Unmanned aerial vehicles or UAVs, more commonly known as drones, are high technology devices used for various purposes. The increasing popularity of drones has enabled many entrepreneurs to use them to their advantage. This is a relatively new business in the whole world as many people are still not very well informed about this latest technology. For those who already are indulged in this business, it is very important to get the drones insured. It looks a relatively new concept, right? Well, yes it is.
It is a very new concept but extremely effective in the coming years. If you have a very successful business with drones then in case of an accident, most of the cost would be saved if it is insured. Getting drone insurance will even help in gaining more clients as some people are reluctant in investing without insurance. With insurance coverage in hand, you will have comfort knowing that you are covered in case of any mishap or loss because UAV technology still has not taken perfection. The first question I’m asked is does every drone need insurance? The answer is a simple no. Not all drones need insurance. If the drones are used as a hobby or are only confined to your home then there is no need to get any insurance.
Currently, there is no requirement to have insurance in the US for recreational use of drones but in Canada, if you are using drones commercially or residentially, you need a $100,000 liability to get covered. Getting insurance helps sell the notion that your business is reputable. To understand everything about drone insurance and liability, we first need to look at some basic questions which people like to ask before getting an insurance policy.
What is Drone Insurance?
Drone insurance works as any regular insurance policy. You can also relate drone insurance with car insurance. The better your performance and training is, the better the policy will be. You will need to pay less for your insurance if your skills are good. For all the pilots who want to become good pilots and safely handle drones it is always a good option to get a good insurance policy. This will bring out the best in you if you want to become a trained and professional drone pilot. Pilots should have operating manuals and maintenance logs so that it becomes easier for them to attain the professional standard. Any kind of guidance would be helpful in achieving the desired goals.
These are some areas where the insurance company would help you in getting insurance:
– Homeland Security
– Fire and Rescue
– Real Estate
– Traffic Patrol and Accident Assistance
– Emergency Response (FEMA)
– Law Enforcement and SWAT
– Corrections Facility Security
– Maritime and Shipping
– Architecture and Construction
– Archaeology and Geology Exploration
– Recreational Parks and Gardens
– Movies and Cinematography
– Media and News
What kind of loss is covered?
Under this category, all losses occurring under commercially used drones are covered.
– Third Party Legitimate Liability
– Advertisement Liability
– Personal injury
– Loss or damage to the UAV or other related equipment
– Manufacturer Product Liability
– Aircraft operator Coverage and non-pilots working on ground
– Premises Liability
– Independent Contractors Liability
– Coverage of Fellow Employee
– Any damage to your rented premises
– Hijacking, Terrorism or War
– Your Property or Office Contents