The UAV manufacturing and service provider Aquiline Drone Corp. says it has become the sector’s first company to provide insurance coverage – initially for its own activities and partners before extending that to other clients.
The Hartford-based firm said it had completed licensing procedures with the State of Connecticut Insurance Department to begin providing coverage services. The activity of the resulting Aquiline Drones Indemnity Corp. will first operate as an insurance captive – that is, extending protection to all units of Aquiline Drones, as well as partners. Over time, the company intends on broadening that business by extending commercial liability plans to the UAV sector generally, initially in the US before going worldwide.
In its early phase as an insurance captive, Aquiline Drones Indemnity Corp. will cover the entire group’s units, products, and activities, which range from drone manufacturing, maintenance, and repair to aviation cloud for commercial UAVs; aerial systems for large businesses and governments; pilot training; and its drone-on-demand service permitting clients to order UAV services through a mobile app.
That protection will extend to group partners and affiliates like Drone Volt and Aerialtronics, as well as hardware used by Aquiline Drones’ UAV service providers.
Aquiline Drones founder and CEO Barry Alexander says the move into insurance was a logical step for a business that has grown rapidly over the past year by broadening activities capable of creating end-to-end solutions under the same corporate roof. Providing financial protection against operational mishaps, he says, is a natural extension of its primary objective in serving clients.
“As a company founded by veteran airline pilots, safety has always been paramount to us and is the cornerstone of our growth,” said Alexander. “We’ve spent our entire professional lives managing risk at the highest levels on behalf of US airlines, the US military, other commercial aviation operations, and now, throughout our unique drone technology ecosystem.”
Founding of Aquiline Drones Indemnity Corp. is said to be the first time a UAV company has struck out into insurance provision. According to the company, following the affiliate’s first phase of writing insurance policies covering multiple aspects of commercial drone operations and services offered for the Aquiline group, it will broaden that out to all sector companies – and even private drone pilots.
“There are so many hobbyists and inexperienced drone operators out there who haven’t completed any formal drone training, nor do they have access to appropriate and flexible liability coverage,” said Alexander. “From our inception, our underlying mission has been to build a full-service drone ecosystem, including an American-made manufacturing plant, drone pilot training academy, aviation-inspired cloud and mobile drone manufactory pod. Our latest accomplishment of becoming a fully functional insurance company raises the bar for drone safety and expansion on a global scale.”
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