ISO prepares for growth of commercial drones
ISO, the information provider about property/casualty insurance risk owned by Verisk Analytics, is preparing insurers for the rise of commercial drones around the world by offering new and versatile coverage options.
The new endorsements address the growing liability exposures of commercial drones, which have already developed a wide range of potential and reported uses, including package delivery, crop protection, and aerial photography.
The options modify coverage under ISO's Commercial General Liability and Commercial Liability Umbrella/Excess programmes and were recently developed and filed on a multistate basis for a June 2015 implementation.
"The applications of drone technology are growing every day, both in the United States and abroad," said Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services. "That's why we worked quickly to provide insurers with the tools they need to help them develop innovative insurance solutions for drones being used now and those that will be used in the future.”
Ron Beiderman, vice president of Commercial Lines Coverage Products at ISO Insurance Programs and Analytic Services, added: “Providing a range of options can help an insurer better align its product offerings both with its underwriting tolerance and the needs of its clients. Because this is a newly emerging exposure, we introduced various exclusion and coverage options to give insurers maximum flexibility when writing risks that use drones in their operations."
