The use of Unmanned Aerial Vehicle (UAV), usually known as a drone, the aircraft without pilot crew or passengers is dated back to July 1849. Now its usage rate has been increased in India. It led to the formulation of the Drone Rule in India.
The use is spread across various sectors such as transportation, agriculture, defense, law enforcement, surveillance and emergency response, real estate/ ariel photography, state/local governance, etc. Pros associated with the usage of drones are the efficient use of resources and employee safety.
The previous rules were published in March 2021. Those were more restrictive. New rules issued in August 2021 are more liberalized and are made under trust, self-certification, and non-intrusive monitoring. With the implementation of new rules, a boom in the usage of drones in various industries is expected. Some key points of the new rules are as follows:
1) removal of the compulsory need of a license to fly the drone for commercial purposes,
2) permitted the foreign companies in the ownership and operation of the drone,
3) maximum drone-related non-conformity penalty is lowered to Rs.1 lakh
4)Online registration had been made compulsory.
The above listed are few among the list.
The new rule is formulated in the way that it facilitates the growth of start-ups and youth working in the sector. According to the study conducted by BIS, the Drone sector is expected to witness a CAGR OF 14.61%. Major Drone companies in India are Skylark Drones, idea Forge, Grene Robotics, etc.
Despite increased users of the drone, insures doesn’t have many options to select. Insurance products are available under strict conditions over the location of use of drones. Insurance coverages of existing insurance products are divided into Physical damage, third-party liability, and additional coverage.
Under the guideline of IRDAI and notification of the Ministry of Civil Aviation, insurance should cover third-party liability. The insurer can protect against cyber liability, invasion of privacy, and night flying. Major risk factors associated are collision, loss of signal, malicious attacks, privacy issues, and data theft.
Recently insurance coverage for drones were announced by ICICI Lombard General insurance, which is a comprehensive package that covers drones and play load against theft, loss, damage, and third-Party Liabilities. Drone insurance comes under Aviation Insurance. Other aviation insurance includes public liability insurance, passenger liability insurance, combined single limit, and In-flight insurance.
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