With drones put to use amid lockdown, new insurance products could possibly be launched
IRDAI has set up an operating group to advise insurance products covering various risks involved with use of drones.
In a circular, the Insurance Regulatory and Development Authority of India (IRDAI) explained drones are emerging as one of the fastest growing technology and so are being used for many different purposes.
In addition, it noted that drones are playing a substantial role in today's COVID-19 situation, assisting various authorities in a number of activities.
“There can be an immediate need to provide suitable insurance products within the various risks involved with the use of drones,” Irdai said while constituting the working group.
The nine-member panel headed by Anjan Dev, General Manager of THE BRAND NEW India Assurance Co, has been asked to study and understand the insurance needs of Remotely Piloted Aircraft System (RPAS) owners and operators.
IRDAI has tasked the group to create recommendations relating to design and style and development of merchandise/s meeting the requirements of RPAS owners and operators, including alternative party liability.
It will make recommendations associated with underwriting of such risks including re-insurance perspective and examining any other relevant matter relating to the subject.
The working group has been asked to submit its report within six weeks.
Earlier this month, the Civil Aviation Ministry issued draft rules for making and using drones in the united states, proposing an authorised manufacturer or importer can sell its devices only to a person or entity approved by the aviation regulator DGCA.
The usage of drones has increased due to the coronavirus-induced lockdown for purposes like surveillance, disinfection and videography.
The guidelines said each drone importer, manufacturer, trader, owner and operator will need to take approval from the Directorate General of Civil Aviation.
An authorised unmanned aircraft system (UAS) importer or manufacturer must not sell a UAS to anybody except an authorised trader or owner, according to the draft rules.
