Mumbai:
In a first-of-its-kind policy for drone-owners in India, HDFC ERGO and TropoGo, a Deep Tech start-up, have partnered to offer commercial drone owners and operators the mandatory Third Party Liability claims cover for property damage and bodily injuries. HDFC ERGO General will offere this cover on-demand to customers on ‘Pay as you Fly’ concept.In the current pandemic situation
Third-Party Liability insurance is mandatory for drone operations in India.,
Despite the advantages drones offer to its commercial users,the safety towards third-party assets currently remains unanswered. The new policy provides commercial drone owners/operators third party liability claims cover which may be incurred while conducting activities like survey, mapping, monitoring, disaster relief initiatives, civil administration services, use during festivals & events, property management and travel and tourism purposes among others. This cover will be offered to registered drone owners and operators holding a commercial drone pilot’s certificate or a license issued by certified training schools in India, said HDFC Ergo General Insurance.
Unmanned Aerial Vehicles (UAV) or drones are being considered and also actively used actively by state and central Government in the fight against COVID-19. While the world has come to a grinding halt, drones are proving to be efficient and beneficial for public surveillance, crowd monitoring and; in certain areas; even for delivery of essentials like medicines. Moreover, the use of drones may also become central to various functions of different businesses in future, where humans may be unable to perform the tasks.
Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Company, “The risk landscape continues to evolve.With the advancement in technology, new risks are emerging that open up new horizons for us to offer innovative products. Today, drones are becoming more and more popular in events and other outdoor commercial activities, which require skilled professionals to operate them. But, mistakes in operating and equipment failure may cause damage to third parties. Considering this we are launching this cover under our aviation insurance, which is a first in the industry, to safeguard drone owners and pilots from any third-party liability while flying a drone commercially.”
Talking about the pricing, Anurag Rastogi, chief Actuary & chief Underwriting officer, HDFC ERGO General Insurance said that the premium will be charged based on the time frame for which an individual chooses the cover and is applicable only during the day i.e. from sunrise to sunset, as per the underwriting guidelines. Accordingly the premium charged, exclusive of GST, would be:up to 4 hours – Rs 750,-,1 day – Rs 1,500, 1 month – Rs 12,000/-
The maximum limit of Indemnity under each policy is Rs 10,00,000/-, or as mentioned under the policy certificate.
Today,drones are becoming more and more popular in events and other outdoor commercial activities, which require skilled professionals to operate them. Moreover, the industry shows prospects of growth, given its varied applications said Rastogi..
“Insurance being ancillary to it, we see long term potential in this segment. Considering this and the increasing presence of drones in India, we have launched the first-of-its-kind drone insurance to protect drone owners and pilots from any third-party liability while flying a drone commercially,’’ he added.
Talking about an own damage cover for drones, Ratogi said the drone industry is still in its nascent stage and as the industry evolves, so will insurance products which can be wrapped around with the requirements of drone owners/operators. Moreover, Third Party Liability insurance is mandatory for operating Drones and hence, we have taken the first step and launched the policy which is a first in the industry..
Sandipan Sen, Founder & Product owner, TropoGo said, “Third-Party Liability insurance is mandatory for drone operations, and there has been a demand from the Indian Drone Community for Insurance as well. Unfortunately, until now, no insurer offers such a cover and the flexibility to buy the policy through a digital platform. We identified this as the problem statement and partnered with HDFC ERGO General Insurance to offer India’s first on-demand ‘Pay As You Fly’ Third-Party Liability cover for drone owners and operators that is Smart, Affordable & Fit-for-Purpose."
TropoGo mobile app will be available for both Android and iOS users, which will allow registered members to choose a policy cover based on the duration of time the drone is being used. Members may opt for 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities. For more information about the policy cover, drone users can log on to www.tropogo.com or download the TropoGo app on their Android or iOS based mobile phones, or simply connect with a HDFC ERGO General or TropoGo representative.