Hourly Drone Insurance

[IrishSights]

@Jay Bregman, you stated that your policy starts at $10/hour for 1 million cover. What would it be for 3mill and 5mill? Many commercial clients require these higher amounts.

I'm not interested in a formal quote obviously but it would be good for others to know.

PFAW Holder
BNUC-S Qualified

 

[Jay Bregman]

@Jay Bregman, you stated that your policy starts at $10/hour for 1 million cover. What would it be for 3mill and 5mill? Many commercial clients require these higher amounts.

I'm not interested in a formal quote obviously but it would be good for others to know.

PFAW Holder
BNUC-S Qualified

@IrishSights thanks for your comments. Most of our customers clients are fine with $1M but we do have higher limits coming out in the future and will post full details once this happens.

Thanks!

 

[Jay Bregman]

I agree with the @Editor that people's flying time will vary but it does need to be teased out as to what it is and I encourage others to look around and do the maths too.

I'm in the UK and would regard myself (compared to others) as a light commercial operator. As this is Public Liability only even for me the equivalent PL in $ for my current policy works out at $10 blanket coverage per week, not per hour, based on a 48 week working year.

So for 1 flying hour ($10/hour at best) per week for 48 weeks that's 480 USD. If you fly less than this then the pay-as-you-go model may be worth considering...for PL only.

It has its niche, but most commercial operators will do many more hours than this.

PS. And mine is £3 million GBP

PFAW Holder
BNUC-S Qualified

@IrishSights As someone who lived in the UK for over a decade, you can't compare UK prices with US prices just by adjusting currency (even when the currency was not severely depressed as it is now). Each country has its own insurance framework, the UK is far less litigious than the US which explains why higher limits are common and pricing is different.

When Verifly moves into new countries the product and pricing will reflect the local market. Then you can do a proper comparison

 

[Jay Bregman]

There has been some discussion about the costs of Verifly versus annual policies in the context of what people need. Like any product, Verifly may not be a perfect fit for everyone.

However, when comparing costs of annual policies versus on-demand policies like Verifly, it is important to note that many operators do not require or value coverage every minute of every day - just when the drone is in the air.

In addition, most longer-term policies are tied to a specific drone, whereas Verifly allows you to use any drone under 15lbs, so you can use different drones within a policy period (as long as you only fly a single drone at a time) or across different policies. If you add up the annual cost of insuring multiple drones the calculus is very different (especially if those drones have different utilization). In fact, some people are using Verifly for some drones while they have annual policies on others, it’s a matter of whether people want an on-demand solution or not.

In terms of liability coverage, if you use lyft / uber / hailo for every ride instead of owning a car clearly it will be more expensive, but many people enjoy the flexibility of accessing an on-demand product and not having to deal with the various annual commitments involved.

We hope everyone will try Verifly out and come to your own conclusions about whether it works for you and your business.

Best,

Jay

 

[David Bercovich]

We are now live in the Cornhusker state and we are very looking for pilots in Nebraska for news stories, so if anyone is there please let us know!

 

[Jim Bauer]

cheers David, who is your underwriter? many noname insurance companies out there.

 

[Jay Bregman]

Global Aerospace. They have been providing aviation insurance for over 90 years. Verifly | Global Aerospace Aviation Insurance

Jay

 

[The Editor]

Global Aerospace. They have been providing aviation insurance for over 90 years. Verifly | Global Aerospace Aviation Insurance

Jay

Hi Jay - just for clarification and transparency I think it should be made clear to forum members that Global Aerospace are not on risk for any of the covers they issue.
The carrier's are Munich Re, National Indemnity, Tokio Marine, Mapfre Global and Mitsui.
Munich Re take the lions share at 44.96% with a proportion of it being reinsured back into the London Market.
For European written risks the pool members are different but at the moment my understanding is you are only placing domestic risks.

 

[David Bercovich]

The press keeps rolling in - here's another article about Verifly on CNBC

 

[Jay Bregman]

Hi Jay - just for clarification and transparency I think it should be made clear to forum members that Global Aerospace are not on risk for any of the covers they issue.
The carrier's are Munich Re, National Indemnity, Tokio Marine, Mapfre Global and Mitsui.
Munich Re take the lions share at 44.96% with a proportion of it being reinsured back into the London Market.
For European written risks the pool members are different but at the moment my understanding is you are only placing domestic risks.

Insurance pools have served as a mechanism to provide insurance to the aviation and aerospace industries since the earliest days of commercial aviation.

Please see a sample policy for NJ here which lists the insurance companies that would be on a policy issued there. Can I see a sample policy before I purchase? - Verifly Support

Information about the financial security of the Global Aerospace pool is available at:Global Aerospace Policy Issuing Companies | Insurance Pool

All policies delivered by Verifly are issued through Global Aerospace. I hope this helps!

Jay

 

[InspiredOne]

Hi Jay ...

I've got what I believe is probably the best drone insurance available. It's not unlike what The Editor has, 24/7/365 covers everything imaginable, but the cost is only $1.00 a day!

This is all underwritten by the Shifting Sands of Nevada Insurance Company. This company, and their drone policy, was made available to me through my attorney's firm, Dewey, Cheatem and Howe.

 

[Jay Bregman]

I've got what I believe is probably the best drone insurance available. It's not unlike what The Editor has, 24/7/365 covers everything imaginable, but the cost is only $1.00 a day!

This is all underwritten by the Shifting Sands of Nevada Insurance Company. This company, and their drone policy, was made available to me through my attorney's firm, Dewey, Cheatem and Howe.

Since I haven't had my coffee I actually tried to look this up - then laughed when I found this Dewey, Cheatem & Howe - Wikipedia, the free encyclopedia. Well played!

Seriously though, The Las Vegas Review-Journal did a great review of Verifly recently, even quoting regulators and FAA test site officials: New app for on-demand drone insurance launches in Nevada, other states

 

[David Bercovich]

I've got what I believe is probably the best drone insurance available. It's not unlike what The Editor has, 24/7/365 covers everything imaginable, but the cost is only $1.00 a day!

This is all underwritten by the Shifting Sands of Nevada Insurance Company. This company, and their drone policy, was made available to me through my attorney's firm, Dewey, Cheatem and Howe.

Given the Car Talk reference, I couldn't resist sharing this Car Talk tweet about drones:

"ESPN will start covering drone racing in August. If you want to watch drones on tv before that, try C-Span."

Car Talk on Twitter

 

[David Bercovich]

Good mornin'

Jay will be doing a livestream Q&A on Youtube tonight, talking about his background, sharing some flight stories and answering any questions that folks have about Verifly.

8:30pm ET / 7:30pm CT / 6:30 MT / 5:30 PT. I will post the link here an hour or so before we kick off. If you have questions, you can post them here and we will do our best to get them in the queue.

Come check it out tonight!

 

[David Bercovich]

Happy Friday evening...Live stream with our CEO Jay Bregman starting in ~10 minutes (8:30ET / 5:30PT)! Join us and feel free to post questions here and we will try to get Jay to answer them:

 

[David Bercovich]

New feature alert! We've added satellite maps to Verifly - pick the perfect coverage area! On iOS - verif.ly/hsRm303FYhH and Android - verif.ly/jCWg303FYmP

 

[David Bercovich]

So, who took their Part 107 test today? Any reports or interesting tidbits?

Bloomberg West aired a segment earlier today featuring Jay to discuss new The FAA commercial drone regs - 1) http://verif.ly/X6IX303Hu5p 2) http://verif.ly/5mCE303Hu7c

 

[ADT]

Jay,

Some clients will need to see a certificate of coverage prior to arriving at their location. Does Verifly have any plans to be able to purchase coverage in advance?

 

[David Bercovich]

Jay,

Some clients will need to see a certificate of coverage prior to arriving at their location. Does Verifly have any plans to be able to purchase coverage in advance?

Hi ADT

Great question. In the future, we hope to offer longer time blocks and advance purchase options.

In the meantime, let me suggest the following. In our FAQs, we have a sample policy which you can download and forward to your client in advance. The only thing that will be different is that your name and/or their name will be written into the appropriate spot on the policy and the location and timing will be updated when you buy the policy. You would of course explain to them that the certificate will be provided to them by email before you take off.

Let us know if that will work for you?
Cheers
David

 

[ADT]

Well, the problem I see is that clients don't need the entire policy. They just want a copy of the actual certificate showing that coverage is in place. Also, I highly doubt that they will accept a sample policy and a "trust me, I'll be covered" response.

Hopefully you guys can come up with an alternative at some point.