Why UAV Insurance?
Almost everything is insured. Our lives, our homes, our vehicles and many other things we cherish. The proliferation of drones, particularly among civilians, has created a need to add drones to the list of insured items. If you do business with drones and make money, it makes sense to have your drone(s) insured. Even if you don’t make money and plan to make money in the future, it’s still a good idea to get insurance. This will help you avoid paying out of pocket in the event of an accident.
Insuring drones would also be good for your business. Your customers would feel safe and want to do business with you. This would keep your customers and help attract new ones.
We all know that the applications of drone use have greatly increased from its original military uses. Now, people are using drones for both commercial use and individual purposes. In the near future you will often see drones flying overhead. With the increase in the number of drones, accidents are inevitable. You could crash in a building, in another drone, or worse, in an airplane. Pilots have already reported around 25 near misses involving drones. If this is the current interest rate, imagine what the future interest rate will be?
Additionally, due to the stealth nature of drones, many people might be offended if your drone hovers over their home or office. You could then file a lawsuit for invasion of privacy. The American Civil Liberties Union has even called for rules on the use of drones to prevent society from becoming a “surveillance society.” If that is the level of concern now, imagine how it will be in the future.
Types of UAV Insurance:
If you are not a commercial drone user, household contents insurance is sufficient from now on. The catch, however, is that the drone must be flown over your own property and/or away from the public eye.
If you are a commercial drone user, you need to insure your UAVs no matter the size of your operations.
The amount of insurance depends on the assignment and the country in which it is insured.
Taking out drone insurance is not that easy. You must prove that you are serious about using the drone. You must prove that you have some experience flying drones. These can be copies of user manuals, purchase and sale documents for drones and drone parts, and training certificates.
The majority of insurance companies only insure drones for the following uses:
· Emergency Response
· Environment assessment and monitoring
· Acquisition of knowledge and information
· Movies and documentaries
· Shipping and shipping
· Site protection and surveillance
· Traffic monitoring and support
· Transport maintenance
Type of accidents covered:
The following are the accidents currently covered by various UAV insurance plans:
· Loss of the drone
· Partial or complete damage to the drone
· Personal injury
Cost of insurance:
Drone insurance is basically divided into two parts: liability and comprehensive insurance. In the case of the liability type, this is the damage asserted by third parties, in the case of comprehensive damage it is damage to your own drone. Generally, the insurance policy for a third party liability is up to $1 million, while for comprehensive damage it can be up to $1500 per year. These are general quotes and specific ones may vary from company to company and drone to drone. Some companies offer liability insurance only, others offer comprehensive insurance, and some offer both.
Requirements for insurance brokers:
Even insurance brokers have some requirements. As a rule, they would need the number of flight hours of the drone. Flight hours should normally be between 50 and 100. The drone owners are also required to hold the FAA 333 exemption in some cases. The FAA 333 Exemption is a certificate issued by the US Department of Transportation for operations in the National Airspace System. The insurance brokers also want to know whether the drone is owned or leased. You are curious whether the drone can save the flight data etc. automatically. Finally, they want to know in which areas the drone has flown and will fly in the future. They also check the website and, last but not least, want to know if there has been any training or certification related to drones.
When getting insurance, first decide which company you want to go with. To do this, offers must be obtained from several companies. And to get a quote from a company, you need to go to their website and fill out the quote form. The form contains several questions about information about the owner, the type of coverage and the cost of the equipment, locations and number of hours flown, training levels and number of previous accidents, etc. After the form is filled out, the relevant company responds back with the quote. If you have multiple offers from multiple companies, you can evaluate better and apply to the company of your choice.
Below is a list of some insurance companies that deal with drones. The list does not include all companies and may not include the best, but it is sufficient:
· Air Park
· Avion Insurance
· Avalon risk management
· Cover Drone
· Driessen assessors
· Insurance company Harpenau
Sutton James Incorporated
· Unmanned risk management
So this was a humble attempt to educate you on how to insure your drone. In summary, those who only plan to fly over their homes or outside of public and recreational purposes do not need to purchase drone insurance as home insurance will suffice. Those using UAVs for commercial purposes really need to insure their drones and should consider getting their drones insured now. Who knows, maybe as time goes on, drone insurance laws will become much clearer and more consistent across the insurance industry.
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