SpaceX brings space tourism into the limelight

Space tourism

Successful shuttle launch highlights insurance coverage California-based Space Exploration Technologies, commonly known as SpaceX, successfully launched its Falcon 9 rocket carrying its Dragon spacecraft into orbit this week. The launch marks the first time a commercial company has made an attempt to send a spacecraft to the International Space Station orbiting the planet. Since the U.S. retired its spacecraft fleet, space exploration has become a commercial province. As such, it has also become an attractive industry for insurers looking to expand their business. SpaceX’s launch, for instance, was not short…

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Travel insurance to cover your trip into space

It is predicted that this year will bring the first commercial flights into space, and with them, those space tourists will also be purchasing travel insurance to provide them with additional coverage for their trips. Among the leading space tourism companies is Virgin Galactic, which is offering coverage directly through its website, though these travelers can also speak with their travel agents if they want to obtain the coverage they need, just as they would for any other type of traditional vacation. Though the ultra-wealthy have already been taking space…

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As one door closes, another opens: NASA seeks insurance coverage for commercial space faring initiatives

 As NASA’s space shuttle program comes to an end, many insurance companies are eyeing the birth of a new commercial industry: Space tourism. Insurers have covered the space program since its inception, but now that NASA will no longer be launching expeditions into space as part of a federal project, the agency is looking to turn the program into a freelance affair. This shift toward a commercial market has got many insurers intrigued as a new opportunity for business emerges from the horizon. This week, NASA’s last official shuttle will…

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