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IRDAI urges insurance companies to launch customised products for drones

India’s insurance regulator has urged insurance companies to launch tailor-made products for drone owners and operators. In a circular sent to insurance companies last week, the Insurance Regulatory and Development Authority of India (IRDAI), even offered a product structure for chalking out such policies, which includes offering cover to drone operators for any legal liability, accidents, and medical expenses, among other things. India's drone rules mandate that drones flying in the air need to have an insurance cover. However, in the absence of specific insurance products, this provision has rarely been fulfilled. “Considering the unique characteristics of Drones that differentiate them from other aircrafts and taking into account the phenomenal growth in the usage of Drones for multiple purposes, there is a need to augment the current insurance availability customized to the requirement of drone owners and operators,” the IRDAI said in the circular. The circular comes after the IRDAI had set up a working group to explore contours of a drone insurance product, and the overall product architecture is in line with the recommendations which were made by the committee in November 2020. While noting that very few general insurers in the country currently offer insurance cover for drones and their operators, the regulator offered the following architecture to model drone insurance products: Cover Legal liability to third-party: The product should indemnify the insured against their legal liability to pay damages for third party civil claims arising out of bodily injury or death or property damage, by an accident or…

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