Ispace secures first insurance deal for private lunar lander
Capitalism in space: The Japanese startup Ispace has now obtained the first insurance plan ever for a private lunar lander.
The startup has signed a Memorandum of Understanding with Mitsui Sumitomo Insurance (MSI), a Tokyo-based firm that started working with Ispace in 2019, to insure its first attempt to send a lander to the moon later this year. The agreement outlines intentions to finalize terms for the insurance in the months leading up to Ispace’s Mission 1 (M1), which is currently slated to fly on a Falcon 9 rocket no earlier than the fourth quarter of 2022.
According to Ispace, the insurance would cover any damage the lander takes between separating from the rocket in a trans-lunar orbit (TLO) and touching down on the moon. As well as covering a failed landing, the insurance would guard against issues stemming from radiation exposure as the lander travels through the Van Allen belts to its destination.
The insurance does not cover the payloads Ispace’s lander will carry, including a rover from the United Arab Emirates.
Capitalism in space: The Japanese startup Ispace has now obtained the first insurance plan ever for a private lunar lander.
The startup has signed a Memorandum of Understanding with Mitsui Sumitomo Insurance (MSI), a Tokyo-based firm that started working with Ispace in 2019, to insure its first attempt to send a lander to the moon later this year. The agreement outlines intentions to finalize terms for the insurance in the months leading up to Ispace’s Mission 1 (M1), which is currently slated to fly on a Falcon 9 rocket no earlier than the fourth quarter of 2022.
According to Ispace, the insurance would cover any damage the lander takes between separating from the rocket in a trans-lunar orbit (TLO) and touching down on the moon. As well as covering a failed landing, the insurance would guard against issues stemming from radiation exposure as the lander travels through the Van Allen belts to its destination.
The insurance does not cover the payloads Ispace’s lander will carry, including a rover from the United Arab Emirates.