Lockton and Apollo launch autonomous vehicle insurance program

Lockton has introduced a new insurance facility in collaboration with Apollo ibott 1971 to support companies partnering with autonomous vehicle developers and operators. The program offers $25 million in AM Best “A” rated capacity and is designed to cover unique risks at the intersection of casualty and cyber. It addresses coverage gaps faced by enterprises engaging in AV collaborations, especially as traditional insurers raise attachment points or exclude such exposures altogether.

“As AV technology deploys rapidly, many of our clients in all industries are looking to understand how they can augment their operations with autonomy through partnerships. For some, this can create gaps in their insurance programs. Some traditional insurers require higher attachment points before they will cover this exposure and others outright exclude it.” – Trevor Smith, SVP, Global Tech Risk Practice Managing Director.