ICICI Lombard General Insurance has set foot in the drone insurance segment with a comprehensive remotely piloted aircraft insurance targeted at drone operators.

The new offering provides coverage for theft or loss or damage to the drone. This includes the payload (camera/equipment) attached and Third Party Liabilities.

Available on the Indian private sector non-life insurer’s online platform, the proposition covers six risk types.

The Hull Cover offers cover for accidental loss/damage to the drone such as theft and disappearance within the policy’s scope, which excludes loss as a result of natural wear and tear over time.

The Payload Cover and Equipment Cover covers the accidental physical loss or damage of the payload. A Personal Accident Cover for the insured/authorised operator for bodily injury sustained in India while operating drones is also offered under the policy.

Besides, it provides Medical Insurance Cover for insured/authorised operator, who has been hospitalised due to a bodily injury sustained as a result of the flight of the covered drone.

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It also covers Third Party Liability, covering damages from accidental bodily injury as well as accidental damage to property caused by the drone.

The policy also includes nine add-on covers. Moreover it offers a pay per use model of payment, with users allowed to select from one-day, one-week, one-month or annual policies.

ICICI Lombard General Insurance Company Sanjay Datta said: “With an increase in commercial as well as civilian uses of drones, there is also a growing need to provide owners with insurance coverage that offers the best protection against damages and helps them reduce their third-party liability exposure.

“We, at ICICI Lombard, are committed to introducing innovative products that cater to the new-age risks. With our new comprehensive drone insurance coverage, we want to offer owners the best solution to ensure peace of mind.”

The insurer’s service suite also includes motor, health, crop, fire, personal accident, marine, engineering and liability insurance.

Last year in December, the firm partnered with employee health insurance startup Plum to jointly develop tech-backed group health insurance offerings in India.

Meanwhile, in a recent development in the drone insurance space, Flock raised $17m in a Series A funding round led by Social Capital.

The UK-based drone insurer backed by Sompo will use the infusion to enter new markets and expand product suite.