Now did this quote include liability no matter how many flights you make as well as actual drone loss whether damage or total loss? If there was like a insurance one could purchase for lets say a DJI Inspire 1 that cost you $2000 for loss of the machine only for like $300 per year with maybe a $150 deductible it would be a eye catcher. But like I stated, for liability peer flight, Verifly gets the nod. Now with their new pricing structure and time slots and increased coverage, it is really the way to purchase liability for the third party rather than yourself.
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Now did this quote include liability no matter how many flights you make as well as actual drone loss whether damage or total loss? If there was like a insurance one could purchase for lets say a DJI Inspire 1 that cost you $2000 for loss of the machine only for like $300 per year with maybe a $150 deductible it would be a eye catcher. But like I stated, for liability peer flight, Verifly gets the nod. Now with their new pricing structure and time slots and increased coverage, it is really the way to purchase liability for the third party rather than yourself.
Thank you for the insight, TRADSLLC.
While Verifly does have its benefits, it is not ideal for all operators. First off, if I was operating a Inspire 2 ($3,000), with a Zenmuse X5S ($1,899) hanging underneath it, I would want some hull coverage. Furthermore, if I purchased the expensive software licenses from DJI with the I2, I would want hull coverage even more. When you are talking about a $6,000+ investment flying in the air, hull coverage would give me some much needed piece of mind. For JUST the hull portion of the premium, you should expect to pay about 8% of the insured value in premiums. However, in aviation insurance, liability coverage must be purchased prior to adding hull coverage, payload coverage, non-owned coverage, or any other "bells and whistles" that you may desire.
Also, it is my understanding that Verifly must be actively managed for each flight. One of the main appeals of an annual policy would be that it is a "set it and forget it" type setup. I would rather concentrate on planning and flying my mission instead of worry about procuring insurance for each flight. Building on that, what are the time constraints for each policy that is purchased. Say, for example, the policy is good for 2 hours. However, I have a complex job lined up that I anticipate will take me 4 hours. Do I have to purchase the policy twice while on location?
I could go on for hours. However, insurance is a decision that each business owner must make on their own. Crunch the numbers, review the coverage, and research, research, research. Whether you use Verifly or purchase an annual policy, please be informed and get some type of insurance. The last thing I want to see is a commercial operator have a large profile incident that is not covered by insurance. IN order for this nascent industry to reach it's full potential, in needs to be viewed in a favorable light by the public and lawmakers. One way to help that happen is to be insured.
Thanks,
Joe Ernster
[email protected]
While Verifly does have its benefits, it is not ideal for all operators. First off, if I was operating a Inspire 2 ($3,000), with a Zenmuse X5S ($1,899) hanging underneath it, I would want some hull coverage. Furthermore, if I purchased the expensive software licenses from DJI with the I2, I would want hull coverage even more. When you are talking about a $6,000+ investment flying in the air, hull coverage would give me some much needed piece of mind. For JUST the hull portion of the premium, you should expect to pay about 8% of the insured value in premiums. However, in aviation insurance, liability coverage must be purchased prior to adding hull coverage, payload coverage, non-owned coverage, or any other "bells and whistles" that you may desire.
Also, it is my understanding that Verifly must be actively managed for each flight. One of the main appeals of an annual policy would be that it is a "set it and forget it" type setup. I would rather concentrate on planning and flying my mission instead of worry about procuring insurance for each flight. Building on that, what are the time constraints for each policy that is purchased. Say, for example, the policy is good for 2 hours. However, I have a complex job lined up that I anticipate will take me 4 hours. Do I have to purchase the policy twice while on location?
I could go on for hours. However, insurance is a decision that each business owner must make on their own. Crunch the numbers, review the coverage, and research, research, research. Whether you use Verifly or purchase an annual policy, please be informed and get some type of insurance. The last thing I want to see is a commercial operator have a large profile incident that is not covered by insurance. IN order for this nascent industry to reach it's full potential, in needs to be viewed in a favorable light by the public and lawmakers. One way to help that happen is to be insured.
Thanks,
Joe Ernster
[email protected]
Actually not. If you are somewhat decent in time framing your jobs Verifly now has more than one hour blocks. You can purchase four and eight hour blocks and up to two and a half million in liability. I checked different sites to see what the added cost for the increased one and a half million in liability and it is very negligible in that it does not cost much more. What I am stating is for most commercial pilots who do jobs and are not a big-time organization, liability is the main focus point foremost. Now if Insurance could be bought and you insure the craft alone for let's say a $2,000 drone at the expense of maybe three to four hundred dollars per year with maybe a $150 deductible it becomes now more advantageous for the small-time business to start purchasing same.
So for these small-time operator who may have only three to four drones in their arsenal, liability is now the concern and purchasing same for flights specific missions is not a bad thing. In fact, it can be bought anywhere in the field you are flying at that point in time with a few simple mouse clicks or prompts from your phone. And then the contracts are automatically sent to you immediately.
So for these small-time operator who may have only three to four drones in their arsenal, liability is now the concern and purchasing same for flights specific missions is not a bad thing. In fact, it can be bought anywhere in the field you are flying at that point in time with a few simple mouse clicks or prompts from your phone. And then the contracts are automatically sent to you immediately.
Don't get me wrong for I am not knocking insurance or your services one bit for damage and loss to a business' aircraft. Just in looking at most policy prices, not affordable for most starting out in this line of work. Certainly if I were turning about $2500+ a month then yes. But for most, the number one priority like in any business is securing the liability insurance for operating first and foremost. It reminds me of car insurance within the state of NC. To operate the highways a driver must maintain at the minimum, liability. The other is optional if the vehicle has no lien. It is no different than running a household budget where a family must decide where money is the priority and must funnel that money to that need.
Like I stated, if I ever get up and running to a capacity that in a months earnings I could pay for the full coverage of loss as well as liability annually, then I would certainly go that route. I am sure I echo the sentiments of many who have started a sUAS small business venture and have yet to grow to a degree of certain monthly income that can be counted on. In fact, this is a side business for me whereas I have a full time government job. I loved flying drones so much and after discovering it to be a new industry for the most part and money could be earned that I decided to begin my own company. I hope in 6 years when I retire with a government pension that this is built up enough to slide into for my second career for sure.
Like I stated, if I ever get up and running to a capacity that in a months earnings I could pay for the full coverage of loss as well as liability annually, then I would certainly go that route. I am sure I echo the sentiments of many who have started a sUAS small business venture and have yet to grow to a degree of certain monthly income that can be counted on. In fact, this is a side business for me whereas I have a full time government job. I loved flying drones so much and after discovering it to be a new industry for the most part and money could be earned that I decided to begin my own company. I hope in 6 years when I retire with a government pension that this is built up enough to slide into for my second career for sure.
TRADSLLC,
Thank you very much for the education. I stand corrected regarding the time frame on the policies that they offer. However, they still need to be more actively managed than an annual policy.
Also, I 100% agree with you on the liability being the most important part of coverage. The loss of a a UAV can be easily absorbed my many commercial operators. However, a large liability claim brought against them can bankrupt even large operators.
If you are looking for a bare-bones, liability only, on demand policy, Verifly is great.
Each business owner needs to make their own decision on the pros and cons of their insurance program.
Thank you very much for your contributions.
Sincerely,
Joe Ernster
[email protected]
Thank you very much for the education. I stand corrected regarding the time frame on the policies that they offer. However, they still need to be more actively managed than an annual policy.
Also, I 100% agree with you on the liability being the most important part of coverage. The loss of a a UAV can be easily absorbed my many commercial operators. However, a large liability claim brought against them can bankrupt even large operators.
If you are looking for a bare-bones, liability only, on demand policy, Verifly is great.
Each business owner needs to make their own decision on the pros and cons of their insurance program.
Thank you very much for your contributions.
Sincerely,
Joe Ernster
[email protected]
In addition to the new UAS Insurance Portal, Global Aerospace has also released a new UAV insurance application. I just thought that some of you may be interested in the updated questions they are asking of their insureds.
Thanks,
Joe Ernster
[email protected]
www.bullockagency.com
Thanks,
Joe Ernster
[email protected]
www.bullockagency.com
Hello,
Do you have something out of the ordinary that you would like to insure related to UAVs? If so, let you broker know what you would like to do in full detail. Due to the highly negotiable nature of aviation insurance, and the rapidly evolving UAV industry, you may be able to get coverage for your "crazy" idea. Many times, aviation insurance companies are willing to cover something that you would think is un-insurable.
Thanks,
Joe Ernster
[email protected]
Get an online UAV insurance quote
Do you have something out of the ordinary that you would like to insure related to UAVs? If so, let you broker know what you would like to do in full detail. Due to the highly negotiable nature of aviation insurance, and the rapidly evolving UAV industry, you may be able to get coverage for your "crazy" idea. Many times, aviation insurance companies are willing to cover something that you would think is un-insurable.
Thanks,
Joe Ernster
[email protected]
Get an online UAV insurance quote
Hello,
Do you operate a large fleet of UAVs for commercial purposes? If so, a company called USSIC may be a good one to consider. Their new 2017 pricing structure is summarized below. Please note that they may have other limits available upon request.
Liability Only Rates From USSIC
1st UAV Unit
$500,000 (Liability Only) - $495 Total Annual Premium
$1,000,000 (Liability Only) - $875 Total Annual Premium
$2,000,000 (Liability Only) - $1250 Total Annual Premium
$3,000,000 (Liability Only) - $2200 Total Annual Premium
$4,000,000 (Liability Only) - $2850 Total Annual Premium
$5,000,000 (Liability Only) - $3500 Total Annual Premium
2nd UAV Unit
$500,000 (Liability Only) - $396 Total Annual Premium
$1,000,000 (Liability Only) - $700 Total Annual Premium
$2,000,000 (Liability Only) - $1000 Total Annual Premium
$3,000,000 (Liability Only) - $1760 Total Annual Premium
$4,000,000 (Liability Only) - $2280 Total Annual Premium
$5,000,000 (Liability Only) - $2800 Total Annual Premium
3rd UAV Unit
$500,000 (Liability Only) - $337 Total Annual Premium
$1,000,000 (Liability Only) - $595 Total Annual Premium
$2,000,000 (Liability Only) - $850 Total Annual Premium
$3,000,000 (Liability Only) - $1496 Total Annual Premium
$4,000,000 (Liability Only) - $1938 Total Annual Premium
$5,000,000 (Liability Only) - $2380 Total Annual Premium
4th UAV Unit
$500,000 (Liability Only) - $337 Total Annual Premium
$1,000,000 (Liability Only) - $595 Total Annual Premium
$2,000,000 (Liability Only) - $850 Total Annual Premium
$3,000,000 (Liability Only) - $1496 Total Annual Premium
$4,000,000 (Liability Only) - $1938 Total Annual Premium
$5,000,000 (Liability Only) - $2380 Total Annual Premium
5th UAV Unit
$500,000 (Liability Only) - $337 Total Annual Premium
$1,000,000 (Liability Only) - $595 Total Annual Premium
$2,000,000 (Liability Only) - $850 Total Annual Premium
$3,000,000 (Liability Only) - $1496 Total Annual Premium
$4,000,000 (Liability Only) - $1938 Total Annual Premium
$5,000,000 (Liability Only) - $2380 Total Annual Premium
The pricing remains the same for any additional units until unit #7.
7th UAV Unit
$500,000 (Liability Only) - $297 Total Annual Premium
$1,000,000 (Liability Only) - $525 Total Annual Premium
$2,000,000 (Liability Only) - $750 Total Annual Premium
$3,000,000 (Liability Only) - $1320 Total Annual Premium
$4,000,000 (Liability Only) - $1710 Total Annual Premium
$5,000,000 (Liability Only) - $2100 Total Annual Premium
The pricing structure continues the same as the 7th UAV all the way up to 25 units.
Sincerely,
Joe Ernster
[email protected]
Do you operate a large fleet of UAVs for commercial purposes? If so, a company called USSIC may be a good one to consider. Their new 2017 pricing structure is summarized below. Please note that they may have other limits available upon request.
Liability Only Rates From USSIC
1st UAV Unit
$500,000 (Liability Only) - $495 Total Annual Premium
$1,000,000 (Liability Only) - $875 Total Annual Premium
$2,000,000 (Liability Only) - $1250 Total Annual Premium
$3,000,000 (Liability Only) - $2200 Total Annual Premium
$4,000,000 (Liability Only) - $2850 Total Annual Premium
$5,000,000 (Liability Only) - $3500 Total Annual Premium
2nd UAV Unit
$500,000 (Liability Only) - $396 Total Annual Premium
$1,000,000 (Liability Only) - $700 Total Annual Premium
$2,000,000 (Liability Only) - $1000 Total Annual Premium
$3,000,000 (Liability Only) - $1760 Total Annual Premium
$4,000,000 (Liability Only) - $2280 Total Annual Premium
$5,000,000 (Liability Only) - $2800 Total Annual Premium
3rd UAV Unit
$500,000 (Liability Only) - $337 Total Annual Premium
$1,000,000 (Liability Only) - $595 Total Annual Premium
$2,000,000 (Liability Only) - $850 Total Annual Premium
$3,000,000 (Liability Only) - $1496 Total Annual Premium
$4,000,000 (Liability Only) - $1938 Total Annual Premium
$5,000,000 (Liability Only) - $2380 Total Annual Premium
4th UAV Unit
$500,000 (Liability Only) - $337 Total Annual Premium
$1,000,000 (Liability Only) - $595 Total Annual Premium
$2,000,000 (Liability Only) - $850 Total Annual Premium
$3,000,000 (Liability Only) - $1496 Total Annual Premium
$4,000,000 (Liability Only) - $1938 Total Annual Premium
$5,000,000 (Liability Only) - $2380 Total Annual Premium
5th UAV Unit
$500,000 (Liability Only) - $337 Total Annual Premium
$1,000,000 (Liability Only) - $595 Total Annual Premium
$2,000,000 (Liability Only) - $850 Total Annual Premium
$3,000,000 (Liability Only) - $1496 Total Annual Premium
$4,000,000 (Liability Only) - $1938 Total Annual Premium
$5,000,000 (Liability Only) - $2380 Total Annual Premium
The pricing remains the same for any additional units until unit #7.
7th UAV Unit
$500,000 (Liability Only) - $297 Total Annual Premium
$1,000,000 (Liability Only) - $525 Total Annual Premium
$2,000,000 (Liability Only) - $750 Total Annual Premium
$3,000,000 (Liability Only) - $1320 Total Annual Premium
$4,000,000 (Liability Only) - $1710 Total Annual Premium
$5,000,000 (Liability Only) - $2100 Total Annual Premium
The pricing structure continues the same as the 7th UAV all the way up to 25 units.
Sincerely,
Joe Ernster
[email protected]
My UAV insurance premium is more expensive than I thought! Do I have to pay the whole premium upfront?
While aviation insurance premiums are usually paid in one lump sum upfront, most aviation insurance brokers can offer you a financing plan. These financing agreements allow you to put 20% - 25% down and break the rest of the premium up into installments. However, please beware that this option will cost you a little bit extra on top of the quoted annual premium. If you do not want to pay your premium all at once, ask your broker about financing options.
Thanks,
Joe Ernster
[email protected]
Get an Online UAV Insurance Quote Now
While aviation insurance premiums are usually paid in one lump sum upfront, most aviation insurance brokers can offer you a financing plan. These financing agreements allow you to put 20% - 25% down and break the rest of the premium up into installments. However, please beware that this option will cost you a little bit extra on top of the quoted annual premium. If you do not want to pay your premium all at once, ask your broker about financing options.
Thanks,
Joe Ernster
[email protected]
Get an Online UAV Insurance Quote Now
For Canadians..... Majority of insurance companies in Canada exclude any liability or physical damage coverage on your UAV within your homeowners policy fine print.
IF, and that's the catch, you are NOT using the UAV commercially, BCAA's policy does NOT exclude the UAV! Spoke direct to an adjuster yesterday and have a note on my file now confirming I have the same $2,000,000 liability coverage and physical damage coverage on both my Phantom 4 and my soon to arrive Inspire 1 v2 including the X5 camera. ( BCAA= British Columbia Automobile Association ).. AAA in Alberta etc etc....
IF, and that's the catch, you are NOT using the UAV commercially, BCAA's policy does NOT exclude the UAV! Spoke direct to an adjuster yesterday and have a note on my file now confirming I have the same $2,000,000 liability coverage and physical damage coverage on both my Phantom 4 and my soon to arrive Inspire 1 v2 including the X5 camera. ( BCAA= British Columbia Automobile Association ).. AAA in Alberta etc etc....
What are the typical deductibles on a UAV insurance policy provided by an aviation insurance company?
In aviation insurance, deductibles typically do not apply to liability only policies. So, if you have a liability only commercial UAV insurance policy, you will most likely not have a deductible.
However, if you elect to purchase hull coverage, payload coverage, or any other type of physical damage coverage for your equipment, you should expect to have some sort of deductible. The deductibles usually range from 5% to 10% of the insured value of the equipment. However, if you are doing something out of the ordinary with your UAV, the insurance company may place a higher deductible on your policy.
Sincerely,
Joe Ernster
[email protected]
Get an Online UAV Insurance Quote Now
In aviation insurance, deductibles typically do not apply to liability only policies. So, if you have a liability only commercial UAV insurance policy, you will most likely not have a deductible.
However, if you elect to purchase hull coverage, payload coverage, or any other type of physical damage coverage for your equipment, you should expect to have some sort of deductible. The deductibles usually range from 5% to 10% of the insured value of the equipment. However, if you are doing something out of the ordinary with your UAV, the insurance company may place a higher deductible on your policy.
Sincerely,
Joe Ernster
[email protected]
Get an Online UAV Insurance Quote Now
Hello,
I am in the process of writing a "White Paper" (or guide) of sorts for insurance on commercial UAS operations. I have attached a copy of what I am working on. Do you think that this is helpful? Also, if you have any suggestions/corrections on the content or grammar, please let me know. If you find it helpful, and not riddled with errors, please feel free to disseminate it!
I hope you at least find it interesting.
Sincerely,
Joe Ernster
Bullock Agency, Inc.
[email protected]
I am in the process of writing a "White Paper" (or guide) of sorts for insurance on commercial UAS operations. I have attached a copy of what I am working on. Do you think that this is helpful? Also, if you have any suggestions/corrections on the content or grammar, please let me know. If you find it helpful, and not riddled with errors, please feel free to disseminate it!
I hope you at least find it interesting.
Sincerely,
Joe Ernster
Bullock Agency, Inc.
[email protected]
Hello All,
Some of my commercial UAV insurance content was recently featured on uavcoach.com! Please take a look if you are interested.
Drone Insurance Guide: How to Get Liability Coverage
Thanks,
Joe Ernster
[email protected]
Some of my commercial UAV insurance content was recently featured on uavcoach.com! Please take a look if you are interested.
Drone Insurance Guide: How to Get Liability Coverage
Thanks,
Joe Ernster
[email protected]
Hello,
Just a little commercial UAS insurance update for you all. One of the leading UAS insurance providers, Global Aerospace, is now taking a "softer stance" on indoor operations and operations at events. In the past, they would want to restrict or even exclude both of these uses. In the past weeks they have definitely been more open to quoting risks with this type of exposure. However, if you have operations at indoor events, they will shy away from insuring you or have some follow up questions.
Get an Online UAS Insurance Quote From Global Aerospace Now!
Sincerely,
Joe Ernster
[email protected]
Just a little commercial UAS insurance update for you all. One of the leading UAS insurance providers, Global Aerospace, is now taking a "softer stance" on indoor operations and operations at events. In the past, they would want to restrict or even exclude both of these uses. In the past weeks they have definitely been more open to quoting risks with this type of exposure. However, if you have operations at indoor events, they will shy away from insuring you or have some follow up questions.
Get an Online UAS Insurance Quote From Global Aerospace Now!
Sincerely,
Joe Ernster
[email protected]
What is "Waiver of Subrogation."
Many times when a commercial UAV operator is hired to fly a job, the company hiring them will be ask to be added to the UAV insurance policy as Additional Insured with Waiver of Subrogation. The additional insured part is straight forward enough. However, my clients are often confused by the Waiver of Subrogation. Subrogation is a concept in insurance in which the insurance company "goes after"(subrogates against) a third party in order to recoup the losses they have paid out in a claim. When an insurance company waives their right to subrogate against a specific entity, they cannot "go after" that entity to recoup their losses after a claim. I have provided an example below.
Company A hires Joe's Drone Service to conduct an aerial inspection of an old building. Company A requests that Joe's Drone Service add Company A as an Additional Insured with Waiver of Subrogation to Joe's Drone Service's UAV insurance policy. While performing the inspection, Joe's Drone Service crashes their UAV due to the negligence of Company A. Joe's Drone Service's UAV insurance policy responds to the accident and pays Joe for the loss of his drone. If subrogation had not been waived, Joe's Drone Service's insurance company could have subrogated against Company A due to their negligence in causing the loss of Joe's Drone. However, since subrogation was waived, Company A is protected from subrogation.
I hope this helps!
Thanks,
Joe Ernster
[email protected]
Many times when a commercial UAV operator is hired to fly a job, the company hiring them will be ask to be added to the UAV insurance policy as Additional Insured with Waiver of Subrogation. The additional insured part is straight forward enough. However, my clients are often confused by the Waiver of Subrogation. Subrogation is a concept in insurance in which the insurance company "goes after"(subrogates against) a third party in order to recoup the losses they have paid out in a claim. When an insurance company waives their right to subrogate against a specific entity, they cannot "go after" that entity to recoup their losses after a claim. I have provided an example below.
Company A hires Joe's Drone Service to conduct an aerial inspection of an old building. Company A requests that Joe's Drone Service add Company A as an Additional Insured with Waiver of Subrogation to Joe's Drone Service's UAV insurance policy. While performing the inspection, Joe's Drone Service crashes their UAV due to the negligence of Company A. Joe's Drone Service's UAV insurance policy responds to the accident and pays Joe for the loss of his drone. If subrogation had not been waived, Joe's Drone Service's insurance company could have subrogated against Company A due to their negligence in causing the loss of Joe's Drone. However, since subrogation was waived, Company A is protected from subrogation.
I hope this helps!
Thanks,
Joe Ernster
[email protected]
If you have a job coming up that requires the client to be added as additional insured do not wait until the last minute to procure insurance. When your policy is first created, it often takes more time for the insurance company to generate your certificates of insurance. So, save yourself, your client, the insurance company and your broker the headaches associated with last minute requests. Get your insurance bound several days prior to your job. That way you will have all of your ducks in a row.
Thanks,
Joe Ernster
Bullock Agency, Inc.
[email protected]
Thanks,
Joe Ernster
Bullock Agency, Inc.
[email protected]
- Joined
- Nov 27, 2016
- Messages
- 55
- Reaction score
- 28
- Age
- 68
- Location
- Florida
- Website
- huntgroupproductions.com
I do all kinds of video/film production work - aerials are just a part of it. I fly commercially 3-4 time per month - so year-round coverage is not practical for me. I have found that Verifly is simple to use and I can get coverage and a certificate of insurance emailed to me and the client just before a shoot and so far my clients have been quite satisfied with that.
I can see buying year-round coverage if you fly multiple, well paying jobs per week - but until that happens the cost is just too high.
HuntGroupProductions.com
I can see buying year-round coverage if you fly multiple, well paying jobs per week - but until that happens the cost is just too high.
HuntGroupProductions.com
Skydog,
Thank you very much for getting involved!
Have you gotten a quote for an annual premium recently? Depending your operations, the prices have really come down.
Joe Ernster
Bullock Agency, Inc.
[email protected]
Thank you very much for getting involved!
Have you gotten a quote for an annual premium recently? Depending your operations, the prices have really come down.
Joe Ernster
Bullock Agency, Inc.
[email protected]
- Joined
- Nov 27, 2016
- Messages
- 55
- Reaction score
- 28
- Age
- 68
- Location
- Florida
- Website
- huntgroupproductions.com
No I have not - but will contact you sometime in the future to do that.
BTW - thanks for providing good info re: drone insurance. I am sure many here are in a situation where year-round coverage makes good sense.
Skydog,
Excellent. Looking forward to speaking with you.
It is my pleasure to provide this information. I am very passionate about the burgeoning UAV insurance industry and want to make sure everyone is properly insured.
Thanks,
Joe Ernster
Bullock Agency, Inc.
[email protected]
Excellent. Looking forward to speaking with you.
It is my pleasure to provide this information. I am very passionate about the burgeoning UAV insurance industry and want to make sure everyone is properly insured.
Thanks,
Joe Ernster
Bullock Agency, Inc.
[email protected]
