Does maximum probable loss mean the maximum possible launch loss?
No. Maximum probable loss is a probabilistic estimate for the applicable licensed launch or reentry, not a ceiling on possible costs.
Ask the mission team which license or permit, estimate, parties, and evidence apply to the planned launch or reentry. Review any spacecraft hull, payload, or interruption protection separately in the proposed terms.2
Ask the broker to identify any separate aviation, launch, or space wording and compare it with the mission phases and named assets.1
Read the Aviation and Space Insurance Buying Guide
Sources and Further Reading for Aviation and Space
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