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Private sector non-life insurance company, ICICI Lombard General Insurance, has launched a comprehensive remotely piloted aircraft Insurance specially for drone operators.

This comprehensive product covers any theft or loss or damage caused to the drone, including the payload (camera/ equipment) attached to it as well as Third Party Liabilities, a release said.

With over a decade of experience in underwriting aviation risks for both domestic airlines and aviation fleets in India and its claim handling expertise, ICICI Lombard has now forayed into the Drone insurance space.

The drone insurance product offers a comprehensive cover wherein an operator can opt for both Hull and Liability cover, for any commercial usage permitted by the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation (MoCA).

The comprehensive policy covers 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 release added.

The insurance also provides a Personal Accident Cover applicable to the insured/authorised 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/authorised operator who has been hospitalised 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.

Moreover, the benefits of the well-rounded policy extend to include nine add-on covers and a pay per use model of payment to provide the consumers with a holistic experience tailor-made to suit their express needs.

While these add-on covers include alternate hire charges, drone war liabilities, cyber liability cover, invasion of privacy cover, and BVLOS endorsement, among others; the Pay Per Use model allows the customers to choose the policy depending on their requirement. They can choose a one-day policy, a one-week policy, a one-month policy or even an annual policy.

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,” he added.

“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,” he added.

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, the release added.

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