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Zurich Insurance launches drone coverage for Canada

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Toronto-based insurer Zurich Canada, a unit of Zurich Insurance Group Ltd., on Wednesday announced it has launched an insurance package for Canadian customers using drones.

The coverage, which was developed with London-based Global Aerospace Underwriting Managers Ltd., offers liability limits of up to $25 million, but typically CA$5.0 million ($4.0 million), a spokesman for Zurich Canada said.

The product offers physical damage limits of up to CA$500,000 ($396,450), he said.

Minimum premiums will begin at CA$500 ($396) and depend on the size of the drone, he said.

In a statement, Zurich Canada said the drone insurance package includes first-party property coverage for theft or damage to the drone and ground equipment used to operate it, as well as any electronics or components carried.

The package also offers third-party liability coverage for property damage and bodily injury caused by the drone, premises liability at locations of scheduled aircraft, and medical expenses, Zurich Canada said.

Finally, additional coverage extensions such as malicious damage, system hacking and personal injury are available, according to the statement.

Zurich Canada will also offer customers access to online operations and safety training, risk management tools designed for staff flying drones, updates on regulation and risk insights, and expert advice, the firm said.

“Zurich’s customers in Canada will be the first ones around the world to have access to this unique insurance solution, thanks to the sophisticated regulatory environment governing the use of drones in Canada,” Urs Uhlmann, CEO of Zurich Global Corporate Canada, said in the statement.

Following its launch in Canada, the drone insurance package will be rolled out globally on a country-by-country basis, Zurich Canada said.