Tokio Marine & Nichido Fire Insurance of Japan will soon offer insurance coverage for damages and other accident-related costs stemming from commercial testing of drone-based services such as the delivery of packages.
While other existing drone insurance policies will pay compensation for damages and injuries caused by drones, the new policy from Tokio Marine will also cover repair costs for the entire fleet if a defect on a certain drone model is discovered during testing. It will also cover the costs of holding a news conference and investigations after an accident.
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According to the firm, while other insurers also provide drone insurance, it will be the first time an insurer in Japan will cover commercial testing of drone-based technologies.
The policy, which will be available mid-May, will provide up to ¥3 million (US$26,900) to cover accident investigations and news conferences. Meanwhile, the full cost of repairs will be covered. Premiums will be calculated based on several factors, such as the nature and scale of tests to be done.
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