SIA Praises Congress for Extending Commercial Space Launch Indemnification
[Via Satellite 11-17-2015] The Satellite Industry Association (SIA) commended the U.S. House of Representatives for passing a bill that will extend the existing commercial space launch indemnification regime through 2025. The indemnification provision was included as a part of the Spurring Private Aerospace Competitiveness and Entrepreneurship (SPACE) Act of 2015, for which the Senate already passed identical legislation. Congress will now send the measure to the White House for signature or veto by the President.
“Extending the launch indemnification regime for a further 10 years ensures the continuation of a long-standing provision needed for the global competitiveness of U.S. launch services companies,” said Tom Stroup, president of SIA. “SIA applauds this action by Congress. It is an important step to maintaining U.S. innovation and leadership in satellite launch while aiding the broader domestic and global satellite industry.”
The commercial space launch indemnification regime offers government indemnification for any damages in excess of the required private launch insurance limits. The regime has never been drawn upon, but according to SIA, allows U.S. commercial launch service providers to compete on a level playing field with foreign providers, which have similar indemnification from third party liability damage related to launch failures.