Bankbazaar Singapore – February 6, 2018
Singapore: Certified drone pilots in Japan will now be insured through the new accident liability insurance product introduced by Tokio Marine & Nichido Fire Insurance, reports Nikkei. This product will be sold in collaboration with Japan’s Drone Pilot Association (DPA), a registered body with the Ministry of Transport.
DPA will subsidise the premium amount payable for pilots who have graduated from recognised flying schools. They will also award drone pilots with professional certificates. To speed up the process, association has accredited 30 drone-flying schools in Japan, with a plan to add an additional 70 schools in 2019. This will ensure that around 10,000 pilots will be certified and insured.
The policy provides 100 million yen ($913,000) coverage for individuals. Corporate policyholders can increase their coverage up to 1 billion yen ($9.13 million). The policy will provide liability coverage which includes injuries and damages to property caused as a result of a drone crash.
The growing number of drone crashes and accidents that have made headlines in the recent past has led to an increased demand for drone insurance. Tokio Marine is also looking for other unmanned aerial vehicle industry players to help sell their insurance product.
In Singapore, Tokio Marine currently offers different life insurance schemes as well as general insurance policies to help meet the needs of Singaporeans.