(PTI) New India Assurance on Thursday announced that it has launched a product to provide insurance cover for drones, becoming the first public sector player to enter the segment.
Unmanned Aircraft System (UAS/UAV/RPAS/drone) insurance will cover large aircraft up to solo flying gliders. Coverage will be offered to drone owners, operators and manufacturers, the company said in a statement.
Its private sector peers like HDFC Ergo, ICICI Lombard, Tata AIG General and Bajaj Allianz General already have such plans.
While HDFC Ergo pioneered this segment in June 2020, ICICI Lombard launched its drone coverage in August 2021, Tata AIG General in October 2021 and Bajaj Allianz General in November 2021. All of these insurers offer comprehensive insurance in which a operator can opt for both hull and civil liability cover, for any commercial use authorized by the DGCA.
The drone insurance product will cover damage to the drone and the payload it is carrying, third party liability as well as additional coverages for the Beyond Visual Line of Sight (BVLOS) endorsement and the for night flight.
New India Assurance said its product offers more than 15 different supplementary covers designed according to the requirements of the drone industry, including physical damage, theft and accidental physical injury to third parties and/or damage to their property. , among others.
Neerja Kapur, Chairman and Managing Director of the company, citing forecasts from the Ministry of Aviation, said the drone manufacturing industry is expected to hit ₹900 crores by FY24, vs. ₹60 crore in FY21.
The department is also planning an investment of more than ₹5,000 crore in the drone manufacturing industry over the next three years.
New India Assurance Company is present in 26 countries. PTI BEN HTA
First publication: December 23, 2022, 08:26 STI