A Kiwi specialist liability underwriter is offering a comprehensive drone insurance solution to meet the growing adoption of UAV technology across many New Zealand sectors.
In conjunction with its sponsorship of the NZ UAV Conference held at the Auckland University of Technology, Delta Insurance has launched its UAV operator’s insurance solution, backed by Ark Specialty 4020 Starstone syndicates at Lloyd's of London.
In New Zealand, UAV operators are currently not legally required to hold insurance. Most aviation and liability insurers exclude risks that are very specific to the UAV industry, such as breaches of privacy and statutory liability, said Delta Insurance GM Craig Kirk. Very few products also offer a composite and liability insurance solution.
Kirk said it made sense that they create an insurance solution that addressed all of the industries' requirements.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
“We knew there was demand having been approached by a number of existing clients who were seeking to obtain more comprehensive cover for commercial UAV use,” said Kirk.
Linda Bulk, co-director of Aeronavics Ltd, one of NZ's largest UAV manufacturers, said that despite the rapid growth of the commercial UAV industry, it remained relatively immature when it came to risk management.
“There is a common misconception that UAVs will be covered under a general commercial insurance policy, however, this is not always the case, leaving operators exposed and taking unnecessary risks,” Bulk said.
“For the market to reach its full potential it needs a secure operating environment, it needs insurance that reflects its realities, so we are really happy to see Delta launch this product.”
Drones now need insurance for…police eagle attacks
Four ways drones can help insurance industry
Insurance career at Delta was written in the stars