Moonrock launches wholesale drone cover underwritten by Hiscox
UK-based specialist drone broker Moonrock Insurance has announced that it is wholesaling its drone insurance cover to other brokers.
Underwritten by Hiscox, Moonrock has been providing commercial drone cover since February 2016. Its policy provides public liability cover in case of injury to an individual or damage to someone else’s property caused by the drone. It also includes damage to the drone itself or to drone accessories, as well as covers such as invasion of privacy, a cyber-hack and war, terrorism, hijacking and confiscation risks.
Drone technologies are expected to reach a total market size of £80 billion by 2020 with the commercial business representing the fastest growth opportunity, according to the company.
Samantha Newman, regional manager for Hiscox UK and Ireland commented: “The Moonrock Scheme has been a great success so opening up the product to other brokers was the natural next step. Industries are being revolutionized by the use of drones and as a result, the market for drone technology is growing exponentially. Dangerous and unreliable manual processes are increasingly being replaced with drones and the demand for compulsory insurance for drone pilots is growing in parallel. It’s hugely rewarding to be able to offer our product to a wider audience in this rapidly developing market.”
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