Apollo, Moonrock launch new drone, eVTOL & aviation innovation insurance facility
Lloyd’s insurer, Apollo, and a leading managing general agent (MGA) specialising in drone insurance, Moonrock, have partnered to launch a new insurance facility designed to support advanced drone, electric vertical take-off and landing (eVTOL), and aviation innovation operations.
The facility will offer liability coverage of up to $100 million and property damage coverage of up to $22.5 million.
It is structured to support complex operations ranging from individual drones to full fleets and addresses the growing insurance demands in the evolving eVTOL and aviation innovation sectors.
Apollo will lead the facility’s capacity, with additional capacity provided by AEGIS London, AXIS, Beazley, Helvetia, IQUW, and Munich Re. Meanwhile, Moonrock will underwrite and distribute the product to brokers.
According to the companies, the facility has been specifically designed to address a growing coverage gap for high-value drone operations, especially those involving cutting-edge technology and complex risk profiles.
Addressing a growing coverage gap in AAM
Martin Jackson, Class Leader for Aviation at Apollo, said, “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.”
He added, “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 Munich Re 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 of Moonrock, described the partnership as a transformative step for the drone insurance sector.
“This partnership marks a groundbreaking leap forward for the drone insurance industry, unlocking new opportunities for projects that have historically struggled to find coverage,” 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.”
Furthermore, Ritterband added that the facility also presents an opportunity to support the fast-growing area 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,” he noted.
Photo Credit: Moonrock