Property and casualty insurer Zurich Canada announced on Wednesday that it has launched a new drone insurance product.
The new package, developed in partnership with UK-headquartered Global Aerospace Underwriting Managers Limited, will help customers across a range of industries take advantage of the risk mitigation and cost saving opportunities available through the use of Unmanned Aircraft Systems (UAS), commonly referred to as “drones,” Zurich said in a press statement. The package also “closes an important coverage gap” for companies already making use of drones in their operations, the insurer reported.
“Using a drone for any commercial purpose is considered an aviation activity and will therefore fall under the broad aviation exclusions of most general liability policies, should a drone cause damage or injury,” Zurich said in the statement.
The new policy provides companies with both first and third-party coverage for a variety of risks:
• First-party property coverage – for theft or damage to the drone and any ground equipment used to operate it, or any electronics or components (payload) carried;
• Third-party liability coverage – for property damage and bodily injury caused by the drone, premises liability at locations used in connection with scheduled aircraft, as well as medical expenses; and
• Additional coverage extensions, which may include malicious damage, system hacking, and personal injury.