Unmanned Aerial Vehicle (UAV)/ Drones are being widely used in commercial purposes including Agriculture, Mapping, Filming, Photography and Surveillance to name a few and are using such technology to advance their services. With the growing demand for the drone services, the main factor to consider is safety of your operations and equipment.
Each drone operation should have insurance coverage to protect your business and your assets when something unforeseen happens such as your drone falling and damaging someone’s property.
We interview Saravanan Chettiar, CEO of VStream Revolution Sdn. Bhd, an exhibitor at the Global Drone Conference 2022.
There are a lot of people in the security industry who are curious about the possibilities drones can provide as a physical security tool. Are you seeing an increase in the use of drones for security purposes?
Yes, with the move to digitalization and lack of manpower (Dependency on foreign workers), security companies are looking into alternative solution for their daily operation. Drones are seen as the best tool to be adopted for the above problem.
When securing public places to protect the safety of people’s life and property and maintain social stability, the use of high technology can help local authorities to monitor suspicious activities. This applies to private properties such as warehouses and office premises as well.
When do you think we will see more clarity on how drones can be used in security or law enforcement capacities? Is that the biggest barrier to the adoption of this technology?
The use of drones in security and enforcement has already begun, as you can see the Royal Malaysia Police (Polis Diraja Malaysia- PDRM) has used drones intensively during the Covid-19 lockdowns for monitoring of public spaces and enforcement.
Also, during the recent Hari Raya Aidiladha celebrations when heavier traffic flow was observed on main highways heading to the north, south and east coast of the peninsula, PDRM used drones to track and summon the drivers that were using the emergency lanes during their commute.
The biggest barrier to adoption of technology is still the clarity of regulations, awareness of safety and the lack of talent to operate this technology.
What will you be exhibiting at Global Drone Conference 2022?
We will selling our Drone Insurance packages followed by Drone Consultancy services.
What sort of eventualities do these insurance policies cover?
Since providing drone insurance since Dec 2019, we have successfully secured the following:
- Public Liability Coverage up to RM 50,000,000.00
A Public Liability policy aims to protect you or your company against any claim for compensation and legal costs you may be legally be liable to pay for bodily injury to anyone (other than employees or contractors under your employ or direction for monetary consideration or in kind) or damage to a third property (other than your own property or property held in trust or on commission) caused by activities of your company
2. All Risk / UAS Aviation Coverage up to RM 5,000,000.00
The All Risks / UAS Aviation Insurance Policy is designed to cover The Drone and any other attachment connected to it in event of it being lost or damage by any accident or misfortune due to:
- Accidental Damage / Mishandling by Pilot
- Repair or Total Loss due to CRASH
- Fly Away (Only for UAS Aviation Policy)
- Damage during Transit from Office to work site
- Fire & Perils such as lightning
- Theft by forcible entry or exit from premises
3. More than 150 types off Drones for different types of operations
Type of Drones
- Multi Copter
- Example ( DJI Mavic 2A , DJI Mavic 2 Enterprise, DJI M300 RTK and others)
- Fixed Wings
- Example : (Dragonfish, Alti, AECA V1 VTOL and others)
- Cargo Drone
- Example (PEN 55, EHANG 216, PEN 1360 & others)
- Different Operation
- Proof Of Concept (POC)
- Tendering (Drone Insurance requirement during tendering process)
- Inspection (Building, Construction, Oil & Gas, Onshore & Offshore)
- Surveillance / Drone in a Box type of Surveillance
- Agriculture
- Cargo Delivery
- Drone in Box
- Mapping
4. Coverage for whole of Malaysia and Worldwide
Both our Public Liability and ALL/RISK Drone Insurance Policy covers operations :
- Peninsular Malaysia
- Sabah and Sarawak
- UAS Aviation Policy covers all operation for Business that is registered in Malaysia and Worldwide:
- Peninsular Malaysia, Sabah and Sarawak
- Worldwide Coverage (Business that has a valid registration in Malaysia that has operation worldwide)
Speaking of insurance, how widespread is the use of drones by insurance companies at the moment? And do you have a sense of how widespread it is likely to be in the future?
According to Deloitte, insurance is among the industries already deploying and expanding the potential of commercial drones, eyeing two strategic objectives: better risk management through improved data collection, analysis, and actionable insights; and reduced operational costs through improved efficiency and effectiveness in claims adjudication, claims processing, and customer experience.
Several leading US insurance companies were first in the air, securing FAA permission as early as 2015 to use drones for aerial data collection, catastrophe response, research and development, underwriting, and claims resolution support. Since then, more insurance companies, both national and regional, have begun using drones.
Sensing disruptive potential, numerous insurance technology (insurtech) firms have entered the drone domain to offer both comprehensive and specialized services to the insurance industry. Betterview, an insurtech devoted to using drones for property inspections, has executed more than 6,000 rooftop inspections in the last two years; the company signed a partnership agreement with Loss Control 360, which makes software for insurance companies and inspectors. Verifly, a New York-based startup, is another market entrant. The app-based, licensed producer has partnered with Global Aerospace Insurance to offer on-demand, per-flight policies.
Do you have a message you would like to share with our readers?
Please visit our booth at the Global Drone Conference in Kuala Lumpur this October. Before that, we welcome you to visit our “Drone Insurance Store” Malaysia’s first Online Drone Insurance Platform.
We offer an easy way to get information on Drone Insurance Offers, On demand Drone Insurance Quote and Online payment gateway. By becoming a Member and you will get a discount off your purchase of drones and accessories.
VSTREAM REVOLUTION IS A DRONE ZONE EXHIBITOR AT THE INNOVATE TECH SHOW 2022 HELD AT MATRADE KUALA LUMPUR FROM 19-21 OCTOBER 2022 WHERE THE GLOBAL DRONE CONFERENCE IS CO-LOCATED.
SARAVANAN WILL ALSO BE SPEAKING ABOUT DRONE INSURANCE IN DETAIL ON 19 OCTOBER AT THE MAIN STAGE OF HALL A, MATRADE KUALA LUMPUR REGISTER FOR YOUR FREE PASS AND EVENT UPDATES.
