Tata AIG General Insurance has announced the launch of a drone insurance offering and distribution partnership with TropoGo, a deep-tech start-up in India.
The new offering, called Remotely Piloted Aircraft System (RPAS) insurance, will offer coverage for both hull and third-party liability risks.
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RPAS also provides optional coverage for beyond visual line of sight (BVLOS) operations, night flying and data loss liability among others.
TATA AIG General Insurance president – commercial business Sushant Sarin said: “Driven by our core value of Customer First, we have co-created a market fit product with due consideration given to invaluable inputs from the Drone Federation of India (DFI).
“Our product fulfils the market requirement and is in line with the recommendations of the working group formed by IRDAI of India on RPAS Insurance. We are confident that our RPAS Insurance product shall exceed the expectations of all stakeholders in the drone ecosystem.”
Notably, the government of India recently announced new rules for owning and operating drones along with the announcement of the Production Linked Incentive (PLI) Scheme.
The drone manufacturing industry in India is expected to attract an investment of over $664.01m (INR50bn) over three years.
TropoGo founder and product owner Sandipan Sen said: “We are extremely happy and excited with our association with Tata AIG General Insurance. Our alliance with Tata AIG further strengthens our capability to offer a comprehensive insurance cover for Drones.
“We strongly believe in fuelling the booming drone ecosystem by collaborating with industry leaders and a growing community of RPA Pilots to bring innovative product and tech solutions to them.”
