Should You Carry Drone Insurance?

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Should You Carry Drone Insurance?

A DJI Phantom quadcopter

A DJI Phantom Quadcopter

At the hobbyist level, you might not want to invest in drone specific insurance. Depending upon your homeowner’s insurance, you might already have some form of coverage because as Skyward CEO Jonathan Evans points out “Homeowner’s insurance has always covered radio controlled aircraft and so far, drones are falling under this classification.” Don’t expect this to last forever because “underwriters are beginning to rethink this policy.”

“In this era of aerial robotics -so many of them are flying in urban environments- the underwriters’ thinking is evolving. It’s becoming an open question,” Evans said.

At the moment, insurance companies equate your drone crashing into someone to your dog biting a stranger. But due to the rising popularity of drones, insurance companies may be changing their policies rather quickly.

“Look for underwriters to get much more specific. They will come up with caveats and standards, like always having the latest firmware… they will require you to not be a negligent drone owner.”

Do You Need Drone Insurance?

With rapid changes happening to the drone insurance landscape, it isn’t surprising that quite a few people are discussing drone insurance. That Drone Show has an episode dedicated to drone insurance, which is available on YouTube.

Think it’s hard to get insurance for your drone, UAV, or Multirotor?

Can you get Insurance for your Drone?

Like most transformative technologies, drones are creating their own ecosystem of businesses. An example of this would be drone specific insurance brokers, like UAV Protect.

Specialist Drone Insurance

We provide the industry with tailor-made UAV wordings and proposal forms, coupled with experienced UAV underwriting and specialised claims service.

UAV Industry Knowledge

We are at the leading edge of the industry; we regularly attend and speak at UAV trade shows, conferences and events and have strong partnerships with regulatory associations.

We aim to understand the unique nature of your business and provide insurance coverage that is tailored to your individual needs.

Worldwide

We are able to offer insurance coverage to UAV operators and manufacturers worldwide.

UAV Protect

UAV Protect offers a variety of specific coverage for a variety of drone operator types. Offering:

You can learn more on the UAV Protect Coverage page.

UAV Protect isn’t the only drone specific insurance game in town. You can also consider UK based UAV Insurance/Coverdrone:

Our insurance brokerage was established in 1975, and we value personal service highly. We believe that you should speak to the same person every time you call and as such appoint dedicated Advisors to our customers. You’ll always know who you’re dealing with and more to the point, we get to know you and your requirements in detail.

UAV Insurance

Coverrone is a trading name of John Heath (UK) Limited and we value personal service highly. We believe that you should speak to the same person every time you call and as such appoint dedicated Advisors to our customers. You’ll always know who you’re dealing with and more to the point, we get to know you and your requirements in detail.
Coverdrone

A US based option is Costello Insurance Associates:

Costello Insurance Associates, Inc. has been in business since 1991 and is licensed to place aviation insurance in 49 states. We represent nearly all the aviation insurance carriers. The owner, Pat Costello, is a flight instructor with nearly 4,000 hours. He understands the insurance needs of those involved in any form of aviation. We can provide no obligation quotations for the UAV exposures listed below.

Costello Insurance Associates, Inc.

Costello Insurance Associates, Inc. Drone Insurance

While hobbyist might not need drone insurance, commercial businesses should definitely carry it. The good news is, there are choices. We feel strongly about this issue, and we encourage graduates of our drone university to carry insurance.

By | 2017-08-31T15:24:52+00:00 June 30th, 2015|Drone Law, Drones, FAA|Comments Off on Should You Carry Drone Insurance?

About the Author:

Sam Estrin
I'm an avid drone enthusiast and part-time drone blogger living in Southern California. I write drone news stories as well as collect drone news stories that I find interesting and add my own thoughts and opinions. If you like my stories, you can follow me on Twitter or visit me at LinkedIn. If you'd like me to write for your drone oriented publication or blog, you can contact me at info@droneuniversities.com.