Bajaj Allianz General 4th insurer to offer drone coverage
In the footsteps of HDFC Ergo and
, Tata AIG General Insurance has launched insurance for remotely piloted aircraft systems to cover drones.
HDFC Ergo was the first insurer to launch drone insurance coverage in June 2020, followed by ICICI Lombard in August 2021 and Tata AIG last month. All these insurers offer all-risk insurance in which an operator can opt for both body and civil liability cover, for any commercial use authorized by the Aviation DGCA.
The drone insurance product will cover damage to the drone and the payload it carries, third party liability as well as additional coverages for Beyond Visual Line of Sight (BVLOS) approval and approval. night flight, the company said.
Insurance protection offered for damage to the drone and the payload it carries will cover replacement / repair, accidental loss / damage to the UAS (Unmanned Aircraft System) resulting from the risks covered. , including his disappearance, unreported after the start of the flight.
Liability coverage will cover legal liabilities such as personal injury or third party property damage claims resulting from the use and operation of drones, said Tapan Singhel, Managing Director and CEO of Bajaj Allianz General.
Speaking about the association, Sandipan Sen, founder of Tropogo, said drone manufacturers‘ risk exposure is largely overlooked in the vibrant and rapidly growing country. .
Tropogo is a cutting edge tech startup that has successfully established an integrated marketplace providing a one-stop-shop for the drone ecosystem. Tata AIG also has a distribution partnership with Tropogo.
The Ministry of Civil Aviation plans to invest over Rs 5,000 crore in the drone manufacturing industry over the next three years resulting in an annual turnover of over Rs 900 crore by FY24.