ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Business

Tokio Marine to insure drone-based testing

Policy will cover damages, repairs and other costs from accidents

TOKYO -- Japan's Tokio Marine & Nichido Fire Insurance will in mid-May begin offering insurance coverage against damages and other costs related to accidents that occur during commercial testing of drone-based services, such as parcel delivery.

Existing drone insurance policies pay for compensation in case of a drone injuring a person, as well as costs stemming from damaged or destroyed drones.

The new product from the Tokio Marine Holdings unit will provide more extensive coverage. For instance, if a flaw on a certain drone model is discovered during testing, the policy will pay for repairing that model's entire fleet. The policy will also shoulder the cost of holding a news conference after an accident and investigating the cause.

Maximum coverage for probing an accident's cause and for news conferences will be set at 3 million yen ($26,877). For repairs, the policy will pay for actual costs. The premium will be determined based on various factors, including the nature and scale of the testing.

Japan's nonlife insurers are already selling drone insurance, but Tokio Marine says its new policy is the first to cover drone-based commercial tests.

(Nikkei)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media