The potential growth of the unmanned aircraft system (UAS) sector is phenomenal, but many elements need to align. To date, the focus has been on regulation of airspace, but another hugely needed safeguard is underwriting risk by insurance companies.
In a new detailed report from Marsh, a global leader in insurance broking and risk management, the insurance capacity is quantified. Thanks in large part to insurers’ understanding of manned-aircraft risk and safety measures, the insurance industry is stepping up to provide coverage as well as its own set of safety rules for clients.
According to the report:
Despite a lack of data and understanding surrounding many of the risks involved with UAS operations, the market is nevertheless undertaking a brisk pace of learning and development so it can support this nascent industry. UAS risks are currently being written worldwide by Lloyd’s markets and companies alike.
The insurance policies are covering the UAS aircraft, its sensor payload, the ground-control unit, and safety of transit and storage. The policies also cover the liability of injury or property damage to third parties as well as reseller or manufacturer product liabilities.
Read the full report here.