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Bajaj Allianz General 4th insurer to offer drone cover

Indicating the growing significance of drones in both industrial as well as commercial uses, Bajaj Allianz General Insurance has also announced insurance cover for the machines, becoming the fourth general insurer to do so. The Pune-based company on Thursday that it is offering this product in distribution partnership with Tropogo, which is a deep-tech start-up.

Following the footsteps of HDFC Ergo and

, Tata AIG General Insurance launched a remotely piloted aircraft system insurance to cover drones.

HDFC Ergo was the first insurer to launch a drone insurance cover in June 2020, followed by ICICI Lombard in August 2021, and Tata AIG last month. All these insurers offer a comprehensive insurance wherein an operator can opt for both hull and liability covers, for any commercial usage permitted by the aviation watchdog DGCA.

The drone insurance product will cover damage to the drone and payload it carries, third-party liability along with additional covers for beyond the visual line of sight (BVLOS) endorsement and night flying endorsement, the company said.

Insurance protection being offered for the damage to the drone and the payload it carries will provide coverage for replacement/repair, accidental loss of/damage to the UAS (unmanned aircraft system) arising from the risks covered, including its disappearance, is unreported after the commencement of flight.

Third-party liability coverage will cover legal liabilities like bodily damage or property damage claim to third parties arising out of usage and operation of drones, Tapan Singhel, MD & CEO of Bajaj Allianz General said.

Speaking on the association, Sandipan Sen, founder of Tropogo, said the risk exposure for drone manufacturers is largely unaddressed in the country, which is vibrant and rapidly growing.

Tropogo is a deep tech startup that has successfully established an integrated marketplace providing a one-stop-shop for the drone ecosystem. Tata AIG also has distribution tie-up with Tropogo.

The civil aviation ministry foresees an investment of over Rs 5,000 crore in the drone manufacturing industry over the next three years leading to annual turnover of over Rs 900 crore by FY24.

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