JERSEY CITY, N.J., June 3, 2015 — ISO announced today that its new coverage and exclusion options for commercial drones took effect this month in most ISO jurisdictions, providing insurers with tools to help develop innovative solutions for businesses that may use drones. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The new options, effective June 1, 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. Six core options are available under each program (three optional exclusions and three limited-coverage endorsements) and can be used to address a number of potential exposures with respect to bodily injury, property damage, and other potential liability related to drones.
“As more businesses introduce drones into their operations, insurers need underwriting tools available to them to address the potential wide range of exposures they’ll likely face,” said Ron Beiderman, vice president of Commercial Lines Coverage Products at ISO Insurance Programs and Analytic Services. “Our new flexible endorsement options can help insurance carriers tailor the coverage to address such exposures in ways that suit their risk tolerance.”
Industry professionals looking for more information on drones and related ISO activity should visit ISO’s Emerging Issues Portal (ISOnet® login required). 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.