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Lloyd’s specialty insurer ArgoGlobal said Tuesday it is offering click-and-buy drone insurance to U.K.’s commercial drones and drone operators.
Coverage can be accessed through Insure4Drones, an online portal designed by Lloyd’s coverholder JRW Group and ArgoGlobal of Bermuda insurer and reinsurer Argo Group International Holdings Ltd., ArgoGlobal said in a statement.
“The aviation market is highly competitive, and opportunities for growth in traditional markets are limited,” aviation underwriter Scott Bradbury said in the statement. “However, the nascent commercial drone sector represents an area of potential growth. By developing new products which reflect the unique risks, rapidly evolving nature of this technology and increasingly broad spectrum of professions which are availing of drone for commercial use, carriers can carve a niche.”
Coverage includes physical damage and/or liability with £1 million ($1.4 million), £2 million ($2.9 million) or £5 million ($7.2 million) limits for single or multiple drones and operators. In order to purchase coverage drone operators will need to obey any Civil Aviation Authority regulations, the company statement said.
The International Air Transport Association has warned that civilian drones are becoming a "real and growing threat" to the safety of commercial aviation, reported Manila Bulletin citing Agence France-Presse.