The British Insurance Brokers’ Association (BIBA) has launched a new member drone scheme with specialist broker Flock, offering easy to access and flexible cover for commercial drones such as unmanned aerial vehicles (UAV) and electric vertical take-off and landing (eVTOL) aircraft.
The new scheme is underwritten by leading aviation underwriters who bring A+ rated capacity and provide worldwide cover, allowing BIBA members to easily access cover for small businesses, global operators and large fleets.
Goldman Sachs estimates the commercial drone industry is now worth around £78billion and Flock has rapidly established itself as the leading insurance specialist in the space. It has issued over one million quotes and now insures some of the world’s largest fleets including Skyports, Terra Drone and Sky Futures.
Cover includes hull, equipment and cargo up to £1.5m, up to £50m public liability and beyond visual line of sight (BVLOS) cover. Flock also has the ability to create custom insurance policies for specific use cases including drone deliveries, drone swarm shows and offshore operations.
Mike Hallam, BIBA’s Head of Technical Services, said: “We are delighted to offer this new scheme to members. Flock has proven expertise in this area that will greatly benefit members who need access to this specialist class of insurance, whether that be on a regular or one-off basis. Flock will simplify the process for members to bind risks and offer comprehensive and competitive cover.”
Ed Leon Klinger, CEO of Flock, said: “The commercial drone industry is growing at a remarkable rate, and it’s critical that drone operators of all sizes have access to fair, flexible, and transparent insurance policies.
“We are excited to bring Flock’s market-leading products to thousands of brokers across the country through the new BIBA drone scheme. Working with Flock, brokers can now take advantage of automated binding, end to end claims support and insights from a UAV specialist.”
Brokers can also benefit from Flock’s UAV specialists who will provide insights on client requirements. They will also receive end to end claims support and advocacy as well as their own branded portal to simplify and streamline the quote and bind process.
The scheme is fully compliant with EU Regulation EC785/2004, meeting the Civil Aviation Authority and other regional aviation authorities’ insurance requirements for commercial UAV operators.
For more information, visit the Commercial Drone Insurance Scheme page.
Notes to editors
- For further information please contact:
BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
Leighann Forsyth, Deputy Head of Communications
020 7397 0224
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- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes more than 1800 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 67% of all general insurance with a premium totaling £66.5bn and 81% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives more than 600,000 enquiries per year to its Find Insurance services, online and via the telephone which are directed to member insurance broking firms.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.
- About Flock
Flock is a London-based, VC and Government-backed insurtech startup, operating at the cutting-edge of data analytics and insurance.
Flock’s risk intelligence engine powers a suite of fully flexible insurance products in the drone industry, ranging from pay-as-you-fly policies for SMEs, up to usage-based enterprise insurance for the world’s largest drone fleets. Flock is now working with global insurers to launch a range of products in other speciality lines insurance as part of its mission to make the world a safer, smarter place.