Insurance is the financial responsibility that is
taken by a firm or person in case you damage someone’s property or cause harm
in any way to another person. Insurance is important to own before you drive
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 get through legal
complications resulting from unforeseen accidents caused by your drone.
The owners as well as the manufacturers and operators
of UAVs are finally showing interest in learning about drone insurance. Drones
are still in a developmental phase and there aren’t any specific rules and
regulations governing their use. Therefore, there are a number of questions in
the minds of the people regarding the insurance policies of these aerial
vehicles. People want to know how the drone insurance is going to work. The
following is a compilation of all the aspects that need to be kept in mind when
it comes to drone insurance.
Is Drone
Insurance Really Necessary
It is true that right now there are no implications
for not having drone insurance. You can fly your drone even if it hasn’t been
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. Moreover, as the use of these drones increases,
the authorities would most definitely make it compulsory for the drone owners
to buy insurance before they can start flying them. Therefore, it is a good idea
to buy drone insurance today so that you don’t have to worry about it at a
later stage.
Criteria
for Setting Premiums
The cost of UAV insurance mainly depends on the level
of danger that may be involved with the operation of the drone. Mostly, the
choice of platform, the operator’s experience and the use of the drone is taken
into consideration for estimating the coverage that the insurance company will
provide you. If there is a higher possibility of an accident happening, the
cost of insurance may go up. On the other hand, if the operator is an
experienced one and the chances of a collision occurring are less, the premium
amount might not be that high. So, when looking for a good drone insurance plan
make sure that the drone you have is a safe one and is being piloted by an
experienced professional.
Insurance
Coverage
Every UAV insurance plan is different. The coverage that
is provided by the drone insurance will largely depend on the policy that you
are buying and the company providing it. The areas that are covered by drone
insurance plans are different for the owner and the manufacturer. For instance,
most insurance plans for UAVs provide coverage to the owners for the legal
liability and the physical damage caused by their drone either to a person or a
property. This insurance will cover you for the following aspects:
·
Personal injury: If your drone invades the personal space
of your neighbor or some other person and ends up injuring them.
·
Non- owned: If you happen to crash someone else’s drone
that is not owned by you.
·
Medical expenses: If your drone collides with a
person, causing him/her injuries which require medical treatment.
·
Premises liability: If your drone enters the premises
of a person who does not like your drone invading his privacy.
·
Damage to the UAS: Any damage sustained by the UAS
during its flight either because of inclement weather condition or collision
with an aerial object.
Factors to
Consider When Choosing a UAV Insurance Provider
Drone insurance is a very important issue and thus it
is vital that you choose your drone insurance provider very carefully. There
are a number of insurance providers available in the market offering various
plans for insuring your UAV. However, not all of them are good. Some of the
companies are only in this business to make money and don’t really care about
their customers. If you want to find the best drone insurance provider then you
will have to take into account the following factors:
- Reputation
The reputation of the drone insurance provider is of
critical importance. You should only choose that insurance provider that has a
good reputation among the people. The easiest way of finding out about the
reputation of a drone insurance service is to have 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 that should
not be overlooked when it comes to choosing a drone insurance provider. Make
sure that the company you are buying the insurance policy from is reliable and
can be trusted with if you get into trouble with your drone.
- No Hidden Cost
All the best drone insurance providers have a very
clear and transparent price structure. They do not have hidden costs which are
revealed when you need the insurance to cover you. To avoid such an instance,
go through the terms and condition of the insurance provider with the help of
an insurance lawyer to be sure that there aren’t any hidden costs mentioned in
there.
- 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 that answers all your questions
promptly.
In a nut shell, drone insurance is very important and
it would be wise for you to buy it if you plan on using these aerial vehicles
for personal or commercial use. However, choose only a reliable and reputable
insurance provider to get your drone insured.
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