Commercial Space Launch Act Amendments of 1988

Commercial Space Launch Act Amendments of 1988 - Amends the Commercial Space Launch Act to include among the responsibilities of the Secretary of Transportation, in administering such Act, the encouragement, facilitation, and promotion of commercial space launches by the private sector, consistent with U.S. space policy.

Directs the Secretary, in facilitating and encouraging private sector acquisition of U.S. surplus launch property, to take into account the availability of comparable property under reasonable terms from domestic non-Government sources.

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 third-party claims arising from death, bodily injury, or loss of or damage to property resulting from licensed activities. Limits this requirement to the lesser of $500,000,000 or the maximum liability insurance available on the world market at a reasonable cost.

Sets out corresponding requirements, but at a maximum of $100,000,000, with respect to claims by the United States for loss of or damage to U.S. property.

Requires licensees to enter into reciprocal waivers with contractors, subcontractors, and customers involved in launch services, under which each party agrees to be responsible for its own damage and employee injuries.

Requires the Secretary to enter into comparable waiver agreements with the same parties, as well as with licensees. Applies these waivers only to the extent claims exceed required insurance coverage.

Directs the Secretary to review insurance liability coverage requirements within three years of this Act's enactment and to submit to the Congress a proposed adjustment to conform with altered liability expectations and the worldwide availability of insurance. Mandates the same procedure on an annual basis thereafter.

Requires the Secretary to provide for the payment of successful third-party claims against parties subject to this Act to the extent 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 the reckless disregard or willful misconduct of the United States or its agents.

Exempts licensees associated with certain satellites under construction on August 15, 1986, from requirements related to liability insurance coverage for claims by the United States.

Directs the Secretary to ensure that launches of satellites having a launch date commitment are not preempted from access to launch sites except in cases of imperative national need, to be determined by the Secretary of the Air Force or the Administrator of the National Aeronautics and Space Administration (NASA). Prohibits delegation of this determination and directs the determining party to submit to the Congress, within seven days of the determination, a full explanation, as well as a schedule for ensuring prompt launching of the preempted satellite.

Directs the Secretary to study the process for scheduling launches and to report results to the Congress.

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 NASA to report to the Congress on a program to support research into launch systems component technologies to develop higher performance and lower costs for commercial and Government launches.