A method of insuring against launch failure is provided to reduce the business risk to the satellite owner and insurance underwriters against satellite launch failure. The launch insurance includes provision for guaranteeing a rapid response recovery mission, preferably at no cost, in the event that a satellite suffers a boost failure during launch resulting in a fully-functional satellite being launched to an unintended inoperable orbit. Preferably, the launch insurance also provides for additional insurance against failure of the recovery mission to provide compensation to the satellite owner in the event that the recovery mission is also unsuccessful.