ISO is preparing insurers for the rise of commercial drones around the world by offering new coverage options.
In a statement, ISO said that its new endorsements address the growing liability exposures of commercial drones, which already have 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 programs and recently were 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's 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.”
“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,” said Ron Beiderman, vice president of commercial lines coverage products at ISO's insurance programs and analytic services. “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.”
Learn more: www.iso.com/drones.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].