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Best’s News & Research Service - October 17, 2016 02:26 PM (EDT)

A.M. BestTV: Drone Surge Opens Up a Wide Horizon of Risk Coverages

  • October 17, 2016 02:26 PM (EDT)
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Oldwick //BestWire// - In this A.M.BestTV episode, Paul Bowles, an attorney with Fitzpatrick & Hunt, Pagano, Aubert, LLP., said drone operators should consider protecting themselves against a range of property and liability exposures, including aviation and marine risks, commercial liability, errors and omissions, directors and officers, privacy and more. Click on http://www.ambest.com/v.asp?v=drones1016 to view the entire program.

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.

Recent episodes of A.M.BestTV include:


  • EAIC Conference: Asian Insurers Embrace the Analytics Revolution: At the East Asian Insurance Conference (EAIC), attendees said insurers and reinsurers are rapidly expanding the use of data technology for underwriting, pricing, marketing and customer relations: http://www.ambest.com/v.asp?v=eaic31016nc.

  • EAIC Conference: Insurers Seek Deeper, Longer Customer Relationships: At EAIC, attendees said insurers are being judged across industries and that they must create products and services that serve the evolving needs of customers or risk obsolescence: http://www.ambest.com/v.asp?v=eaic11016nc.

  • Fiduciary Rule Impacting Variable Annuities, Says A.M. Best Analyst: Edward Kohlberg, associate director, A.M. Best, said that the Department of Labor’s looming fiduciary rule changes have a role in the recent shifting of annuity sales: http://www.ambest.com/v.asp?v=annuities1016.

  • London Calling: Distributors and Underwriters Pitch for U.S. Risks: Brokers and underwriters at the second annual CHART-Exchange Constitutional Convention, court one another with the goal of placing coverages—including some that traditionally have remained within North American markets—with the London market: http://www.ambest.com/v.asp?v=chartexchange1016nc.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.



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