A bill to extend the indemnification of satellite launch companie...
A bill to extend the indemnification of satellite launch companies from damages to 3rd parties in case of a failed launch cleared Congress and landed on President Bush’s desk. Acting by unanimous consent late Tues., the Senate passed HR-5245,…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
which was approved by the House in Oct. Under the bill, the federal govt. would insure companies that launch satellites for damages or deaths sustained by individuals who were not involved in the launch. The program would require satellite companies to acquire private insurance for the “maximum probable loss” of 3rd parties as a result of the launch, with the govt. covering any additional costs up to about $1.5 billion per launch. The current federal program was scheduled to expire Dec. 31, and the bill would extend it to Dec. 31, 2009. It also would require a study of whether indemnification could be ended without undue harm to the satellite industry. Senate Science Committee Chmn. Boehlert (R-N.Y.) said he hopes Congress will act soon on a larger bill that would set up a new regulatory regime for private human space flight.