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Apollo, the innovation inspired insurance platform, and Moonrock, the leading managing general agent specializing in drone insurance, have launched a new drone, eVTOL and Aviation innovation insurance facility.
The facility will provide liability coverage of up to $100m and property damage cover of up to $22.5m. Led by capacity from Apollo, follow-on capacity will be provided by AEGIS London, AXIS, Beazley, Helvetia, IQUW and others, while Moonrock will underwrite and distribute the product to brokers.
The pioneering insurance facility is tailored to protect complex operations involving anything from single drones to larger fleets and to meet the demand in eVTOL and other areas of innovation in Aviation.
Martin Jackson, Class Leader, Aviation at Apollo Insurance commented “It was clear there was a need for a meaningful and targeted solution in the market to offer larger limits for complex drones and eVTOL operators, as well as propositions for increasing areas of innovation.
“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. We are looking forward to our continued collaboration and partnership with the team at Moonrock.”
Simon Ritterband, Founder and Managing Director at Moonrock Insurance, added, “This partnership marks a groundbreaking leap forward for the drone insurance industry, unlocking new opportunities for projects that have historically struggled to find coverage. 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. This revolutionary sector is poised for explosive growth, and with this innovative solution, we’re positioning ourselves ahead of the curve and ready to lead the way into the future of flight.”
