Commercial Space Launch Act Amendments of 1987

Commercial Space Launch Act Amendments of 1987 - Amends the Commercial Space Launch Act to direct the Secretary of Transportation, in encouraging private commercial space launches, to do so consistent with U.S. space policies. Directs the Secretary not to encourage the acquisition by the private sector of U.S. launch property if substantially equivalent launch property is otherwise available from a domestic source on reasonable terms and conditions.

Revises insurance requirements for persons licensed to provide launch services. Allows such persons, as an alternative to obtaining liability insurance, to demonstrate financial responsibility sufficient to compensate claims arising from death, bodily injury, or loss of or damage to property resulting from activities carried out under such license.

Requires each licensee to: (1) enter into reciprocal waivers of claims; or (2) obtain insurance with respect to claims by the licensee or a contractor, subcontractor, or customer of the licensee, or by a contractor, subcontractor of such customer, involved in providing the launch services, for death, bodily injury, or loss of or damage to property resulting from activities carried out under the license.

Authorizes the Secretary to enter into reciprocal waivers of claims with respect to claims from activities carried out under a license.

Requires the Secretary to propose to the Congress every three years adjustments to the amount of insurance or financial responsibility required of a licensee.

Requires the Secretary to provide for the payment of successful claims against parties subject to this Act by any other party to the extent that such claims are not compensated by insurance, including self-insurance.

Provides that the Secretary may not relieve the United States of liability for damage or injury resulting from negligence or intentional misconduct of the United States or its agents.

Requires the Secretary to act as insurer for any launch involving an eligible satellite. Describes an eligible satellite as: (1) one under construction on August 15, 1986; (2) one that holds an unperformed launch services agreement or contract with the National Aeronautics and Space Administration as of such date; and (3) one that is licensed for launch under the Commercial Space Launch Act.

Requires the Secretary to ensure that launches of satellites with a launch date commitment are not unreasonably preempted from access to U.S. launch sites or property except in cases of imperative national need.

Directs the Secretary to study the process for scheduling launches and report results to the Congress within 90 days after enactment of this Act.

Expresses the sense of the Congress that the United States should explore ways and means of developing a dialogue with appropriate foreign governments to develop guidelines for access to launch services by satellite builders and users to assure reasonable and fair international competition in commercial space activities.

Directs the Administrator of the National Aeronautics and Space Administration to report to the Congress on a program for research into launch systems component technologies, to develop higher performance and lower costs for commercial and Government launches.