UAV Drone Insurance
Like most industries today you require insurance. There are a few companies available now that offer UAV drone insurance for both public liability and hull insurance.
Public Liability Insurance
Most policies offer public liability insurance ranging from 5m through to 20m cover. When working for larger organisations they usually require you to hold a minimum of 20m cover, so when looking at purchasing a policy take into account what sort of jobs you will be undertaking.
Cost for public liability insurance is in the price range of about $1000-2000.
Hull Insurance
Hull insurance covers for the loss of or damage to UAVs and equipment.
- Cover available for different makes/models/values of UAVs
- Cover available for all equipment used in conjunction with UAVs (cameras etc.)
- Cover applies in whilst in flight, on the ground and in transit.
UAV Insurance Companies
A couple of the bigger players in the industry are:-
- Austbrokers ABS Aviation Pty Ltd
- Bill Owen Insurance Brokers
SkyMedia Training has no financial or affiliate connections with either insurance party.
Why UAV Drone Insurance is Essential
Operating drones, whether for recreational or commercial purposes, comes with inherent risks. Accidents can happen even to the most experienced pilots, from collisions with trees to technical malfunctions mid-flight. Without proper insurance, these incidents could result in significant financial losses. UAV drone insurance provides peace of mind, ensuring you’re covered for both third-party liabilities and damage to your equipment.
Types of UAV Insurance
Public Liability Insurance
Public liability insurance is critical, especially for commercial drone operators. This type of insurance covers claims related to property damage or injury caused by your drone. Imagine your drone accidentally crashing into a vehicle or injuring a bystander—public liability insurance protects you from the financial burden of such incidents. Additionally, having this insurance is often a prerequisite for obtaining a Remote Operator Certificate (ReOC).
Hull Insurance
Hull insurance, on the other hand, protects your drone and associated equipment. Drones are significant investments, particularly high-end models used for professional purposes. Hull insurance covers the cost of repairs or replacement if your drone is damaged in flight, during transport, or even while it’s grounded.
Factors to Consider When Choosing a Policy
When selecting UAV drone insurance, consider the following:
- Coverage Amounts: Ensure your policy meets the requirements of the clients you work with.
- Premium Costs: Balancing affordability with comprehensive coverage is key.
- Equipment Value: Choose a policy that reflects the true value of your drones and accessories.
- Geographic Coverage: Ensure your policy covers all regions where you operate, especially if you work internationally.
Tips for Lowering Your Premiums
Maintaining a clean flight record and investing in regular drone maintenance can help lower your insurance premiums over time. Additionally, some insurers offer discounts for operators with advanced certifications, such as a Remote Pilot Licence (RePL).
Understanding the Fine Print
Before committing to an insurance policy, it’s crucial to read and understand the fine print. Some policies may exclude specific scenarios, such as flying in restricted airspace or operating in extreme weather conditions. Ensure you’re fully aware of what your policy covers to avoid surprises when you need to make a claim.