Spacecraft insurance is a specialized type of insurance designed to protect spacecraft and their missions from various risks. This coverage typically includes protection against damage during launch, in-space operations, and potential loss of the spacecraft. Insurers assess the mission's complexity and potential hazards to determine the policy's cost and coverage limits. The need for spacecraft insurance arises from the high costs associated with building and launching satellites and other space vehicles. A single launch can cost millions of dollars, making insurance a crucial part of mission planning. This insurance helps mitigate financial losses in case of unforeseen events, such as launch failures or collisions in space.