Space Shuttle Virgin Galatic insured for 40 to 50 million USD

Virgin Galactic space shuttle that crashed last October 31 in the Mojave Desert in California was insured for an amount comprised between 40 and 50 million USD.

The lead insurer of the policy is AIG while Jardine Lloyd Thompson (JLT) is the principal broker. Virgin Galactic is preparing future tourist space travel. According to preliminary investigation, a copilot error was behind the loss of the craft at 50 000 feet.

The pilot miraculously survived the crash by getting ejected from the cockpit and descending with a parachute but the co-pilot was not as lucky.

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