Covers a spacecraft during the launch phase. The cover is material damage on an ‘all risks’ basis and includes the risk of malfunctioning. The policy runs from the initial ignition until the spacecraft reaches its correct and final orbit and its systems fully checked before it begins the commercial operations for which it was intended.
Insurance Encyclopedia
Launching State
A state from which a space object is launched into space, or one which performs or procures the launch.
Laundering of monetary instruments
To deposit into a general account illegally obtained funds (fraudulent claim payments) with legally obtained funds (legitimate claim payments). Also called money laundering .
Laundry list
List of past events (e.g. all house surveys by a particular person) that could lead to claims under a professional indemnity claims-made policy. By notifying the event in advance of any claim the insured seeks to have the event deemed as a’claim made during the policy period’ even though the policy, at time of claim, may have lapsed. The ‘laundry list’ may be a sufficient notification but insurers may contend that the list is too broad to protect the insured against any specific claims. Each case turns on its own facts (Hampton v. Field).