Company’s investors include Dual Asset’s Co-Chairmen Philip Oldcorn and Andrew Hillier, a part of Howden Group
Drone coverage specialist Moonrock Drone Insurance has secured £1 million investment from a consortium of industry investors as the carrier sets its sights on international expansion, Commercial Drone Professional can reveal.
The Moonrock platform offers instant click and buy policies underwritten by Hiscox with coverage tailored to drone users.
Investors include Dual Asset’s Co-Chairmen Philip Oldcorn and Andrew Hillier, a part of Howden Group.
In addition, Russell Kilpatrick, Chairman of Spring Partners Ltd; Paul Cousins, executive director of Chesterfield Group; Richard Bryant of Prime Insurance and Connect Digital Labs, have participated in the fundraiser.
Moonrock Drone Insurance policies cover areas previously hard to obtain the specialist cover for, including invasion of privacy, cyber-attack, worldwide cover and insurance for material damages to equipment and public liability.
Firmly established as a leading drone insurance provider, providing cover to thousands of pilots across the UK, Moonrock is developing products for new drone applications in the market. These products include unmanned BVLOS (Beyond Visual Line of Sight) operations assisting in delivering medical supplies for the NHS, drone swarm displays and drone delivery.
With the use of drone growing exponentially, Moonrock also provides comprehensive cover for drones within industries such as surveying, film and TV, agriculture, delivery and construction.
In addition to their commercial policy, Moonrock will shortly be launching the UK’s first dedicated consumer product into the market. With the number of Uk hobbyists currently 200,000 +, they see this as a perfect time to launch into the market.
Simon Ritterband, Founder and Managing Director of Moonrock, said the firm is excited about the new opportunities presenting themselves in the drone market.
“Support of such seasoned professionals will enable us to begin worldwide distribution channels, and with the global drone market expected to be worth over $40 billion by 2025, this is a very appropriate time to be expanding,” he said.