following in the footsteps of HDFC Ergo And
, Tata AIG General Insurance introduced Remotely Operated Aircraft Systems Insurance to cover drones.
HDFC Ergo A. was the first insurer to launch drone insurance cover In June 2020, followed by ICICI Lombard in August 2021 and Tata AIG last month. All these insurers offer a comprehensive insurance wherein an operator can opt for both hull and liability cover for any commercial use permitted by the Aviation Surveillance DGCA.
The company said the drone insurance product will cover damages to drones and payloads, third party liability as well as additional cover for beyond line of sight (BVLOS) endorsements and night flying endorsements.
Insurance cover is being offered for damages caused to the drone and will provide coverage for replacement/repair of payloads carried by it, accidental loss/damage to UAS (Unmanned Aircraft Systems) cover including its disappearance The risks that have arisen are then not reported. start of flight.
Tapan Singhel, MD and CEO, Bajaj Allianz General said third-party liability coverage will cover legal liabilities such as claims of bodily damage or property damage to third parties arising from the use and operation of drones.
Speaking on the association, Tropogo founder Sandipan Sen said that the exposure risk for drone manufacturers remains largely unresolved in the country, which is vibrant and rapidly growing.
Tropogo is a deep tech startup that has successfully established an integrated marketplace providing a one-stop-shop for the drone ecosystem. Tata AIG also has a distribution agreement with Tropogo.
The civil aviation ministry expects an investment of over Rs 5,000 crore in the drone manufacturing industry over the next three years, leading to an annual turnover of over Rs 900 crore by FY24.