To meet rising demand, Insurtech provider Precision Autonomy, backed by Old Republic Aerospace, has released a new easy to manage insurance cover specifically for commercial drone use and operators in the USA.
Drone.insure by Precision Autonomy brings to market one of the most flexible and comprehensive drone insurance policies for commercial use, but with an easy online set-up.
Precision Autonomy founder Mark Halverson said the launch came in time for the next wave of drone adoption as companies look to innovate and use machines to meet the challenges of a post COVID-19 world.
“Machines are fundamentally immune to the current crisis and we have already seen accelerated use of drones across all sectors to meet unprecedented challenges.”
“We excited to be partnering with ORA, an insurance company focused on innovation, to insure this growing market” Mr Halverson said.
Stephanie Kleeberg, Senior Underwriter and UAV Specialist with Old Republic Aerospace added:
“Our partnership with Precision Autonomy is the next big step in the drone insurance evolution.
We are taking our unified vision of the drone industry and are excited to showcase this new innovative platform, accessibility and dynamic to the marketplace”.
Mr Halverson said Precision Autonomy uses proprietary technology to digitally issue insurance.
“We have been working in the field with commercial drone operators to understand their needs and are bringing to market a superior annual insurance product with Old Republic Aerospace today.”
“Through our platform commercial drone operators can get a quote online for Old Aerospace drone cover within 60 seconds and be covered within minutes.”
During the COVID-19 pandemic, there has been a huge increase in drone use for medical deliveries, surveillance and government public broadcasts.
In April the Financial Times reported that the US Federal Aviation Administration offered its first coronavirus-related waiver for drone flight, allowing an oil and gas company in Houston, Texas, to use unmanned aircraft instead of humans to inspect its facilities while staff remain confined in lockdown.
It is expected that the FAA’s exemption may be the catalyst for more drone operations and the industry will start to see wide-scale flying for a variety of commercial uses.