Insurers are launching policies for robots and self-driving cars, with prices set by the day, the mile or the machine. Standard business cover may not fit.
Insurance companies are building a new line of business around machines that move and decide on their own. Tokio Marine & Nichido Fire Insurance said Monday, Oct. 26, that it will sell AI robot insurance in November. Other insurers already price robots by the day and self-driving cars by the mile.
Tokio Marine's policy is for wheeled, four-legged and humanoid robots. It pays to repair or replace a robot damaged in a collision or natural disaster. It covers injury and property damage claims from other people. It also pays for a substitute worker or a rental robot while the machine is out of service.
Premiums are set one robot at a time, based on how it is used and where. They will run about 20% above conventional industrial coverage, Nikkei Asia reported.
In the U.S., Axis Insurance built a program for companies that make and deploy autonomous robots. It covers lost production when a software update or sensor fault takes a robot offline, even if nothing is physically damaged.
China's CPIC sells humanoid robot coverage by the day, week or month, so the policy matches the length of a rental job. A rental platform called Sharebot rents humanoid robots for as little as 3,500 yuan, about $517, a day. By April 24, more than 1,000 of its robots carried coverage totaling more than 200 million yuan, about $28 million.
For cars, Lemonade charges about 50% less per mile when a Tesla's Full Self-Driving (Supervised) system is engaged. It started in Arizona in January. Lemonade says the data shows the mode makes driving about twice as safe for the average driver. With the owner's permission, it separates software-driven miles from human-driven ones and bills each at its own rate.
Fleets need different cover. Allianz Partners said Sept. 16 that it will supply Waymo with motor fleet insurance and product liability coverage as robotaxis prepare to launch in London and Munich.
Rules vary by state. The Connecticut Office of Legislative Research found that 38 states have laws on liability coverage for operating or testing autonomous vehicles. None requires more than $10 million.
A business that uses robots or self-driving tech should not assume its current policies apply. Ask the insurer what is included, such as software failures, downtime and replacement workers. Coverage is becoming one more operating cost, alongside hardware, software, maintenance and energy.
If your business uses robots or self-driving tech, ask your insurer exactly what is covered, because standard policies may leave gaps.
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