48Insurance requirements

48 Insurance requirements

Australian launch permit, or return authorisation for return to Australia (1) The insurance requirements are satisfied for: (a) a launch or return authorised by an Australian launch permit; or (b) a return authorised by a return authorisation, where the return of the space object is to a place or area in Australia; if: (c) the holder of the permit or authorisation is insured (to the extent required by subsection (4)) against any liability that the holder might incur under this Act to pay compensation for any damage to third parties that the launch or return causes; and (d) the Commonwealth is insured (to the extent required by subsection (4)) against any liability that the Commonwealth might incur, under the Liability Convention or otherwise under international law, to pay compensation for such damage.

Note 1: The insurance cover mentioned in paragraphs (c) and (d) may be provided by separate policies. Alternatively, the holder of the permit or authorisation could take out a single policy that insures both the holder and the Commonwealth.

Note 2: The Commonwealth is under no duty to take out any insurance cover under this subsection—the onus is on the holder of the permit or authorisation to ensure that the insurance/financial requirements are satisfied.

Overseas payload permit, or return authorisation for return outside Australia (2) The insurance requirements are satisfied for: (a) a launch authorised by an overseas payload permit; or (b) a return authorised by a return authorisation, where the return of the space object is to a place or area outside Australia; if the Commonwealth is insured (to the extent required by subsection (4)) against any liability of the Commonwealth, under the Liability Convention or otherwise under international law, to pay compensation for any damage to third parties that the launch or return causes.

Note: The Commonwealth is under no duty to take out any insurance cover under this subsection—the onus is on the holder of the permit or authorisation to ensure that the insurance/financial requirements are satisfied.

Australian high power rocket permit (3) The insurance requirements are satisfied for a launch authorised by an Australian high power rocket permit if the holder of the permit is insured (to the extent required by subsection (4)) against any liability that the holder might incur under this Act to pay compensation for any damage to third parties that the launch causes. Minimum amount of insurance (4) The total insurance, for each launch or return concerned, must be for an amount at least equal to the lesser of the following amounts: (a) the amount specified in the rules for the purposes of this paragraph (which must not exceed $100 million); (b) if the rules set out a method of determining an amount for the purposes of this paragraph—the amount determined using that method.