Relm Logo

Space Insurance Products

Modern space companies face growing risks — from cyberattacks to technical failures — yet still rely on fragmented insurance built for a different era. This patchwork approach often leaves gaps between technology, liability, and regulatory coverage, creating uncertainty when incidents occur and slowing recovery for space innovators.

Relm’s new Space Insurance Product Suite solves this problem by combining critical protections into a unified structure with two purpose-built solutions:

 

  • NOVASPACE is tailored for upstream providers — companies that design, manufacture, or supply the technologies that power space missions.
  • OMEGASPACE is built for downstream service providers — businesses that operate satellites, process data, or deliver insights and applications derived from space-based assets.

NOVASPACE

  • 01

    Who Is NOVASPACE For?

    NOVASPACE is for upstream providers like:

    • Satellite designers and builders: Designers and manufacturers of spacecraft or subsystems (for themselves or third parties).
    • Component suppliers: Suppliers of spacecraft components, from reaction wheels and star trackers to transceivers and antennae.
    • Software providers: Companies that provide software (including firmware and communications protocols) to the satellite industry.
    • Payload providers: Developers and suppliers of payloads, whether for optical, communications, or space manufacturing purposes.
    • Providers of ancillary services: This includes testing rigs, radiation modelling, and package design for transport.

  • 02

    NOVASPACE Coverage

    First-party coverage includes:

    • Incident response.
    • Business interruption and extra expense.
    • Data restoration.
    • Bricking.
    • Cyber extortion and crime.

    Regulatory coverage addresses:

    • Regulatory investigations.
    • Inquiry expenses.

    Third-party coverage extends to:

    • Space technology services liability.
    • Space technology product liability.
    • Network security liability.
    • Privacy liability.
    • Artificial Intelligence.

NOVASPACE Broker Example

Claims Scenario: Problems on Testing

‘VoltSure’ designs and manufactures power supply control systems for spacecraft. One of its systems was integrated into the design of ‘EagleSat,’ a 20-satellite constellation of low-Earth-orbit satellites. Unfortunately, during final testing there is a small electrical fire which damages several components. One of EagleSat’s employees suggests that VoltSure’s product may be at fault.

Notification of Circumstances

VoltSure immediately notifies Relm of a circumstance that may give rise to a claim against the policy, meaning that NOVASPACE responds to a covered claim that arises. VoltSure will not need to worry about the policy period ending before the claim is made.

Loss Mitigation Expenses

VoltSure thinks that it is unlikely that their system could be responsible for the fire, but is conscious that defending the claim is likely to be more expensive and more damaging to their commercial relationships than making a settlement offer. Backed by Relm, VoltSure offers a full refund on the alleged faulty system and compensation to EagleSat for the other damaged systems.

Space Technology Products Liability

Unfortunately, the offer is not accepted. EagleSat’s insurers have paid for damage to EagleSat under their AIT (Assembly, Integration, and Testing) policy, and are seeking to recover their loss from VoltSure on the basis that the power supply control system is at fault. EagleSat has seen its program delayed and has joined in the claim to recover its additional expenses and lost revenues. Fortunately, NOVASPACE responds to liability claims for both EagleSat’s property damage and its economic loss, including sub-limited cover for costs consequential to a missed launch window. Relm works with VoltSure to appoint a legal team to investigate and defend the claim, taking a significant workload away from VoltSure.

Public Relations Costs

VoltSure successfully defended the claim, but it was already in the public domain and caused reputational damage. NOVASPACE paid public relations costs to mitigate some of this harm.

OMEGASPACE

  • 01

    Who Is OMEGASPACE For?

    OMEGASPACE safeguards downstream service providers including:

    • Satellite owners and operators: Any business that owns or operates satellites and uses their own data to provide analytics and advice.
    • Analytical service providers: Companies that provide analytics and advice using third party space data (publicly available data, data from dedicated third party satellites, or data integrated from multiple sources, including terrestrial.)
    • Location service providers: Companies that offer secure GPS technologies that enable autonomous applications.
    • Software interfaces: Providers of software or user interfaces that turn space data into actionable information.
    • Next gen service providers: Services include quantum key generation from space, AI-enabled autonomous operations, and advanced navigation applications.

  • 02

    OMEGASPACE Coverage

    First-party coverage includes:

    • Incident response costs.
    • Business interruption and extra expense.
    • Data restoration costs.
    • Bricking.
    • Cyber extortion and crime.

    Regulatory cover addresses:

    • Regulatory investigations.
    • Inquiry expenses.

    Third-party coverage includes:

    • Space services liability.
    • Space technologies liability.
    • Network security liability.
    • Privacy liability.
    • Artificial intelligence liability.
    • Management liability.

     

OMEGASPACE Broker Example

Claims Scenario: Technology Failure

‘WeSee’ operates a constellation of hyperspectral low-Earth-orbit satellites with a customer base that includes mining companies. It can task its satellites according to customer demand, collecting high-resolution images of given areas, which it then processes through bespoke software to locate likely mineral deposits. ‘MetalCo’ was one of those customers. MetalCo alleges that WeSee missed a significant deposit of rare earth elements, which a rival then exploited.

Space Services Liability

MetalCo sends WeSee a letter of claim, alleging that WeSee was negligent because it missed a manganese deposit. OMEGASPACE’s coverage is triggered, working with WeSee to appoint an experienced legal and technical team to investigate and respond to the claim.

Space Technologies Liability

As the investigation progresses, it emerges that the manganese deposit was identified by WeSee’s analytical tools. However, there was a coding error in the user interface, which meant that MetalCo’s team did not see it. This technological failure nevertheless remains covered.

Social Engineering Fraud

During the claim, a junior accountant was tricked into directly paying one of the expert advisers instructed on behalf of WeSee. Unfortunately, this was a scam — the insurers were paying the expert themselves. Fortunately, OMEGASPACE covers this loss.

Public Relations Costs

News of the claim leaked into the public domain, so OMEGASPACE pays public relations costs to assist with damage limitation.

Backed by Relm’s Class IIGB license and regulatory oversight from the Bermuda Monetary Authority, our space insurance products combine technical precision with financial strength.

Whether you’re developing hardware, deploying satellites, or analysing space data, Relm delivers insurance built for the challenges of the next frontier.