Allianz Group´s specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS) has announced that it has partnered with Israel-based drone safety systems company ParaZero, the company said.
Founded in 2014, ParaZero specializes in designing, developing and manufacturing safety solutions for commercial Unmanned Aircraft Systems (UAS) operators to overcome their main barrier – safety. This partnership is scheduled for initial roll out in the US market followed by other regions where AGCS insures unmanned aircraft; pricing incentives and preferential conditions will be offered for those using ParaZero products.
Specifically, ParaZero´s drone safety system, SafeAirâ¢, uses an onboard computer paired with a pyrotechnic parachute launcher to enable deployment in fractions of a second 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.
Allianz Global Corporate & Specialty (AGCS) is the Allianz Group´s dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl. International Insurance Programs).