Financial Responsibility for Reentry Vehicle Operations
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1995-05-01
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Abstract:The Department of Transportation's Office of Commercial Space Transportation is
in the process of assessing the safety of a reentry vehicle and its operation
and is developing an associated regulatory framework for ensuring public safety
while minimizing regulatory burdens, delays, or uncertainties that could hamper
or prevent development of commercial space transportation and reentry
capabilities. As part of this overall activity, the existing statutory ceilings
on third-party liability and government property insurance requirements were
examined. Specifically, the Commercial Space Launch Act's existing ceilings and
risk-based determination of the maximum probable loss that would result from
licensed reentries were examined to establish their appropriateness to licensed
reentry operations. It was found that the current statutory requirements are
more than adequate for ensuring third-party and government property against the
risks likely to be encountered from licensed reentry operations. It was
concluded that the current methods employed for the setting of financial
responsibility, i.e., the determination and use of maximum probable loss, is
also appropriate for reentry operations. It was determined, based upon
extensive conversations with the space insurance industry, that insurance
industry capacity for providing third-party and government property coverage at
a reasonable price is adequate and is not likely to pose a problem, at least in
the near-term. The recommendation was therefore made that the existing ceilings
and method for setting financial responsibility requirements for launches be
used for setting financial requirements for reentry operations. 40p.
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