Comprehensive insurance to meet needs of UAV industry
Comprehensive insurance to meet needs of growing UAV industry
Auckland, 13th February 2017 – Today, Delta Insurance New Zealand Limited, launched New Zealand’s most comprehensive UAV (drone) operator’s insurance solution. This launch took place in conjunction with Delta’s sponsorship of the NZ UAV Conference held at the Auckland University of Technology today.
Commercial UAV technology, valued at over $127bn globally, is seeing wholesale adoption across many New Zealand sectors including agriculture, media, film, surveying, real estate, oil & gas and logistics industries.
In New Zealand there is currently no legal requirements for UAV operators to hold insurance. Most aviation and liability insurers exclude risks that are very specific to the UAV industry, such as breaches of privacy and statutory liability, says Craig Kirk, General Manager, Delta Insurance. In addition, there are few products that provide a composite hull and liability insurance solution.
“To us it made sense to create an insurance solution that addressed all of the industries’ requirements. We knew there was demand having been approached by a number of existing clients who were seeking to obtain more comprehensive cover for commercial UAV use,” adds Craig.
Linda Bulk, co-Director of Aeronavics Ltd, one of New Zealand’s largest UAV manufacturers, says that despite the rapid growth of the commercial UAV industry it is still relatively immature when it comes to risk management, for which insurance is central.
“There is a common misconception that UAVs will be covered under a general commercial insurance policy, however this is not always the case, leaving operators exposed and taking unnecessary risks.
“For the market to reach its full potential it needs a secure operating environment, it needs insurance that reflects its realities, so we are really happy to see Delta launch this product.”
Delta’s UAV Operator’s insurance policy is backed by Ark Specialty 4020 and Starstone syndicates at Lloyd’s of London.