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Insurers Price Robots by the Day, Robotaxis by the Mile

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Insurers Price Robots by the Day, Robotaxis by the Mile

Tokio Marine & Nichido Fire Insurance will sell AI robot insurance in November that pays for repairs, third-party injury and property damage claims and the wages of replacement workers or rental fees for substitute robots, with premiums about 20% above conventional industrial coverage.

Lemonade charges Tesla drivers about 50% less per mile when Full Self-Driving is engaged, and Allianz Partners will supply Waymo with fleet and product liability insurance for its London and Munich launches.

China’s CPIC sells humanoid robot coverage by the day, week or month, while 38 U.S. states have liability coverage rules for autonomous vehicles, with minimums from $750,000 in Arkansas to $5 million in California.

Self-driving cars, humanoid robots and factory automation carry risks that standard auto, property and liability policies don’t usually cover. Insurers are now building a new line of business around machines that drive, move and decide on their own. Some of the new policies pay for the fallout when a robot breaks down, including the cost of a replacement worker or a rental machine.

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Tokio Marine & Nichido Fire Insurance , the domestic arm of Japan’s largest nonlife insurer, said Monday (Oct. 26) it will introduce AI robot insurance in November for wheeled, four-legged and humanoid robots. The policy pays to repair or replace a robot damaged in a collision or natural disaster, covers injury and property damage claims from third parties and pays the wages of substitute workers or the rental fees for stand-in robots while the machine is out of service.


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