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Liability Risk-Sharing Regime for U.S. Commercial Space Transportation

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Liability Risk-Sharing Regime for U.S. Commercial Space Transportation April 2002 Liability Risk-Sharing Regime For U.S. Commercial Space Transportation: F TRA T O NS N P E O M R T T R A U.S. Department of T A I P O E N Transportation D Federal Aviation Administration U.S. Department of Transp ortation • Fed eral Avi atio n A dm ini str at ion • A ss oc ia te A dm i ni st ra to r fo r C o m m e r c ia l S p a c e T r a n s p o r t a t i o n Table of Contents EXECUTIVE SUMMARY .....................................................................................................................................ES-1 CHAPTER 1 INTRODUCTION.............................................................................................................................................. 1-1 1.1 Purpose of Study....................................................................................................................................... 1-1 1.2 Background of U.S. Commercial Space Transportation Risk Allocation ................................................. 1-3 1.2.1 Pre-1988 Liability Risk Management for Commercial Space Transportation........................... 1-3 1.2.2 1988 Congressional Hearings.................................................................................................... 1-4 1.2.2.1 Bases for the 1988 Commercial Space Launch Act Amendments............................. 1-4 1.2.2.2 State of the Insurance Market .................................................................................... 1-8 1.2.2.3 1988 Amendments to the Commercial Space Launch Act......................................... 1-8 1.2.3 History of Extensions ................................................................................................................ 1-8 1.3 Current Liability Risk-Sharing Regime..................................................................................................... 1-9 1.4 Organization of This Report ................................................................................................................... 1-11 1.5 References............................................................................................................................................... 1-12 CHAPTER 2 SCOPE OF STUDY AND ANALYSES ............................................................................................................ 2-1 2.1 Introduction............................................................................................................................................... 2-1 2.2 Data and Information Sources................................................................................................................... 2-1 2.3 Limitations and Boundaries of Study and Analyses.................................................................................. 2-2 2.4 Methodology for Acquisition of Information and Public and Federal Agency Views .............................. 2-3 CHAPTER 3 ANALYSIS OF ADEQUACY, PROPRIETY, EFFECTIVENESS, AND NEED............................................. 3-1 3.1 Introduction............................................................................................................................................... 3-1 3.2 Adequacy .................................................................................................................................................. 3-2 3.2.1 Definition and Associated Issues............................................................................................ 3-2 3.2.2 Coverage for Third-Party Claims and Government Property Loss/Damage: Adequacy of Risk-Based Financial Responsibility................................................................. 3-2 3.2.3 Impact on U.S. Government Treaty Obligations.................................................................... 3-3 3.2.4 International Competitiveness................................................................................................ 3-3 3.3 Propriety ................................................................................................................................................... 3-4 3.3.1 Definition and Issues.............................................................................................................. 3-4 3.3.2 Appropriateness of Government “Indemnification” of Commercial Space Transportation.............................................................................................................. 3-4 3.3.3 Industry Analogues: Comparison to Other Government-Subsidized or -Supported Industries......................................................................................................... 3-5 3.3.4 Launch Safety......................................................................................................................... 3-7 3.3.5 International Competitiveness................................................................................................ 3-8 3.4 Effectiveness............................................................................................................................................. 3-9 3.4.1 Definition and Issues.............................................................................................................. 3-9 3.4.2 Protection against Third-Party Claims and Government Property Damage ........................... 3-9 3.4.3 Cross-Waiver of Claims ProvisionsCLimits on Litigation..................................................... 3-9 iii Table of Contents 3.4.4 Safety Implications................................................................................................................. 3-9 3.4.5 International Competitiveness.............................................................................................. 3-10 3.4.6 Development of Insurance Market Capacity........................................................................ 3-10 3.5 Need........................................................................................................................................................ 3-11 3.5.1 Definition and Issues............................................................................................................ 3-11 3.5.2 Commercial Space Transportation Industry Evolution ........................................................ 3-11 3.5.3 Commercial Space Transportation Industry “Maturity” Metrics.......................................... 3-18 3.5.4 Insurance Industry Available Capacity HistoryCMarket Fluctuations................................. 3-20 3.5.5 Insurance Premium History and Volatility........................................................................... 3-21 3.5.6 International Competitiveness.............................................................................................. 3-22 3.5.7 Possible Transition Factors ..................................................................................................3-30 3.6 Summary................................................................................................................................................. 3-31 3.7 References............................................................................................................................................... 3-32 CHAPTER 4 CURRENT LIABILITY RISK-SHARING REGIMES IN OTHER SPACEFARING COUNTRIES...................................................................................................................................................... 4-1 4.1 Introduction............................................................................................................................................... 4-1 4.2 Worldwide Space Transportation Capabilities.......................................................................................... 4-1 4.2.1 Arianespace .............................................................................................................................. 4-1 4.2.2 Australia ................................................................................................................................... 4-2 4.2.3 Brazil........................................................................................................................................ 4-3 4.2.4 People’s Republic of China ...................................................................................................... 4-4 4.2.5 India.......................................................................................................................................... 4-5 4.2.6 Israel......................................................................................................................................... 4-5 4.2.7 Japan......................................................................................................................................... 4-6 4.2.8 Russia ....................................................................................................................................... 4-7 4.2.9 South Africa ............................................................................................................................. 4-8 4.2.10 Sweden ..................................................................................................................................... 4-9 4.2.11 Ukraine..................................................................................................................................... 4-9 4.2.12 United Kingdom....................................................................................................................
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