Planning for Obsolescence; Unmanned Aerial Systems
Unmanned Aerial Systems
Technology itself could prove especially costly in the event of a UAS loss. The manufacture of UAS is neither regulated nor standardized, which means there are a number of manufacturers in the market, each adhering to different standards. Many haven’t diversified, and should some technological advancement prove too costly for certain smaller companies to adopt, they could potentially go out of business.
Bankrupt or defunct manufacturers, coupled with a lack of industry standards for design, could mean that the loss of a relatively inexpensive motor today would instead be a total financial loss on the aircraft five years from now, when replacement parts are completely unavailable.
While the military and hobbyists have been using unmanned aerial systems (UAS), better known as drones, for some time, businesses are just starting to adapt the technology for their own uses. UAS are creating new opportunities—and new risks—for businesses to evaluate, and regulators and insurance carriers are scrambling to keep pace.