It is one of the smartest moves to get your Drone insured if any business is getting conducted. If you are thinking about making your future in UAV, insuring it will be one of the wise moves you have to take because you can never be certain about the safety of your Drone. It’s being said you all know there are number of accidents that your Drone can go through and without any insurance you are going to face some unbearable losses, that you could have avoided by just simply insuring your UAV. It is not like; the UAV technology does not have any flaws, so you certainly have to be very clear while flying your Drone.
If you are really very serious about building your future in the field of UAV then getting your Drone insured will not only keep you safe but also, will help building trust of your client over you and can even help attract more and more clients and even earn more in business, so it’s not a bad deal at all.
Insurance of Drones is a new concept in the market that came across with the increasing interest of people in them. Insuring your Drone will surely help you be confident even in the state of any mishap and will help you tackle the situation while staying calm. Recently increasing questions on how to get your Drone insured made me write this article and I hope after reading this article you will easily get all the answers you desire.
The first question you should be prepared to answer before getting your Drone insured is whether you really need to have it insured?
Well, if it is just your hobby to fly Drone then maybe there is no need of getting your Drone insured, but still if you really desire to get your Drone insured then don’t worry you can get it done under home-owner’s insurance as a model flyer hobbyist. Although let’s be clear there are some companies that only insures your Drone if you are planning to become a commercial pilot or use your Drone for professional purpose.
It’s not applicable equally in every country, like in USA there is still no requirement of the Drone insurance either commercially or recreationally unlike that, in Canada if you are a professional flyer then insurance of at least $100,000 is provided. It is also the case in some of the instances, there is requirement of minimum insurance to be eligible for taking any projects in the field. No matter either this is for the purpose of getting city film permit or to work with the large company, insuring your Drone is a liability in some cases.
If we sum up everything then I would say all the serious and professional pilots have liability insurance. And the benefit of insurance is not only to be safe but this gives you a boost as a professional and builds up your reputation.
Understanding What Drone Insurance is?
Drone insurance is not that different from any other insurance policies. It is very simple to understand that what Drone insurance is? Let’s just say when in any case your Drone is caught up in an accident or you lose it, your insurance company will cover all the damage and liability cost up to certain extent.
With the Drone insurance you are reducing the amount of risk that is faced by your Drone. Operations like law enforcement and SWAT, Emergency Response (FEMA), Fire and Rescue, Traffic Patrol and accident assistance, homeland security, corrections facility security, construction, real estate and many more are covered under Drone insurance.
Cost of getting your Drone insured:
The Drone insurance policies are mainly categorised in two parts, first part being Liability that includes damage and claims to third parties and the second part is Hull damage that includes damage related to your UAV.
For an instance, commercial Drones like DJI Phantom 4 or Yuneec Typhoon are usually insured by companies covering maximum liability up to $1 million and going as low as $800-$1000 a year. The numbers above are not fixed this is just a general number to give you a little idea of the cost and it may vary accordingly and you can get the accurate number according to your requirement from the insurance company because each company has its own rules and laws regarding insurance.
So, I would sincerely ask you guys to do your research with more and more insurance companies before selecting your insurance plan.
Usually when you are looking to insure your Drone then you will find these usual considerations provided to you by your broker like: the first thing your broker is going to ask you is about the flight time that is whether it is 50-100hrs, second thing that comes up is whether you keep maintenance log or not, third thing that your broker is going to ask is about your FAA licence as a Drone pilot, coming up to the next question of whether you own your own equipment or lease it is one of the basic questions among others. The next question that your broker is going to come up with is of your ability to automatically record your log and data.
Procedure to Get Your Drone Insured:
The first thing to note after you decide to get the insurance is to get the quotes from mostly every company in your reach to make an appropriate decision and to do so it only takes a few steps. If you want to get the quote of any company you simply need to go to the company’s website and find the option of “get a Quote” form and fill it out with accurate details asked.
For filling the form these are the few things you need to have, these are: information about you that includes your address as well as contact details, the type of coverage you need to have in your insurance policy, cost information of each part of your rig, equipment included. Along with these you are going to need specific information about the UAV you have, from where you bought the drone, where are you planning to operate, how many hours you have flown, how well you are trained, previous history of accidents or loss and few more things mentioned in the form.
The moment you receive all the desired companies quotes, all you need to do is to compare their prices and coverage options, and then go ahead and select the most suitable proposal you find between them, and then you will be guided further by the company’s team for rest of the procedure.
Can you lose your insurance?
Well, if this question is popping in your head then here comes the answer and that is obviously yes, you could lose the insurance because of several reasons like: Forgetting to keep the log of the flight and then not being able to prove what caused the accident may lead to the loss of your insurance, not registering the serial number and forgetting to put the identification number on your drone can become one of the reasons to lose the insurance and along with that not following rules and uploading dumb videos to prove that can also become potential reason for the loss of your insurance.
Filing the insurance claim
It’s not like you need to file for the insurance claim just now but at least you should know the procedure for that.
I am listing some of the general outlines:
Read out your general insurance policy before hand only to be on the safe side:
Firstly, notify the insurance company as soon as possible and while doing that provide the specific time, place, description of the occurrence, names and contact information of any witnesses or injury. And do not forget to contact the appropriate and concerned authority for example contact police if there is any incidents like theft or vandalism. Strictly avoid making any oral or written statement without contacting the insurance company at first. Take all the precautions of your possessions and insured commodities. Just stay calm and cooperate with the employees of your insurance company. Do not send your damaged Drone for repair until your insurance company inspects it.
Now, in short if you are owner of Drone and have all the intentions of making it your profession then it is must to have your Drone insured. Although you will be automatically insured under homeowner’s insurance if you are flying as a hobby, but still I would suggest you to confirm it.