Buy Drone Insurance
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A homeowner's insurance policy can also provide coverage if your drone is stolen from your property. Make sure you have proper homeowner's insurance coverage to accommodate your drone and the additional risk in flying one. The III suggests making sure your liability coverage is particularly adequate if you want to protect your financial assets when you fly a drone.
A good drone insurance policy is a type of small business insurance that contains essential coverage types such as liability insurance for property damage and bodily injuries accidentally caused to others, as well as other coverage types.
Liability insurance covers property damage and injuries you accidentally cause others. For example, if you crash your drone into a building and break a window, your liability insurance can cover the cost of repairs.
Your homeowners insurance is also unlikely to cover you for drone-related accidents that happen outside of your home while using it for work. For example, if you cause property damage while operating a drone while on the job, the liability portion of your home insurance is not going to cover you, meaning you could be stuck paying out-of-pocket to repair or replace your drone and any property you may have damaged.
For comparison, a commercial drone policy from Skywatch costs around $750 a year for $1 million in coverage. Adding hull coverage increases your policy by 8%. So a $3,000 drone would bump your annual premium up by $240, making it $990 a year total ($750 + $240).
Cassidy Horton is a finance writer who specializes in insurance and banking. She has an MBA and a bachelor's degree in public relations, as well as hundreds of articles published online by The Balance, Finder.com, Money Under 30, Clever Girl Finance, and more. Outside of work, she enjoys reading and hiking.
You simply download their app, set up your account, and plug in your flight location and mission parameters to see what the rate would be, and then you can buy the insurance directly through the app without needing to speak to a broker.
Of course, there are a handful of drone insurance companies that can put together more custom quotes. As an example, we needed a custom quote for our hands-on drone flight training classes and worked with one of the below companies to develop the policy.
Unmanned aircraft vehicles (UAV) or more commonly, drones, are a quickly-emerging technology that has enormous potential to spark a revolution, or at the very least increase efficiency and cost-effectiveness, across a number of industries.
However, as the commercial use of drones increases and continues to evolve, the potential risks of this technology need to be considered. Advances in drone technology are inevitably accompanied by a host of new and little-understood risks. As the industry continues to grow and mature, drone companies strive to find more efficient ways to manage and transfer risk.
So far, drone companies typically had to turn to traditional insurance institutions in order to manage risk and this has led to considerable challenges. Currently, the FAA defines a drone as a type of aircraft. Consequently, drones are subject to any and all aircraft insurance exclusions. Additionally, traditional insurance providers have heavily relied on manned aircraft data to create drone policies. This has led to expensive and inflexible policies, further complicating risk management efforts.
Liability Risks: As the industry continues to see heavier regulation, the potential for expensive liability claims is increasing. Claims can be made against manufacturers (product liability), businesses and operators for property damage, bodily injuries, and financial damages that occur in day-to-day drone operations.
Privacy Issues: One of the main concerns that the public has over the rising number of drones is the potential privacy violations that their usage may lead to. A study conducted by the Pew Research Centre found that 54% of the public thinks drones should not be allowed to fly in residential areas. Even HobbyHelp which has a good article on Drones for Beginners advises caution. Drones used commercially are typically restricted to protected areas and used with a lot more care than hobbyist ones, and privacy lawsuits remain a serious concern.
Regulatory Challenges: Unlike manned aircraft regulation, which has had more than a century to evolve, UAV regulation is still in its infancy. The legal landscape around drones is shifting quickly and even though the FAA finalized a framework for the use of drones in 2016, additional changes can be expected. Additionally, the technology is currently advancing at a faster pace than the regulatory process.
In the United States, there is no law that mandates your business to buy insurance if you operate drones, meaning that the FAA does not require you to purchase insurance for recreational or commercial drone use.
A certificate of insurance is required by most clients hiring drone companies. A common issue that many drone companies face is that the clients are used to seeing regular general liability certificates, which is what they usually fo request to see.
However, most general liability policies contain a broad exclusion that applies to aircraft. This exclusion means that there would be no coverage for bodily injury or property damage that results from operating drones. This confusing situation has led to most drone companies having to carry two liability policies, a specialized policy that actually protects them and one that they can show to their clients.
Commercial Property Insurance: A commercial property policy protects crucial business property, including equipment, furniture, inventory, improvements made to the office, as well as loss of earnings. The policy would also respond to fire damage or the theft of your drones.
Aviation Product Liability: Product liability insurance is an extension and subcategory of general liability insurance that would cover liability claims and costs related to the risk of a defective product, except it specifically covers aviation exposures only. For drone manufacturers, product liability will ensure that you are covered in the event that the use of your products causes injury or property damage.
Non-Owned Aircraft Liability: This insurance policy would provide coverage in the event that your company is held liable for bodily injury and property damage to third parties while operating a non-owned drone. It would provide coverage as long as the drone is not owned or registered in the name of your company. This would commonly happen when working with independent contractors who have their own drones.
Cyber Liability Insurance: A cyber insurance policy will pay for the costs connected to cyber attacks on your drones or computer infrastructure, as well as potential data breaches. This would include costs related to notifying your users, public relations expenses, credit monitoring, and also civil damages and fines you might be subjected to. Preferred policies will pay for cyber forensics experts to help you understand why the exposure occurred and how to mitigate future risks.
Errors & Omissions (E&O) Insurance: Any company that provides professional services to third parties needs to consider errors & omissions coverage. E&O will protect your drone business against claims of financial damages stemming from your services or advice.
Intellectual Property Insurance: IP insurance would come into play to protect the company from any patent infringement claims filed by rival companies or patent trolls. Additionally, it would also help pay for legal expenses in protecting your IP from infringement.
Commercial Crime Insurance: Commercial crime coverage will protect the drone company from criminal activity (employee theft, forgery or alteration, computer fraud, embezzlement, etc.). The policy offers first and third-party coverage. First-party coverage would cover your business from theft from its own employees. Third-party coverage protects your clients from the theft of their property by your employees.
The cost of drone insurance will depend on the insurance package you need, your experience, and the specifics of your drone operation. The factors that your insurance broker will consider in pricing include:
Insurance services are provided by REIN Connected Insurance Agency, LLC. Coverage is subject to actual policy terms and conditions. The advertised products are offered by a nonadmitted, excess/surplus lines insurer that is not subject to supervision or regulation by the insurance department of your state of residence, and does not participate in any state guaranty fund. Our insurance products are not currently available in NY, KY, or MN. REIN Connected Insurance Agency, LLC is organized in Massachusetts, and its principal place of business is at 6 Mill & Main Pl, Suite 300, Maynard, MA.
Today, drone insurance is becoming commonplace in commercial operations. Though it is unrequired by Federal Aviation Authority (FAA) or the Civil Aviation Authority (CAV), the potential possibility of accidents and financial repercussions is causing drone insurance to be a priority by drone companies. You have the option of purchasing annual, monthly or hourly drone insurance. The coverage can also be bought via an app so that you can have access to it whenever you require it. You also have the option of getting full coverage and liability to safeguard you from air and ground mishaps. 781b155fdc