Obligation to insure space activities
Section 8 of the Act on Space Activities 63/2018) contains provisions on the obligation to insure that applies to space activities. Pursuant to the section, the operator must buy an insurance policy to cover damage caused by the space activities to third parties at least up to the maximum amount of the State’s right of recourse, which is 60 million euros.
A policy taken out in case of damage caused to third parties can be referred to as liability insurance. Liability policies cover personal injuries and damage to property for third parties that results from the launch, orbiting or return to Earth of a space object. The key principle of the Act on Space Activities is that a liability insurance policy must be purchased for space activities, which will cover the required amount of damages resulting from a space object’s
- launch and departure,
- operations, and
- its return to Earth.
The Act on Space Activities also contains provisions on when the Ministry of Economic Affairs and Employment may refrain from requiring the liability insurance referred to in section 8. Accordingly, the prerequisites for deviating from the insurance obligation are examined:
- On the basis of the coverage of the launch company’s insurance or similar insurance, and
- On the basis of a space activities risk assessment.