Lloyd's insurer makes history with liability cover on SpaceShipOne

Lloyd's insurer Amlin confirmed that it was the lead on the $100m liability policy for the SpaceShip-One spacecraft.

Last week the craft went into the history books as the first privately-manned vehicle to go to space.

Amlin general aviation underwriter Robert Lilley said: "Such projects underline why aviation as a class of business is so dynamic.

"While they make up only a tiny part of our portfolio, it is very exciting to be involved in projects that push the boundaries."

Scaled Composites backed the mission along with investor and philanthropist Paul G Allen.

SpaceShipOne is now being tipped to win the $10m Ansari X prize. The competition is open to any privately launched spaceship, that is able to carry three people to 100 kilometers (62.5 miles) and return to Earth.