Drones, being an emerging technology, represent new challenges in risk management for insurance companies.
“The FAA has just implemented Part 107 for the regulation of small commercial drones,” said Bowles. “These small commercial drones must weigh less than 55 lbs. and their users must follow piloting and operational regulations.”
Bowles spotlighted that commercial drone operators, when looking for drone coverage, should consider how drones are going to affect all aspects of their business as well as other businesses. He said the key is to find an aviation or marine policy that provides sufficient coverage.
In terms of risk management, Bowles added, “drones are a very fast moving and growing industry that is going to present a lot of different issues to consider.” However, he does believe that drones present a tremendous growth opportunity for insurance companies, since new companies are going to be created from the use of this technology.
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