Tips on drone insurance

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 the civilian population, has led to the need to add drones to the list of insured items. If you are conducting business and making money with drones, it is a good idea to insure your drone (s). Even if you are not making money and plan to do so in the future, even then it is a good idea to make sure. This will help you avoid paying out of pocket in the event of an accident.

Securing drones would be good for your business too. 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 the applications of the use of drones have increased enormously since their original military use. Now, people are using drones for commercial use as well as individual purposes. In the near future, you will often see drones flying over you. With the increase in the number of drones, accidents are likely to occur. They could crash into a building, another drone, or worse yet, an airplane. Even now, pilots have reported 25 near miss drones. If this is the current rate, imagine what the future rates will be.

Also, with the stealthy nature of drones, many people can take offense when their drone hovers over their home or office. They could then file 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 like in the future.

Types of UAV insurance:

From now on, if you are not a commercial drone user, an owner’s insurance would suffice. However, the problem 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 it is insured.

Drone insurance:

Obtaining drone insurance is not that easy. You have to show that you are serious about using drones. You have to show that you have some kind of experience in drone flying. This could include copies of operational manuals, drone and drone parts purchase and sale records, and also proof of training.

Insurance operations:

Most insurance companies insure drones only for the following operations:

· Farming

Archeology

· Building

Emergency response

Environmental evaluation and monitoring

Gathering of knowledge and information

Compliance with the law

Films and documentaries

Safety

Maritime and maritime transport

Protection and surveillance of sites

Assistance and traffic patrol

Transport maintenance

Type of accidents covered:

The following are the accidents currently covered with various UAV insurance plans:

Loss of drone

Partial or complete damage to the drone

War

Kidnapping

Terrorism

Personal injury

Fire

Insurance cost:

Drone insurance is basically divided into two parts: civil liability and helmet damage. In liability type, these are the damages claimed by third parties, while the hull damages are those related to your own drone. In general, the insurance policy for liability amounts to $ 1 million, while for damage to the helmet it can reach $ 1,500 per year. These are general quotes and the specific ones may vary from company to company and drone to drone. Some companies provide liability insurance only, while others for hull damage and some for both.

Requirements of insurance brokers:

Insurance brokers also have some requirements. Generally, they would need the number of flight hours of the drone. Flight hours should normally be between 50 and 100. Drone owners must also, in some cases, have the FAA 333 exemption. The FAA 333 exemption is a certificate issued by the Ministry of Transportation to operate in the National Space System Aerial. Insurance brokers also want to know if the drone is owned or rented. They are curious if the drone can automatically store the flight data, etc. Lastly, they want to know the areas in which 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 any training or certification has been done regarding drones.

Make sure:

When you make sure, first decide which company you want to go with. For that, you need 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 information about the owner, the type of coverage and the cost of the equipment, the operating locations and the number of hours flown, the levels of training and the number of previous accidents, etc. Once the form is completed, the particular company responds with the quote. Once you have multiple quotes from various companies, you will be able to judge better 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 does not include all companies and may not include the best ones, but they are sufficient:

Air park

AIG

Plane insurance

Avalon Risk Management

Coverdrone

Driessen Assuadeuren

Harpenau insurance agency

Sky smith

Sutton James Incorporated

Unmanned risk management

So this was a modest effort to educate you on how to go about securing 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 kind of drone insurance as homeowners insurance will suffice. Those who use UAVs for commercial purposes really need to secure their drones and should consider securing their drones right now. Who knows, as time goes by, maybe the laws regarding insurance for drones will become much clearer and fit the insurance industry.