United States Department of Transportation
i
Office of the Associate Administrator for Commercial Space Transportation: Insurance Determinations Requirements As of July 22, 1997
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1997-07-22
[PDF-18.42 KB]
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NTL Classification:NTL-AVIATION-AVIATION;NTL-AVIATION-Aviation Economics and Finance;NTL-AVIATION-Aviation Laws and Regulations;NTL-ECONOMICS AND FINANCE-Alternative Finance;
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Abstract:The Commercial Space Launch Act requires that all commercial licensees
demonstrate financial responsibility to compensate for the maximum probable
loss (MPL) from claims by a third party for death, bodily injury, or property
damage or loss resulting from an activity carried out under the license; and
the U.S. Government against a person for damage or loss to government property
resulting from an activity carried out under the license. Section 70112 also
requires that the Department of Transportation (DOT) set the amounts of
financial responsibility required of the licensee. The licensee can then elect
to meet this requirement by proving they have financial reserves equal to or
exceeding the amount specified, or placing the required amount in escrow, or
purchasing liability insurance equal to the amount specified. The most common
and preferred method is via the purchase of liability insurance. This document
shows financial reliability set by DOT in 1997. These amounts have since been
revised. The viewer can obtain current information on financial responsibility
at < http://ast.faa.gov/licensing/app_info/index.html#fri>. 4p.
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