ISO, a provider of information about property/casualty insurance risk, says it is preparing insurers for the global rise of commercial drones by offering new coverage options.
According to the Verisk Analytics-owned business, the new endorsements address the growing liability exposures of the aircraft for commercial purposes. The options modify coverage under ISO’s commercial general liability and commercial liability umbrella/excess programs and were recently developed and filed on a multi-state basis for a June 2015 implementation.
“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,” explains Ron Beiderman, vice president of commercial lines coverage products for 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.”
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.
More about the endorsements and a copy of the white paper can be found here.