Space insurance has traditionally focused on launch and in-orbit performance, but today’s space sector extends far beyond the spacecraft itself. The modern value chain now includes data analytics platforms, companies that interpret and deliver insights to end users, and next-generation services such as quantum key generation from space.
End users, from governments and environmental agencies to financial institutions, rely on satellite data to make critical decisions. Any disruption in that data flow can have wide-reaching operational and economic consequences.
Yet many providers still rely on fragmented coverage from multiple insurers. In an environment defined by complex, interconnected risks, the stakes are too high for a piecemeal approach.
Relying on standalone policies that address different exposures runs the risk that claims will fall through the gaps or that insurers will disagree about which policy should respond when a claim arises. This delays recovery and slows innovation.
OMEGASPACE: A Unified Approach
OMEGASPACE was designed to solve this problem. It consolidates professional indemnity, technology errors and omissions, cyber liability and response, crime, and management liability into a unified policy.
Who Is OMEGASPACE For?
OMEGASPACE provides protection for downstream companies providing space-led services. This includes:
- Satellite owners and operators
- Analytical service providers
- Location service providers
- Software interfaces
- Next gen service providers
What Does OMEGASPACE Cover?
OMEGASPACE provides a fully integrated structure of first-party, third-party, and regulatory protections. This includes liabilities arising from space services and the technologies used to deliver them, as well as network and privacy breaches. It doesn’t matter what the cause was – technical fault, cyberattack or staff error, the coverage still stands, and 24/7 cyber incident response is included.
Crime coverage safeguards businesses against cyber extortion, fraud, and social engineering. AI errors are also covered, whether AI is used in product development or service provision (like generating financial advice).
OMEGASPACE’s management liability cover helps companies attract talent to the board and increase investor confidence.
The failure of in-space assets isn’t included, but Relm offers bespoke solutions under its launch and in-orbit cover.
OMEGASPACE Claims Examples
Technology Failure
‘WeSee’, operator of a hyperspectral satellite constellation serving mining clients, faced a claim from ‘MetalCo’ alleging negligence after missing a valuable manganese deposit. OMEGASPACE’s coverage was activated, funding legal and technical experts.
Investigation revealed the deposit had been detected, but a coding error affecting the user interface hid it from view. This technical failure remained covered.
During proceedings, a social engineering scam led to a fraudulent payment, which OMEGASPACE also covered. When news of the dispute reached the media, public relations costs were paid to mitigate reputational damage.
Privacy and Network Security Breach
‘SpaceSure’, which provides real-time flood monitoring through satellite imagery, weather data, and hydrological models discovered that user information was being sold on the dark web.
The company immediately contacted Relm’s 24/7 incident response service and OMEGASPACE’s coverage was triggered. A team was then deployed to investigate, contain losses, and manage regulatory notifications. A network security breach was later confirmed, triggering coverage for system restoration, data recovery, and business interruption losses.
When regulators extended their inquiries to SpaceSure, OMEGASPACE funded legal and compliance costs. Following media exposure and a reduced company valuation, investors threatened a derivative action. OMEGASPACE’s management liability coverage responded, supporting defense and indemnifying directors if required.
Takeaways for Brokers and Insurance Professionals
Traditional space insurance lags behind the sector’s development. Specialized, unified coverage like OMEGASPACE provides comprehensive protection tailored to the needs of space economy innovators, closing coverage gaps. Contact Relm to learn more.
