New India Assurance launches ‘New India Unmanned Aircraft System Insurance’
New India Assurance has launched ‘New India Unmanned Aircraft System (UAS/UAV/RPAS/Drone) Insurance’.
The New India Unmanned Aircraft System Insurance will cover large aircraft to solo flying gliders. Coverage will be offered to drone owners, operators and manufacturers. The product provides a diverse option of over 15 different add-on covers for customers to pick and choose from. These add-on covers are designed as per the drone industry’s requirement. The policy covers physical damage to the aircraft and its theft. It also provides cover for accidental physical injury to the third party and/or damage to their property due to the aircraft’s operations.
The policy is designed to cover fixed wing, rotor wing & hybrid UAS that can be controlled remotely (with pilot intervention) or autonomous drones (without pilot intervention). These aircraft are generally deployed for military and non-military applications, including surveillance, geography and infrastructure inspections, aerial photography, etc.
Commenting on the product’s launch, Neerja Kapur, Chairman cum Managing Director, said, “India’s drone manufacturing industry clocked annual sales of INR 60 crores in FY 2021 and is expected to grow to INR 900 crores by FY 2024. Thanks to the impetus given by the Government of India through the liberalised Drone Rules, 2021, India has the potential to be a global drone hub by 2030. As the pioneers in Indian aviation insurance, we aim to develop insurance products of a global standard. With our aviation insurance products, we hope to contribute to India’s anticipated aviation revolution.”