The British Insurance Brokers’ Association (BIBA) and specialist insurance company Tokio Marine Kiln (TMK) have launched a new drone insurance scheme.
Image: BIBA and TMK launch new drone coverage scheme. Photo: Courtesy of BIBA.
The scheme offers competitively-priced coverage for companies that operate drones also known as unmanned aerial systems (UAS), for commercial or business purposes.
The Lloyd’s backed scheme is available through a digital platform which allows brokers to quote and bind business quickly online, in real time through out a day.
Through this scheme, BIBA members will benefit from competitive terms and coverage for physical loss of or damage to UAS up to a limit of £100,000 per UAS including of payloads, while in the air, on the ground or in transit and it includes theft and malicious damage. Customers can request for larger limits.
BIBA members benefit from third party bodily injury and property damage liability, including losses arising from malicious acts up to a limit of £50M each occurrence and larger limits are available on request.
Other coverages include invasion of privacy, noise liability, operators indemnity, operators liability and loss of digital assets (cyber) are also available without referral.
Tokio Marine Kiln aviation underwriter Robert James said: “We are thrilled to be offering our product to BIBA brokers in recognition of the market leading position we have established in offering drone insurance to clients over the course of the last decade.
“Our offering sets itself apart from the competition through our outstanding claims service and extensive level of cover which we have carefully adapted over time to cater for the perils facing UAS operators, presented in a clear easy-to-follow format.”
BIBA technical services head Mike Hallam stated that presently drones are offering exciting opportunities for the insurance industry and the number of professional, commercial operators has also grown significantly, in the last few years.
“Our members and their clients that are drone operators will benefit greatly from competitive premiums and dedicated service levels as well as access to TMK’s Lloyd’s A-rated capacity and expertise in aviation and UAS insurance, backed by an outstanding claims service. We look forward to seeing the results of this exciting partnership,” Hallam said.