National Health Service (NHS), to automated driving aids that can operate without GPS.
All projects are spun-out of Europe’s Aurora space exploration programme and all have the potential to be developed into terrestrial applications that can benefit society and the UK economy.
Source: Space Daily