It’s been more than a decade since the year 2000, and we still do not have flying cars. Instead, we have private companies that are working on creating space planes that will leave the Earth’s atmosphere. Obviously, this is rather risky, and therefore, requires a unique type of insurance policy.
SpaceShipOne is the very first space plane that can leave the Earth’s atmosphere that was not created as part of a government program, or with government funds. Obviously, there would be extreme risks involved in flying what amounts to a spacecraft. SpaceShipOne has a $100 million insurance policy with Lloyd’s of London. It is a liability policy that covers SpaceShipOne for up to altitudes of 62 miles, (or 328,461 feet). The policy was taken out in 2004.
One can only wonder if Richard Branson’s company, Virgin Galactic, will carry a similar policy. In 2010, their VSS Enterprise had it’s maiden flight attached to the VMS Eve Mothership. This was the world’s first commercial manned spaceship that has left Earth. The flight was about three hours long, and both ships hit an altitude of 45,000 feet, (or 13,716 miles).
There may one day be a need for people to purchase some form specialized travel insurance before they embark on a vacation space flight. Right now, it is more likely that the companies who are working on commercial space flight will require some form of liability policy, as a form of risk management, as they work out the details. Underwriters at Lloyd’s of London have started thinking about what this type of insurance policy would involve.
Lloyd’s of London has also given thought to other types of space insurance policies. There are a lot of satellites floating around up there, and some are disintegrating. Some of those pieces of space junk could come crashing down to Earth, eventually. Believe it or not, Lloyd’s of London has insured at least one person against the possibility of being maimed or killed by falling space debris.
All this talk about commercial space travel could make a person wonder about the possibility of encountering an intelligent life form, or a UFO. Do you have concerns about being abducted by an alien? If so, then there is an insurance policy for you! A company called UFO Abduction & Casualty Insurance company will sell you an Alien Abduction insurance policy.
It costs somewhere between $20 and $25 dollars, and will pay out $10 million dollars in coverage. In order to file a claim, you must fill out a form, and provide proof that you had been abducted by aliens. Naturally, you are going to have to be returned to Earth before you can file a claim.
Image by cliff1066 on Flickr