IRDAI group tables broad framework for insurance cover to drone industry

The panel noted that the drone ecosystem is in nascent stages in India and finding more usage/applications in various sectors at a slower pace

A working group set up by regulator IRDAI has recommended a broad policy framework and procedure for providing insurance cover to the drone industry and also suggested various risks associated with the use of Remotely Piloted Aircraft Systems (RPAS).

The working group, set up by the Insurance Regulatory and Development Authority of India (IRDAI) in June to recommend suitable insurance products for drones, suggested various procedures to be followed and the documentation required in the event of a claim.

Among other things, the group in its report has come out with Specimen Policy Wording (Drone Insurance) which includes various definitions and covers