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As private companies take the lead in the space economy, new risks are emerging far beyond launch and orbit. With more satellites in production and growing dependence on advanced technologies, upstream providers face rising exposure to contractual, cyber, and operational risks.
Traditional space insurance focused narrowly on launch, the moment a satellite left Earth and began its mission. Today, the industry has evolved. Falling costs have lowered barriers to entry, breaking the dominance of governments and large corporations.
Private companies now account for the majority of the sector and are investing in high-risk, high-reward programs such as in-space manufacturing and asteroid mining. The number of satellites in orbit is projected to triple within a few years, with more than 400 new constellations under development.
As these trends accelerate, so do the associated risks. The next generation of coverage must address vulnerabilities across the entire value chain — from design and manufacturing to testing and delivery. NOVASPACE provides purpose-built protection for this new frontier of innovation.
NOVASPACE: A New Standard in Space Insurance
NOVASPACE is a tailored insurance solution designed for the innovators that power the upstream space supply chain. It addresses contractual technology risks and cybersecurity for innovators that design, manufacture and supply products, and deliver services.
Who Is NOVASPACE For?
NOVASPACE is built for upstream providers like:
- Satellite designers
- Satellite builders
- Component suppliers
- Software providers
- Payload providers
- Providers of ancillary services
What Does NOVASPACE Cover?
NOVASPACE combines Relm’s best-in-class tech errors and omissions, cyber and crime liability into one comprehensive policy, tailored to the unique risk profile facing upstream space businesses. Coverage is provided through final testing up until the spacecraft or launch vehicle’s arrival at the launch site.
The policy also covers:
- Artificial Intelligence risk, whether AI is used in product development or is part of service provision.
- Data or network security breaches, with 24/7 access to a cyber incident response service.
- Extortion, theft of funds, social engineering attacks, funds transfer fraud, and invoice manipulation.
- Regulatory inquiries and investigations, helping ensure businesses are properly represented.
NOVASPACE Claims Examples
Problems on Testing
‘VoltSure’, a spacecraft power systems manufacturer, faced issues during testing of a 20-satellite constellation when an electrical fire occurred. The client, EagleSat, suspected VoltSure’s product was at fault.
VoltSure promptly notified Relm of a potential claim under NOVASPACE. Backed by the policy, the company offered compensation to avoid costly litigation but EagleSat’s insurers pursued recovery for damages, delays, and lost revenue.
NOVASPACE covered both property damage and economic loss, including missed launch costs, and Relm coordinated VoltSure’s legal defense. After VoltSure successfully defended the claim, NOVASPACE also funded PR efforts to mitigate reputational harm.
Software Failure
‘ReEnter’ offers a solution that models heat and heat dissipation for spacecraft re-entering the atmosphere, which integrates with customers’ concurrent design software. Central to the company’s offering is to help customers get it ‘right first time’ so they can shorten the development process.
ReEnter was assisting Back2Earth in designing an unmanned reusable space plane. Back2Earth’s engineers’ own calculations differed significantly from what the software provided and the conflict of results delayed the project by six months. ReEnter were accused of negligence and notified Relm.
NOVASPACE responded, covering both service and product-related liabilities, funding investigation, defense, and any settlement.
During the inquiry, malware was discovered in ReEnter’s systems. NOVASPACE provided immediate cybersecurity response, including mitigation and regulatory notifications. When Back2Earth later discovered the same malware within its own systems, NOVASPACE again covered resulting damages and legal costs.
Takeaways for Brokers and Insurance Professionals
Space insurance hasn’t evolved in line with the sector’s overall growth. Instead of relying on a patchwork of policies with coverage gaps, upstream providers need tailored solutions that protect against the space economy’s varied risks. NOVASPACE offers just that. To learn more, contact Relm today.
