Why UAV insurance?
Almost everything is insured. Our life, our houses, our vehicles and many other things that we value. The increase in drones, especially among civilians, has given the need to add drones to the list of insured items. If you are conducting business and making money using drones, it is a good idea to insure your drones. Even if you’re not making money and plan to make money in the future, even then it’s a good idea to make sure. This will help you avoid paying out of pocket in the event of an accident.
Having insured drones would also be good for your business. Your customers would feel safe and want to do business with you. This would retain your customers and help attract new customers.
We all know that drone applications have increased tremendously since their original military use. Now, people are using drones for commercial use as well as individual purposes. In the near future you will frequently see drones flying over you. With the increase in the number of drones, accidents are likely to happen. They could crash into a building, into another drone, or worse, into an airplane. Even now, pilots have reported 25 near misses with drones. If this is the rate now, imagine what future rates will be.
Also, with the stealthy nature of drones, many people may take offense when their drone hovers over their home or office. Then they could slap you with an invasion of privacy lawsuit. The American Civil Liberties Union has even called for rules on the use of drones to prevent society from becoming a ‘surveillance society’. If this is the level of concern now, imagine what it will be in the future.
Types of UAV Insurance:
As of now, if you are not a commercial drone user, homeowners insurance would suffice. However, the catch is that the drone must fly over your property and/or away from the public.
If you are a commercial drone user, no matter how large your operations are, you will need to secure your UAVs.
The amount of insurance depends on the use and the country in which you are insuring.
Drone insurance:
Getting drone insurance is not that easy. You have to show that you are serious about using drones. You have to prove that you have some kind of experience in flying drones. This could include copies of operating manuals, sales and purchase records for drones and drone parts, and also proof of training.
Insurance Operations:
Most insurance companies insure drones only for the following operations:
· Agriculture
Archeology
· Construction
emergency response
Environmental evaluation and monitoring
Gathering knowledge and information.
law enforcement
movies and documentaries
Security
shipping and shipping
Site protection and monitoring
Traffic patrol and assistance.
transport maintenance
Type of accidents covered:
Below are the accidents currently covered with various UAV insurance plans:
loss of drone
Partial or total damage to the drone
War
Kidnapping
Terrorism
personal injuries
Fire
Insurance cost:
Drone insurance is basically divided into two parts: civil liability and hull damage. In the liability type, these are damages claimed by third parties, while hull damages are damages related to your own drone. In general, the insurance policy for a liability goes up to $1 million, while for damage to the hull it can reach $1500 per year. These are general quotes and the specific ones can vary from one company to another and from one drone to another. Some companies provide liability insurance only, while others cover hull damage, and still others cover both.
Insurance Brokers Requirements:
Insurance brokers also have certain requirements. Generally, they would need the number of flight hours of the drone. Flight hours should normally be between 50 and 100. Drone owners are also required, in some cases, to have the FAA 333 Exemption. The FAA 333 Exemption is a certificate issued by the Secretary of Transportation to operate in the National System of the air space. Insurance brokers also want to know if the drone is owned or leased. They are curious if the drone can automatically store the flight data, etc. Lastly, they want to know the areas where the drone has been flying and will fly in the future. They also check the website and last but not least they want to know if you have received any training or certification regarding drones.
Make sure:
When you make sure, first decide which company you want to go with. For that, you have to get quotes from various companies. And to get a quote from a company, you need to go to their website and fill out the quote form. The form will ask various questions related to owner information, type of coverage and cost of equipment, operating locations and number of flight hours, training levels and number of past accidents, etc. After completing the form, the particular company responds with the quote. Once you have multiple quotes from multiple companies, you will be better able to judge and can apply to the company of your choice.
Insurance companies:
Below is the list of some insurance companies that deal with drones. The list is not all-inclusive and may not include the best, but it is enough:
air park
AIG
Aircraft Insurance
Avalon Risk Management
cover drone
Driessen Assuaderen
Harpenau insurance agency
blacksmith sky
Sutton James Incorporated
Unmanned Risk Management
So this was a modest effort to educate you on how to secure your drone. In short, those who just want to fly over their homes or away from the public and for recreational purposes do not need to get any form of drone insurance as homeowners insurance will suffice. Those who use UAVs for commercial purposes really need to insure their drones and should consider insuring their drones now. Who knows, as time goes by, maybe the laws regarding drone insurance will become much clearer and more uniform across the insurance industry.