Category Archives: drone insurance

Let’s talk drones.

Drones, now that you have one what do you do with it? There are only so many videos of your yard or your roof you can take. So you start taking videos for other people, making money by making videos.

Being Paid.  Good idea, but if you are being paid to fly your drone you will be considered commercial by the FAA and the insurance underwriters.

No liability coverage. That means the liability that is included with your home owners insurance or any liability coverage you may have as a member of the Academy of Model Aeronautics will not cover your commercial flying.

That’s where we come in.  We have been specializing in the aviation insurance business for over 30 years.

Aviation Insurance Companies. And many of the aviation insurance underwriters are providing coverage for the drone industry (and have been for a number of years).

The basics of drone insurance.

Most important coverage you will need is the liability coverage for property damage and bodily injury.

What is liability? If you cause an accident, or have an accident that damages a third parties property or injures someone, liability is the coverage you will need.

Why do you need it? Often a company that hires you will require you to have liability insurance.

Premiums

Premium averages around $700 for 1 million dollar policy for property damage and/or bodily injury. Lower and higher liability limits are available.

Drone hull coverage. If you need the drone itself insured, I would call that drone hull coverage. As a guideline, drone hull coverage rates average 5% of the equipment’s value with 5% deductibles.

Example – a $3,000 hull value for the drone and camera would be about $150 in premium (plus the liability of $700) for a total annual premium of $850.

Should you buy hull coverage? Whether you buy hull coverage kind of depends on the value of your equipment and what you are willing to risk.  Many opt for the liability only option.

Premiums are average and can change based on the pilots experience, type of drone and how it is used.

Do you need a 333 No you don’t need the 333 Exemption, Part 107 or a pilot license to buy insurance. Although each company has different requirements and those requirements could include additional training, naming a licensed pilot (107 or other), copy of your 333 filing, etc.

Check out my YouTube video here.