Hunt Valley, Md.-based All Risks Ltd., which touts itself as the largest national independent wholesale brokerage firm, has partnered with Prospect Insurance Brokers Ltd., a Lloyd’s of London broker providing specialist unmanned aerial vehicle (UAV) insurance for manufacturers and operators.
The program, UAV Protect, offers an insurance package for commercial users of UAVs. Through the partnership, All Risks will offer the product in the U.S. to retail insurance agents nationwide.
All Risks says the program offers commercial entities the following coverages: hull and liability, personal accident cover for the crew, general liability, theft, cyber liability, and privacy and trespass insurance.
“Since earlier this year, the number of Section 333 exemptions that the FAA has permitted, allowing various commercial entities to use UAVs safely to advance their businesses, has ballooned, due to an increasing pressure from the industry,” comments Richard Bryant, senior underwriter of Ark Specialty Programs, part of Ark Syndicate Management Ltd., which manages the underwriting of Syndicate 4020 and Incidental Syndicate 3902 at Lloyd’s of London.
James Gadbury, chief operating officer of of UAV Protect, adds, “Our specialist UAV cover will meet this demand. Furthermore, with the expected arrival of the small UAS rule in 2016 (for drones weighing less than 55 pounds), we are well timed to serve this exciting and rapidly evolving new industry.”