“I’m older and have more insurance.” such a great line from the movie fried green tomatoes. it brings to light the fact that some of us have so much insurance, we must be covered for lots of things, right? but are you covered for your drone? for damage your drone may cause? or lawsuits that prove you were flying recklessly and harmed someone? unless you specifically have drone or UAV insurance, you more than likely are not covered.
myth – general liability or umbrella insurance policies cover my drone
insurance companies are starting to get smart. they have been watching as the use of drones in commercial applications increase and they are following the regulations that the FAA is enforcing. on our last policy we applied for, Aerial Innovations had to supply our remote pilot licenses and also answer a few interesting questions like are we allowed to fly over 400′. there is not a lot of actuarial data out there yet so early on, the coverage we received seemed pretty general and basic. as more and more claims are made, they will start making policies very specific and very tough to defend if you are not operating legally.
for operators – if you haven’t looked into specific drone coverage yet, you may want to contact a broker that has experience with handling UAV insurance like Raleigh Harwell at WC Dillon Company. he is helping companies and operators make sure they have exactly what they need.
in addition, it may be tempting to cut corners and go with insurance on demand (yes, there is such a thing) but there are some drawbacks to this as Raleigh points out, “it’s only for liability so no physical damage coverage, they have a maximum limit of $5 million and you have flight time restrictions.” an annual policy is always best.
so before you run your drone into someones car in the parking lot, think….am i covered?