Ironshore International’s Pembroke Managing Agency Limited through its Lloyd’s Syndicate 4000 (Pembroke) has introduced insurance coverage for passengers and participants in sub-orbital space flights. 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.
According to Neil Stevens, director of the Space Division of Pembroke says commercialization of the space travel industry triggered Pembroke’s development of the program to provide protection for those seeking to explore space experiences.
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 range of coverages, including accidental death & dismemberment, permanent total disablement for accident or sickness, accidental medical expenses, and business travel accident.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its multiple international platforms.
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