ISO is preparing insurers for the
rise of commercial drones around the world by offering new and versatile
coverage options. ISO is a Verisk Analytics VRSK business.
The new endorsements address the growing liability exposures of
commercial drones, which have already developed a wide range of
potential and reported uses, including package delivery, crop protection,
and aerial photography. The options modify coverage under ISO's
Commercial General Liability and Commercial Liability Umbrella/Excess
programs and were recently developed and filed on a multistate basis for
a June 2015 implementation.
"The applications of drone technology are growing every day, both in the
United States and abroad," said Beth Fitzgerald, president of ISO
Insurance Programs and Analytic Services. "That's why we worked quickly
to provide insurers with the tools they need to help them develop
innovative insurance solutions for drones being used now and those that
will be used in the future."
"Providing a range of options can help an insurer better align its
product offerings both with its underwriting tolerance and the needs of
its clients," said Ron Beiderman, vice president of Commercial Lines
Coverage Products at ISO Insurance Programs and Analytic Services.
"Because this is a newly emerging exposure, we introduced various
exclusion and coverage options to give insurers maximum flexibility when
writing risks that use drones in their operations."
Industry professionals looking for more information on drones and
related ISO activity should visit ISO's Emerging Issues web portal
http://info.iso.com/ (ISOnet(R) login required). As part of its Emerging
Issues initiative, ISO recently published a white paper that explores
drone technology, ongoing efforts to regulate drones, and potential
risks that drones could present to the insurance industry and global
markets.
To learn more about the endorsements and download a copy of the drones
white paper, visit www.iso.com/drones.
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