Drones can be used to chart areas that are difficult to navigate for people. Their use is becoming very popular in the fields of commerce, healthcare, agriculture, defence and even insurance.
In India, flying drones was made legal in December 2018. But even now, only a few insurers in India offered coverage for them.
In February 2021, India’s insurance regulator IRDAI said that since the usage of drones is growing, and their characteristics are different from other aircraft, they need a separate insurance product.
So they came up with a template policy that can be used by insurers until they design their own products.
Here’s what goes into a drone insurance policy:
This is mandatory. Drone insurance policies need to cover against legal liabilities from death, injury, or property damage of a third party that happens by accident or due to an error by the operator.
Insurers need to offer coverage for repair/replacement of damaged drones, as well as its ground handling tools and equipment. Further, if a drone is missing for 30 days after a flight, the total insured value is paid.
This covers authorised drone operators in the event of hospitalisation due to injury. There are additional payouts if the bodily injury leads to death or disability of the insured.
Drone owners can also opt for covers for things like cyberbullying, invasion of privacy, and night flying.
It's not just drones! Ganpati Mandals also have their own insurance policy.