UK-based drone insurer reaches for the sky

UK-based drone insurer reaches for the sky

- in Drone insurance, News

There’s been much talk about the application of drones with regards to the UK insurance industry in recent times, highlighted by their use by some household policy providers in the immediate wake of last Winter’s unprecedented floods; so as to afford underwriters a broader perspective of the damage incurred by the record-breaking floodwaters observed in parts of the country in the run-up to last Christmas.

With these scenes still relatively fresh in our minds, it might not come as a big surprise then to learn that one enterprising insurer has since developed a unique online portal which affords drone users extra peace of mind when facilitating their cutting-edge airborne surveillance equipment in the future.

And it’s not just for the benefit of the home insurance sector either, as drones are rapidly seeing adaption for various industries including agriculture, courier/mail distribution, law enforcement, conservation, international news gathering, the delivery of humanitarian aid and estate agency.

Which is precisely why Argo Global had the foresight to develop its bespoke virtual shop window (in tandem with JRW Group) proffering click-and-buy insurance products specifically targeting the UK’s rapidly expanding commercial drone market, according to Entitled, Insure4Drones, this brand new service provider makes physical damage and/or public liability cover available and accessible to potential policyholders, keen to safeguard their operations and lessen the financial impact of any unpredicted incidents going forward.

Commercial Drone Markets in Sights of Insurance Sector, Which Plans to Go Up, up and Away in Foreseeable future

Insurance product covers are set with pre-agreed limits of £1, £2 or £5 million with regard to either single or multiple drone and operators, as stated on the website, whilst the insurance provider itself, the aforementioned Argo Global, is both a member of the Argo Group and a Lloyd’s insurer. However, provisos must be adhered to and are prominently flagged up, a predominant stipulation citing that all operators must comply with all regulations set out by the Civil Aviation Authority in order to be eligible to purchase the cover from the outset.

Speaking with Insurance Age in recent days, Argo Global’s Aviation Underwriter, Scott Bradbury talked of the opportunities which lay ahead within the expanding aviation market, when commenting that; “The aviation market is highly competitive and opportunities for growth in traditional markets are limited. However, the nascent commercial drone sector represents an area of potential growth.” Bradbury went on to describe just how and where insurance providers can play a key role in the future by stressing; “By developing new products which reflect the unique risks, rapidly evolving nature of this technology and increasingly broad spectrum of professions which are availing of drone for commercial use, carriers can carve a niche.”

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