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SpaceShipTwo Was Insured for $40-$50 Million: Sources

/ Source: Reuters

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The Virgin Galactic spaceship that crashed on Friday was insured against losses totaling around $40-50 million, and the lead underwriter was AIG, two insurance sources told Reuters on Monday. AIG declined to comment. Reuters did not identify the two sources.

The spacecraft crashed in California's Mojave Desert during a test flight, killing one pilot and severely injuring the other. An investigation has found that a function to help the craft descend into the atmosphere was deployed early, a federal safety official said on Sunday. The National Transportation Safety Board (NTSB) is leading the investigation. SpaceShipTwo's rotating tail boom, a key safety feature for re-entering the atmosphere, rotated early, Christopher Hart, acting chairman of the NTSB, said late on Sunday, though he said it was too early to say whether this had caused the crash.

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