Falcon Heavy, the world's most powerful rocket, was launched on February 6, 2018. It put into orbit a "Tesla" convertible car with a dummy driver (see video).
Everything went well for the Falcon Heavy or so. The 70-meter long central body of the rocket missed its landing. It crashed a hundred meters from the recovery barge of which two engines were damaged. Hence the importance of a guarantee that will cover the damage. This shows that, one is never safe from a miscalculation or a technical failure even when one uses the most sophisticated technologies.
Successful landing of the two side boosters of the Falcon Heavy rocket
Failed landing of the main booster of the Falcon Heavy rocket
What insurance cover for the Falcon Heavy rocket?
For the launch of its Falcon Heavy rocket, the builder SpaceX has underwritten a 110 million USD third-party liability insurance policy, that is more than twice the amount required by the Federal Aviation Administration (FAA).
In addition to the liability policy, SpaceX has taken out a property damage policy worth 100 million USD. A third guarantee amounting to 72 million USD and covering any damage caused during launch operations was also required.