The British Insurance Brokers’ Association (BIBA) has launched a new member drone scheme with specialist broker Flock.
According to BIBA, the new scheme will offer “easy-to-access” and flexible cover for commercial drones, such as unmanned aerial vehicles (UAV) and electric vertical take-off and landing (eVTOL) aircraft.
The scheme is underwritten by aviation underwriters who bring A+ rated capacity and provide worldwide cover, allowing BIBA members to access cover for small businesses, global operators and large fleets.
It comes as Goldman Sachs estimates that the commercial drone industry is now worth around £78bn, while Flock has “rapidly established itself as the leading insurance specialist in the space”.
The broker has issued over one million quotes, and now insures some of the world’s largest fleets including Skyports, Terra Drone and Sky Futures.
Cover includes hull, equipment and cargo up to £1.5m, up to £50m public liability and beyond visual line of sight (BVLOS) cover.
Flock also creates custom insurance policies for specific use cases including drone deliveries, drone swarm shows and offshore operations.
The scheme is fully compliant with EU Regulation EC785/2004, meeting the Civil Aviation Authority and other regional aviation authorities’ insurance requirements for commercial UAV operators.
Mike Hallam, BIBA’s head of technical services, said: “We are delighted to offer this new scheme to members.
“Flock has proven expertise in this area that will greatly benefit members who need access to this specialist class of insurance, whether that be on a regular or one-off basis. Flock will simplify the process for members to bind risks and offer comprehensive and competitive cover.”
Ed Leon Klinger, CEO of Flock, said: “The commercial drone industry is growing at a remarkable rate, and it’s critical that drone operators of all sizes have access to fair, flexible, and transparent insurance policies.
“We are excited to bring Flock’s market-leading products to thousands of brokers across the country through the new BIBA drone scheme. Working with Flock, brokers can now take advantage of automated binding, end to end claims support and insights from a UAV specialist.”