The government has announced a cap on the cost of insuring UK space missions.
Universities minister David Willetts announced at a conference earlier this week that the licensing insurance requirements under the UK Outer Space Act 1986) have been reduced to €60m from £100m.
In the bulk of missions, which involve using established launchers and satellite platforms, insurance cover will be limited to €60 million against third party claims for the launch and in-orbit operational life of the satellite instead of £100 million.
The UK Space Agency performs a risk assessment to assess the potential risks posed by each mission and determines a corresponding level of insurance cover.
The changes are intended to encourage a level playing field between the UK and other space-faring nations.
The amendment is likely to be made by way of a legislative reform order following a three month public consultation.
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