Find Insurance NI launches drone insurance product for UK market
Northern Ireland broker Find Insurance NI has launched a drone insurance product for the whole UK market amid growing demand for unmanned aerial vehicles (UAV).
Trading under the name Aviate Protect, Find Insurance NI has teamed up with Global Aviation Insurers to create a new product for the commercial drone market.
According to the company, the demand for drones has seen rapid growth in the commercial sector in the past three years.
The company that in the UK, pilots operating drones for commercial purposes, must get annual permission from the Civil Aviation Authority (CAA), demonstrate their capability and have suitable insurance.
It cited the fact that in 2015 there were 1,971 new CAA approved commercial operators whereas in 2014 there was only one in 2014 as evidence of a growing market.
Find Insurance NI director Colin Mullan said that the firm noted a clear market potential for the drone insurance product owing to the rapid advancement of the Unmanned Aerial Vehicle (UAV) technology.
Mullan added: “The market is constantly evolving and it has already seen some notable changes. Until recently, television and filmmaking has accounted for 75% of UK commercial drone activity, according to ARPAS (the professional trade association for Remotely Piloted Aircraft and Systems).
“However, this is no longer the case, with property and construction now dominating as the largest sectors adopting UAV technology.”
Lana Cairns, who is regarded by Find Insurance as the driving force behind the new drone insurance product, said that the current UAV insurance offering had its limitations and thereby forcing drone operators to opt for a cover they didn’t need as a result of the lack of choice.
Cairns added: “We therefore spotted a gap in the market. That’s when we decided to develop our own UAV Insurance product and create a new brand known as, Aviate Protect.
Image: New drone insurance product, Aviate Protect launched in the UK. Photo: courtesy of Find Insurance.