Hyperloop Transportation Technologies (HyperloopTT) said it has joined hands with leading testing, certification and inspection company TÜV SÜD, and leading providers of reinsurance, primary insurance and insurance-related risk solutions Munich Re, to create the first set of Hyperloop core safety requirements and certification guidelines along with the first insurance framework for HyperloopTT worldwide systems.

With construction moving forward at different locations around the world, HyperloopTT has reached key milestones on two of the biggest hurdles remaining for the new transportation system: regulation and insurance.

At a private meeting held at TÜV SÜD's global headquarters in Munich, Germany, several of HyperloopTT's partners and stakeholders, together with government representatives, were introduced to the first set of the new guidelines and products, said the statement from HyperloopTT.

Additionally, a roadmap for joint creation and adoption into a final legal framework for regulating the construction and safe operation of Hyperloop systems was discussed. In attendance were representatives from Ukraine, China, France, and the United States all of whom have existing agreements with HyperloopTT, it added.

Ferdinand Neuwieser, CEO of TÜV SÜD Industrie Service GmbH, pointed out that the company has been working intensively with HyperloopTT over the past year.
 
"As a global leader in this field, TÜV SÜD will contribute to making the innovative technology of Hyperloop reliable and safe. The potential risks for passengers and others will be reduced to a minimum. Furthermore the guideline will form a strong basis for standardization, regulation and certification of Hyperloop systems," he noted.

The final version of the guideline is expected to be published in Q1 2019.

Claudia Hasse, head of special enterprise risks at Munich Re, said: "Last year we told the world that HyperloopTT's system was insurable. We are now able to insure their first commercial projects around the world and are working together to include our services into HyperloopTT's technology licence."

"Hyperloop will change transportation as we know it," said Volodymyr Omelyan, minister of infrastructure of Ukraine. "It is our responsibility to make sure that future technologies are regulated and safe, and today represents the foundation of a safe and reliable commercial Hyperloop system."

"The creation of regulations and legal frameworks are critical components to our ongoing feasibility study between Chicago and Cleveland," said Grace Gallucci, executive director of Northeast Ohio Areawide Coordinating Agency.
"We look forward to continuing to work alongside HyperloopTT and their partners to implement these guidelines and policies into a framework specific to the Great Lakes Hyperloop," he stated.

CEO Dirk Ahlborn said HyperloopTT was the first company to have an insurable commercial system. "We have proven the technology to be feasible at every level and through our work with these partners, stakeholders, and governments we are creating the safest, most secure system possible," he stated.

"In order to bring Hyperloop to reality we have sought out and formed alliances with industry leaders to provide the complete solutions for our systems," said Bibop Gresta, Chairman of HyperloopTT. "Now we invite other nations to join these pioneers," he added.-TradeArabia News Service