NEW DELHI :
Tata AIG General Insurance Co. Ltd on Monday introduced the launch of Remotely Piloted Aircraft System (RPAS) insurance coverage, and distribution tie-up with TropoGo, a deep-tech startup. Tropogo has established an built-in market offering a one-stop store for the entire drone ecosystem.
According to the press launch issued by TATA AIG on 18 October, “Tata AIG has been at the forefront and has closely engaged with the Drone Federation of India to understand the various types of risks faced by drone owners and operators. Tata AIG’s RPAS insurance is a comprehensive product covering both Hull and Third-Party Liability risks faced by them. Tata AIG’s RPAS insurance also provides optional coverage for BVLOS operations, night flying, data loss liability, etc.”
With the inflow of recent and thrilling drone applied sciences and the latest coverage modifications in India, the already extremely lively group of drone producers, tech startups, and lovers are excited to make India a drone hub by 2030. Ministry of civil aviation foresees an funding of over ₹5,000 crore within the drone manufacturing business over three years resulting in annual gross sales turnover reaching over ₹900 crore in FY 2023-24.
“Driven by our core worth of Customer First, now we have co-created a market match product with due consideration given to invaluable inputs from the Drone Federation of India (DFI). Our product fulfils the market requirement and is in step with the suggestions of the working Group shaped by IRDAI on RPAS Insurance. We are assured that our RPAS insurance coverage product shall exceed the expectations of all stakeholders within the drone ecosystem,” stated Sushant Sarin, president-commercial enterprise, TATA AIG General Insurance Ltd.
“The latest liberalization of guidelines for proudly owning and working drones, coupled with the announcement of Production Linked Incentive (PLI) scheme is a vital milestone that can spur excessive development of this phase. TropoGo is our distribution accomplice that can fulfil the insurance coverage necessities of drone homeowners and operators” stated Sarin.
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