HDFC ERGO Launches ‘Pay as You Fly’ Insurance for Drones in India
India-based insurer HDFC ERGO has partnered with TropoGo, a deep-tech start-up, to launch a first-of-its-kind ‘Pay as You Fly’ insurance for drone owners in India. The policy offers commercial drone owners and operators coverage for third-party liability claims for property damage and bodily injuries, introducing the innovative on-demand insurance concept in the non-life insurance segment.
During the ongoing COVID-19 pandemic, unmanned aerial vehicles (UAVs) or drones are being actively used by the State and Central Governments. They have proven effective for public surveillance, crowd monitoring, and even delivering essential medicines.
In the future, drones are expected to take on various business functions where human intervention may be limited, making safety coverage increasingly important.
Ensuring Safety of Third-Party Assets
Despite the commercial advantages of drones, the safety of third-party assets remains a concern. To address this, HDFC ERGO’s new insurance policy provides commercial drone owners/operators with Third-Party Liability coverage.
The coverage includes losses incurred during activities such as surveys, mapping, monitoring, disaster relief initiatives, civil administration services, usage during festivals and events, property management, and travel & tourism purposes.
Eligibility for this insurance requires registered drone owners/operators to hold a commercial drone pilot’s certificate or a license from certified training schools in India.
Industry Perspective
Ritesh Kumar, MD & CEO of HDFC ERGO General Insurance Company, stated: “The risk landscape continues to evolve. With technological advancements, new risks emerge, opening up opportunities for innovative products. Drones are increasingly popular in events and outdoor commercial activities, which require skilled professionals to operate. However, mistakes and equipment failures can cause third-party damage. This cover, under our Aviation Insurance, is the first in the industry to safeguard drone owners and pilots from any third-party liability while flying commercially.”
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