August 07, 2018
The British Insurance Brokers’ Association (BIBA) has launched a new drone insurance scheme with Tokio Marine Kiln (TMK).
The new Lloyd’s backed scheme offers comprehensive and competitively-priced coverage for companies operating drones, also known as Unmanned Aerial Systems (UAS), for commercial or business purposes.
It is available through a digital platform which enables brokers to quote and bind business quickly online, in real time 24 hours a day, seven days a week.
Through the scheme, BIBA members will receive coverage for physical loss of or damage to UAS up to a limit of £100,000 per UAS whilst in the air, on the ground or in transit, including theft and malicious damage; third party bodily injury and property damage liability – inclusive of losses arising from malicious acts up to a limit of £50mn each occurrence; and enhanced coverage for invasion of privacy, noise liability, operators indemnity, operators liability and loss of digital assets (cyber).
Aviation underwriter at TMK, 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.”
Head of technical services at BIBA, Mike Hallam commented: “Drones offer exciting opportunities for the insurance industry and the number of professional, commercial operators has grown exponentially 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.”