Insurance is a financial responsibility that is taken by a firm or individual in case you cause damage to someone’s property or cause harm to another person in any way. Getting insurance is important before operating any manned vehicle, and the same is true for unmanned aerial vehicles (UAVs). Insurance is a key aspect of risk management and can help your business deal with legal complications arising from unforeseen accidents caused by your drone.
Owners of drones as well as manufacturers and operators are finally showing an interest in learning about drone insurance. Drones are still in a developmental stage and there are no specific rules and regulations governing their use. That’s why there are many types of questions in the minds of people regarding the insurance policies of these aerial vehicles. People want to know how drone insurance will work. The following is a compilation of all the aspects that need to be kept in mind regarding drone insurance.
Is Drone Insurance Really Necessary?
It is true that there is no implication of not having drone insurance right now. You can fly your drone even if it is not insured. However, it is becoming increasingly necessary to buy insurance for these aerial vehicles as they can cause some serious damage if they go out of control and cause an accident. Furthermore, as the use of these drones increases, the authorities will certainly make it mandatory for drone owners to purchase insurance before they can start flying them. Therefore, it is a good idea to buy drone insurance today so that you do not have to worry about it later.
Criteria for determining premium
The cost of drone insurance mainly depends on the level of danger that may be involved in operating a drone. Mostly, the choice of platform, the experience of the operator and the usage of the drone is taken into account to assess the coverage that the insurance company can provide to you. If there is a high probability of an accident, the cost of insurance may increase. On the other hand, if the operator is an experienced one and the chances of collision are less, the premium amount may not be that high. So, while looking for a good drone insurance plan make sure that the drone you own is safe and is being operated by an experienced professional.
insurance coverage
Every drone insurance plan is different. The coverage provided by drone insurance will largely depend on the policy you are purchasing and the company providing it. The areas covered by drone insurance plans vary by owner and manufacturer. For example, most insurance plans for drones provide owners with coverage for legal liability and physical damage caused by their drone to person or property. This insurance will cover you for the following aspects:
Personal Injury: If your drone invades the personal space of your neighbor or any other person and injures them.
Non-Owned: If you crash someone else’s drone which is not owned by you.
Medical Expenses: If your drone collides with a person, causing injury that requires medical treatment.
Premises Liability: If your drone enters the premises of a person who does not like your drone intruding into his privacy.
Damage to UAS: Any damage caused to a UAS during its flight due to inclement weather or collision with an aerial object.
Factors to Consider When Choosing a Drone Insurance Provider
Drone insurance is a very important issue and thus it is important that you choose your drone insurance provider very carefully. There are many insurance providers available in the market offering various plans to insure your drone. However, not all of them are good. Some companies are in this business just to make money and don’t really care about their customers. If you want to find the best drone insurance provider then you need to keep the following factors in mind:
- Prestige
The reputation of a drone insurance provider is of vital importance. You should choose only that insurance provider who has a good reputation among the public. The easiest way to find out about the reputation of a drone insurance service is to take a look at the testimonials posted on its website. If the testimonials are generally positive then the company is a reputable one.
- Reliability
Reliability is also an important factor when it comes to choosing a drone insurance provider that should not be overlooked. Make sure that the company you are buying the insurance policy from is reliable and can be trusted in case you are in trouble with your drone.
- no hidden costs
All the best drone insurance providers have very clear and transparent pricing structures. They do not have hidden costs which are revealed when you need insurance to cover them. To avoid such an instance, go through the terms and conditions of the insurance provider with the help of an insurance lawyer to ensure that no hidden costs are mentioned in it.
- customer support
Customer support is also an important aspect that should be given due importance if you want to find the best drone insurance provider. You should make sure that the insurance company you are dealing with has a responsive customer support staff who answers all your queries promptly.
In short, drone insurance is very important and it would be wise for you to buy it if you are planning to use these aerial vehicles for personal or commercial use. However, choose only a reliable and reputed insurance provider to get your drone insured.
