This question can only be answered after you have looked at a series of other questions. Questions like whether your drone is a business enterprise for you or others; are you using it in a space where it can cause damage to other people’s property; how expensive is it, and so on.
Drone insurance is a relatively new concept. And it has been prompted by many droning accidents which have caused untold damage and also endangered lives in the process. The increased gifting of expensive drones and by extension increasing numbers of droning enthusiasts has seen more droning experiences go awry resulting in huge out of pocket settlements.
Drone Insurance Explained
Drone insurance falls under liability cover. This applies even when the drone is used for recreation in a home setting where one would assume it would be under homeowner’s cover.
Just like any other insurance cover, in case of damage to or loss of your drone, the insurance company will cover a percentage of the damage and liability incurred. The insurance policies cover two main areas: hull damage (the actual UAV damage) and liability damage (damage to property or injury to other people).
In order to claim from the insurance company, you need to show proof of training, relevant licenses, and flying permits and the flight and maintenance logs among other requirements. These documents stand as witnesses to your reputation as a safe and responsible UAV pilot.
Who Is Eligible For It?
Most people think of a drone as an expensive toy. But their proper classification is Unmanned Aerial Vehicles. The Federal Aviation Agency (FAA) refers to them as aircraft. So, to an extent, any person or entity that owns a drone is eligible for this insurance cover.
For example, drones used in military or law enforcement operations, maritime, exploration, photography and even real estate are prime candidates for insurance cover as they can get lost, damaged, destroy property, cause personal injury or even get intercepted by terrorists.
How much is actually paid out for any damage is dependent on the circumstances surrounding the accident. The insurance companies assess the claim after thorough investigations have been carried out. In cases where negligence is apparent, it becomes hard for the company to cover the cost of the damage or liability. In fact, it is very easy to lose your insurance cover altogether.
While every company has its own requirements and clauses that clearly stipulate the company’s basic requirements, there are a few universal actions that are tantamount to negligence. For instance, poorly maintained flight logs, not registering your UAV as expected by the FAA, not recording any add ons to your drone or unethical flight behavior all point towards an unsafe flier and an accident that is as a result of laxity.
Serious drone pilots insure their drones. It is the hallmark of a reputable and responsible droning enthusiast. For companies that use drones for business, it signifies a strong and professional way of doing business.
The number of drones and droning lovers has exponentially grown worldwide with drone racing leagues and circuits increasing the appetite of people to enjoy this hobby more. It is also fair to say that with this increase there have been more droning accidents, some because of human error and some because of machine failure.
So the best way to enjoy your drone is to get it a drone insurance cover. Keep in mind even the safest of fliers are not immune to accidents. Above all else, you will have peace of mind as you go about your droning adventures.
And to cut down the risks of you losing your money, here are 10 questions you should ask the Insurance Company before buying their policy.