Allianz Global Corporate & Specialty plans to start offering drone-safety products to insureds to help them manage drone-related risks, by way of a partnership with an Israeli company. Liberty Mutual introduced two new policy forms designed to make it easier for brokers to meet a broader set of coverage needs for their customers.
Allianz Global Corporate & Specialty is partnering with Israel-based drone safety systems company ParaZero to offer its drone-safety products to insureds and help them manage related risks.
This partnership is scheduled for initial roll out in the U.S. market, followed by other regions where AGCS insures unmanned aircrafts. Pricing incentives and preferential conditions will be offered for those using ParaZero products.
Founded in 2014, ParaZero specializes in designing, developing and manufacturing safety products for commercial drone operators.
Specifically, ParaZero’s drone safety system, SafeAir, uses an onboard computer paired with a pyrotechnic parachute launcher to enable deployment upon flight malfunction. The safety package monitors key flight parameters and when critical failures are identified, a parachute and audio warning system are triggered to help protect not only the drone and the weight it can carry (payload), but also vulnerable bystanders in the area.
Upon identifying flight malfunction, the ParaZero SafeAir recovery system deploys a parachute, stops the rotors, reduces drone speed and emits a loud notification sound to alert bystanders of the aircraft’s controlled descent.
Liberty Mutual introduced two new policy forms – umbrella and contractor’s equipment – designed to make it easier for brokers to meet a broader set of coverage needs for their customers.
Liberty Mutual’s new, simplified umbrella form offers broader coverages requiring fewer endorsements. In addition, Liberty Mutual completely restructured the form, making it easier for brokers to read, navigate and compare coverages. New umbrella features include worldwide coverage, tracking aggregates and shaving of limits.
According to Doug Manwaring, Liberty Mutual chief underwriting officer, Excess Casualty, National Insurance the new umbrella form offers significant enhancements including allowing brokers to customize an all-lines Liberty Mutual product, or a stand-alone layer of added protection over another carrier’s primary liability policies.
The new Premier Protector – Contractor’s Equipment form helps better protect equipment and other essential items for businesses.
Dan Feige, vice president, Inland Marine, Liberty Mutual said the contractor’s equipment offering was enhanced in three ways:
- inclusive coverage in a simple form that covers equipment that owned, leased, borrowed or rented, or that can be loaned to others on a blanket basis with no coinsurance.
- Brokers and customers can tailor deductibles and valuation to reflect equipment usage and age with replacement cost and actual cash value.
- Liberty Mutual property policyholders may now choose to combine deductibles for their Liberty property and contractor’s equipment when it is involved in the same covered loss.
Sources: Allianz Global Corporate & Specialty, Liberty Mutual