New India Assurance has launched unmanned aircraft system (UAS/UAV/RPAS/Drone) insurance, which will cover large aircrafts to solo flying gliders.
Coverage will be offered to drone owners, operators and manufacturers. The product provides a diverse option of over 15 different add-on covers for customers to pick and choose from. These add-on covers are designed as per the drone industry’s requirements. The policy covers physical damage to the aircraft and its theft. It also provides cover for accidental physical injury to the third party and/or damage to their property due to the aircraft’s operations.
The policy is designed to cover fixed wing, rotor wing and hybrid UAS that can be controlled remotely (with pilot intervention) or autonomous drones (without pilot intervention). These aircrafts are generally deployed for military and non-military applications, including surveillance, geography and infrastructure inspections, aerial photography, and so on.
Neerja Kapur, Chairman & Managing Director, said, “India’s drone manufacturing industry clocked annual sales of Rs 600 million in FY 2021 and is expected to grow to Rs 9 billion by FY 2024. Being the pioneers in Indian aviation insurance, we aim to develop insurance products of a global standard.”
