Tata AIG has announced collaboration with drone marketplace TropoGo to initiate a remotely piloted aircraft system (RPAS) insurance and distribution.
The Insurance Regulatory and Development Authority (IRDAI) had earlier directed general insurers to introduce a comprehensive cover for drones that includes both liability and physical damage to the hull. In accordance, the RPAS insurance by TATA AIG covers both hull and third-party liability risks that it faces.
Furthermore, it offers optional coverage for beyond visual line of sight (BVLOS) operations, data loss liability and night flying.
Tata AIG has reportedly engaged with the Drone Federation of India (DFI) to understand the different sort of risks that drone owners and operators face.
“We have co-created a market-fit product with due consideration given to invaluable inputs from the DFI,” Sushant Sarin, TATA AIG General Insurance president, was quoted in a report by the Times of India.
He added, “Our product fulfils the market requirement and is in line with the recommendations of the working group formed by Irdai on RPAS insurance.”
This development follows the recent liberalisation of rules related to owning and operating drones that were rolled out by the Union Civil Aviation Ministry.
The ministry apparently projects investments more than Rs 5000 crore in the drone manufacturing industry over the coming three years. It will subsequently bring about annual sales turnover of more than Rs 900 crore by FY24 as well.