PRODUCTS: Insurance Solutions for Autonomous Technologies

COMPANIES: Indian Harbor Insurance Company, a member of the AXA XL group of insurance companies

BEST RATING: A+

AVAILABILITY: Coverage is available through AXA XL agents and AXA XL-appointed independent agents.

FOCUS: In a recent survey of small business owners, conducted by The Renault–Nissan–Mitsubishi Alliance, 55% of respondents said they believe their fleets would be fully autonomous within 20 years. And it isn't just in road transport that autonomy has the potential to revolutionize the way things are done.

Companies across all industry types are investing heavily in autonomy. In 2018 alone, investments in autonomous technology topped $10.3 billion, according to venture capital experts Pitchbook. It is also estimated that by 2026, as many as 21 million self-driving cars will be on the roads worldwide, according to IHS.

“Our clients are pioneering the use of advanced technologies such as robotics and autonomous machines. But there's no denying that it presents a shift in liability and a challenge to our legal systems, which have historically focused on causation—what caused a third-party injury or business interruption and who is responsible," says Sinan Geylani, underwriting manager autonomous technology international casualty, AXA XL.

COVERAGE DETAILS: AXA XL has experience in the field of autonomous technologies, having worked with Oxbotica, a technology company with a focus on mobile robotics and autonomous systems, since 2016.

The policy provides third-party liability, damage to property insured and vehicle theft. Additional coverage can be added:

• Modular coverage options: Liability for damage in the insured's care, custody or control; liability for damage to trial suite; cyberattack liability for damage and bodily injury; autonomous vehicle trial interruption; data restoration expenses.
• Available extensions: Statutory motor liability cover; cyber extension; crisis management and response service; loss of turnover extension.

UNDERWRITING: Underwriting requirements are considered on a risk-by-risk basis. 

MINIMUM PREMIUM: N/A

TARGET: Manufacturers, owners and operators of autonomous vehicles, and software developers.

COVERAGE AVAILABILITY: Worldwide

COVERAGE TERRITORY: Worldwide

CONTACT: Sinan Geylani, underwriting manager autonomous technology international casualty, AXA XL, +41-43-555-4253.

Will Jones is IA managing editor.