Ironshore offers space travel insurance

One Bermuda insurer is looking forward to the future when people will take their vacations in space.

Ironshore International said its Pembroke Managing Agency Limited through its Lloyd’s Syndicate 4000 is introducing insurance coverage for passengers and participants in sub-orbital space flights like Richard Branson’s Virgin Galactic.  

Pembroke’s product provides cover for personal risk exposure of death, serious injury, and associated medical expenses for aspiring astronauts engaged in sub-orbital space flights.  

Insurance coverage 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.  

Ironshore’s Space division also provides insurance coverage for lenders engaged in the financing of satellite projects.  

Insurance coverage is available for banks and export credit agencies to protect against the risk of non-disclosure and misrepresentation by borrowers in a satellite financing transaction.  Pembroke’s Personal Accident unit offers a comprehensive range of coverages.