The Insurance System for Space ObjectsA Comparative study with United Arab Emirates Law

Abstract

 Considering the high costs of space objects and space industry, it was
necessary to have and insurance scheme which deals with covering the damages
that threaten this industry. At the beginning of its appearance, insurance was
limited to compensation for damage caused to satellites while they were on the
surface of the Earth. Insurance against damages that threaten space objects is
intended for the benefit of the states and legal persons owning it, which added to
it. An optional nature so that the option of insurance remains in the hands of the
owner of the thing. The insurance market has provided insurance models that have
been formulated to meet the requirements of space work, starting with the
presence of the space object on the surface of the Earth and its launch and ending
with its life in outer space. This type of insurance has been regulated by the
legislation of many leading countries and from Including UAE legislation.