ICICI Lombard General Insurance, a leading private sector non-life insurance company toad launched comprehensive Insurance for remotely piloted aircraft especially drone operators. This product ensures any theft or loss or damage caused to the drone, including the payload (camera/ equipment) attached to it as well as Third Party Liabilities.
The policy includes six types of risks. The Hull Cover covers any accidental loss/damage to the drone including theft and disappearance within the scope of the policy. Any loss due to wear and tear or gradual deterioration over time, as well as non-compliance with the DGCA guidelines, is not covered under this. The Payload Cover and Equipment Cover insures the accidental physical loss or damage of the payload, while the same is attached to the drone, and to the property being spares, engines, and associated equipment, respectively. The insurance also provides a Personal Accident Cover applicable to the insured/authorized operator for bodily injury sustained in India while operating drones and arising out of an accident. In addition to this, the policy also provides the facility of Medical Insurance Cover for insured/authorized operator who has been hospitalized because of a bodily injury arising out of the flight of the covered drone.
Furthermore, the Third Party Liability included in the product provides coverage for damages from accidental bodily injury and accidental damage to property caused by the drone. ICICI Lombard is offering Third Party Liability, which can cover consequential losses arising out of the operation of drones.
Sanjay Datta, ICICI Lombard General Insurance Company, said, “The drone industry has demonstrated a tremendous growth potential in the recent past. With an increase in commercial as well as civilian uses of drones, there is also a growing need to provide owners with insurance coverage that offers the best protection against damages and helps them reduce their third-party liability exposure. We at ICICI Lombard are committed to introducing innovative products that cater to the new-age risks. With our new comprehensive drone insurance coverage, we want to offer owners the best solution to ensure peace of mind. We underwrite more than 100+ general aviation aircrafts in our aviation books, and have a vast experience in handling aviation claims.This, in addition to a robust market presence and tie-ups with international aviation surveyors give us a head start in handling the product in this new evolving environment.”
As per DGCA guidelines, currently, drones can only be used within Visual Line of Sight (VLOS) and during the day. But in light of the ongoing COVID-19 pandemic, the use of drones can encompass to monitor the coronavirus-affected areas to carry out sanitization measures and surveillance activities for ensuring proper social distancing measures among communities. These circumstances can pave the way for Beyond Visual Line of Sight (BVLOS) operations too. In such cases, the ICICI Lombard drone insurance will be a boon for those operators who are venturing into BVLOS operations in the near future.