‘We’re also excited because the facility provides the opportunity to support the rapidly expanding field of drone passenger services, or Evtol ’, says founder and managing director
Apollo and Moonrock have launched a £99m ($122.5m) insurance facility to support the growing needs of the drone, electronic vertical take-off and landing (Evtol) and broader aviation innovation market.
The facility provides up to £77m ($100m) in liability coverage and £17.5m ($22.5m) in property damage cover, with Apollo leading the capacity.
Aegis London, Axis, Beazley, Helvetia, IQUW and others are providing follow-on capacity. Moonrock, the MGA specialising in drone insurance, will underwrite and distribute the proposition to brokers.
Apollo said the initiative aims to meet the growing demand for cover that reflects the scale and complexity of modern drone and Evtol operations.
Martin Jackson, class leader for aviation at Apollo, said it had become clear that operators required “larger limits for complex drones and Evtol operations, as well as propositions for increasing areas of innovation.”
He continued: “Given Apollo’s emphasis on providing and developing innovative and tailored solutions for our clients, we are very excited to expand our relationship further with Moonrock, alongside Aegis London, Axis, Beazley, Helvetia, IQUW and others to introduce this new facility.”
Evtol entry
Moonrock founder and managing director Simon Ritterband described the launch as a major step for the sector.
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He said: “We are now able to insure more complex drone operations such as those utilising cutting edge, high value equipment, ensuring comprehensive protection against property damage and liability claims.
“We’re also excited because the facility provides the opportunity to support the rapidly expanding field of drone passenger services or Evtol.”
Moonrock is already established in the commercial drone insurance market.
This year, Moonrock Drone Insurance most recent steps in the drone insurance market included launching tailored liability products, securing capacity from insurers like Apollo and Hiscox and partnering with Bravo Networks.
This new facility extends its reach into more complex operations and the nascent Evtol sector.
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