ArgoGlobal, the Lloyd’s insurer and member of Argo Group, today announces the launch of Insure4Drones. The online portal, developed with approved Lloyd’s coverholder JRW Group, offers click-and-buy insurance products for the UK’s commercial drone market.
The new service, which is available immediately, will offer physical damage and/or liability cover with limits of £1 million ($1.4 million), £2 million ($2.9 million) or £5 million ($7.2 million) for single or multiple drones and operators. Operators must comply with all existing Civil Aviation Authority regulations in order to be eligible to purchase the cover, ArgoGlobal said.
“The aviation market is highly competitive and opportunities for growth in traditional markets are limited. However, the nascent commercial drone sector represents an area of potential growth,” said Scott Bradbury, aviation underwriter.
“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,” Bradbury added.
“This portal, which ArgoGlobal has developed in collaboration with JRW Group provides us with an advanced and user friendly platform, which can rapidly evolve in tandem with this industry,” he went on to say.
Bradbury said Insure4Drones extends the company’s suite “of specialist aviation products to a previously unfurnished market and will help to support its burgeoning growth.”