This policy underscores compliance with laws, the necessity of obtaining appropriate approvals, and adherence to international regulations.1 Emphasizing the vital role of private sector involvement in the space economy, it also highlights liability concerns and strict compliance with governing laws and regulations.
The role of IN-SPACe
IN-SPACe serves as the single-window agency for authorizing space activities for both government and non-government entities (NGEs), ensuring compliance with national and international obligations in India.2 Key activities under IN-SPACe's purview include:
- Establishment and operation of spacecraft and launch vehicles
- Operation of launch pads
- Planned re-entry of spacecraft
- Operation of ground stations
- Dissemination of high-resolution space-based earth observation data
Encouraging private sector participation in the aerospace sector
The Indian government has outlined multiple strategies to foster private sector involvement in the space economy. These strategies include:
- Creating a stable regulatory framework and establishing a predictable regulatory environment through IN-SPACe to level the playing field for non-government entities.
- Advanced R&D and technology development:
- Encouraging cutting-edge research and development within the space sector
- Using space as a catalyst for overall technological advancement, fostering a scientific temperament, and increasing awareness of space activities
- Education, academia partnerships and innovation:
- Promoting space-related education and supporting space-sector startups
- Engaging with academia to broaden the space ecosystem and create industry-academia linkages
- NGEs activities and industry clusters:
- Allowing non-government entities to undertake comprehensive space activities, including the establishment and operation of space objects and ground-based assets
- Setting up industry clusters, manufacturing hubs, incubation centers, accelerators, and technical centers for the space sector
- Utilizing space technology to provide public goods and services that align with national priorities
- Global Collaboration: Collaborating with national and international industry players to promote space activities and position India as a global service provider
Risks unique to the aerospace industry
Activities in the space sector carry significant risks and a high potential for causing damage. The Indian government is a signatory to various international treaties in the space domain including the Outer Space Treaty (1967), the Rescue Agreement (1968), the Liability Convention (1972), the Registration Convention (1976), the Moon Agreement (1979) and the Artemis Accords (2023).
The Outer Space Treaty (1967) outlines the state's international responsibility for national activities in space and make it internationally liable. The Liability Convention (1972) makes the 'Launching State' liable for damages occurring on Earth or in air and resorts to a fault-based liability for damages occurring in space. A 'Launching State' is exposed to unlimited liability for third-party damages caused by space activities, irrespective of whether the Government or NGEs carry out such activities.
Gallagher's role in supporting the aerospace sector's compliance and risk management needs
Gallagher brings specialized expertise to help navigate the complex landscape of the Indian Space Policy 2023. Here are a few ways we help the aerospace industry meet their unique insurance and risk management needs.
Bespoke aerospace insurance solutions designed by a team of specialists
Our seasoned insurance professionals possess in-depth knowledge of the space industry, understanding unique risks associated with space exploration, satellite operations, and launch activities. This allows them to provide customized insurance solutions tailored to the specific needs of space clients. We leverage our extensive network of insurance providers to facilitate insurance placements for space clients operating globally, ensuring competitive terms and coverage.
Risk assessment and mitigation
Staying abreast of industry trends and technological advancements in the aerospace sector, we provide our clients with actionable insights on emerging risks and help them adapt their coverage accordingly. By conducting comprehensive risk assessments, we identify potential vulnerabilities and develop proactive mitigation strategies to enhance insurability and secure favorable insurance terms.
With regular reviews and optimization of insurance programs, we ensure that our space clients maintain adequate protection against evolving threats and market conditions. By managing insurance capacity effectively, we're able to ensure clients have access to sufficient coverage limits to protect their assets and operations.
Contract review and regulatory compliance
Our experienced advisors collaborate closely with you to help effectively navigate the complex regulatory landscapes of the global space domain, and ensure you meet any licensing and reporting obligations. We also assist you with contract reviews to ensure compliance with insurance requirements and minimizing potential liabilities.
Advocacy and claims management
As an extension of your team, we work to protect your interests while managing claims on your behalf. By leveraging industry relationships, we ensure fair outcomes and expedited settlements for our clients.
Specialized covers
Gallagher provides space clients with a comprehensive suite of services aimed at optimizing insurance coverage, managing risk effectively, and providing unparalleled support throughout the insurance lifecycle. Designed to address significant challenges in the aerospace industry, our specialized offerings include bespoke cyber risk management solutions to help mitigate risks and thorough assessments of supply chain risks which helps ensure resilience and minimize operational disruptions.
By leveraging our wealth of expertise and resources, you can effectively manage risks, optimize insurance coverage, and safeguard your assets and operations against a wide range of threats and uncertainties.