Before you start flying with your drone, make sure you have proper insurance coverage. There are many companies out there that provide drone insurance and choosing the right one for you can be difficult. It’s important to choose a company that has money to pay claims, is financially stable, and has customer service that you can trust. Here are some tips to find the best drone insurance company.
A new waiver from the Federal Aviation Administration has made it easier for drone operators to operate in the United States. This will allow businesses and individuals to fly drones over people and other objects without fear of being in trouble. In addition, drones can be used for a variety of public-service and commercial purposes.
In addition to providing liability coverage, State Farm drone insurance can protect drones from damage and theft. In addition, this policy applies in most states. The cost is around $60 a year for up to $2,000 in coverage. It also doesn’t charge a deductible and covers hull damage to drones.
State Farm commercial drone insurance is more expensive than drone-only policies, but the company has a long history of insurance coverage and has many local agents. They also offer a wide range of drones. The company’s claims specialists must be trained and certified in remote piloting.
Verifly commercial drone insurance covers the costs of operating your drone. The insurance is underwritten by Global Aerospace, Inc., one of the leading aviation insurance companies in the world. This makes it a legitimate option for drone operators. Verifly is available in 42 states and plans to expand nationwide by the end of 2016.
Before choosing a policy, make sure to know its specific exclusions. In some cases, the insurance may only cover certain types of drones. Also, it may not cover personal injury. If your drone injures or causes damage to people or property, you’ll need another policy to cover the costs.
Verifly provides on-demand drone insurance for commercial and recreational drone flights. The policy covers drones that fly up to two miles in radius and for up to eight hours.
Unmanned Risk Management
Commercial drone insurance can cover personal injury and damages, as well as intentional acts that might be considered illegal. Insurers are increasingly considering drones for business purposes as they pose new risks for traditional aircraft. According to a recent report by the Allianz Global Corporate & Specialty (AGCS) insurance company, the drone insurance market in the U.S. could be worth $500 million by 2020. According to the same report, global drone insurance sales could hit $1 billion in 2020. Global Aerospace Inc., one of the world’s largest aircraft insurance providers, was among the first to offer drone insurance four years ago.
Commercial drone insurance is an important part of risk management for UAV operators and manufacturers. As the number of small commercial drones continues to rise, the management of risk has become even more critical. However, the industry is still lacking in industry data, which can be an obstacle in determining the amount of premium needed to cover loss activity.
Academy of Model Aeronautics
If you’re planning to fly commercial drones, you’ll want to make sure you’re insured. AMA insurance is an excellent option, and it’s affordable, too. It can cover you up to $2.5 million in damages, so you can fly anywhere without worrying about liability. This policy is also an excellent way to protect yourself and your drone if it’s involved in an accident.
This insurance is specifically designed for commercial drone operators. It provides liability coverage for up to $2 million per occurrence, as well as medical payments up to $1,000 per person. In addition, commercial drone insurance covers hull damage up to $10,000, which is valuable if a drone crashes. The policy also has a deductible of 10 percent. However, this insurance is only available to commercial operators, and it does not apply to recreational operations.
It can be hard to determine what kind of insurance you’ll need for your drone. Some policies provide only liability coverage and are very expensive. Others cover liability and third-party liability. It’s important to understand what each type of coverage covers before deciding on a policy.