JERSEY CITY, N.J., December 15, 2014 — ISO is preparing insurers for the rise of commercial drones around the world by offering new and versatile coverage options. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The new endorsements address the growing liability exposures of commercial drones, which have already developed a wide range of potential and reported uses, including package delivery, crop protection, and aerial photography. The options modify coverage under ISO’s Commercial General Liability and Commercial Liability Umbrella/Excess programs and were recently developed and filed on a multistate basis for a June 2015 implementation.
“The applications of drone technology are growing every day, both in the United States and abroad,” said Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services. “That’s why we worked quickly to provide insurers with the tools they need to help them develop innovative insurance solutions for drones being used now and those that will be used in the future.”
“Providing a range of options can help an insurer better align its product offerings both with its underwriting tolerance and the needs of its clients,” said Ron Beiderman, vice president of Commercial Lines Coverage Products at ISO Insurance Programs and Analytic Services. “Because this is a newly emerging exposure, we introduced various exclusion and coverage options to give insurers maximum flexibility when writing risks that use drones in their operations.”
Industry professionals looking for more information on drones and related ISO activity should visit ISO’s Emerging Issues web portal (ISOnet® login required). As part of its Emerging Issues initiative, ISO recently published a white paper that explores drone technology, ongoing efforts to regulate drones, and potential risks that drones could present to the insurance industry and global markets.
To learn more about the endorsements and download a copy of the drones white paper, visit www.verisk.com/drones.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso.html and www.verisk.com.