As the UAV market expands so do the supporting industries such as training, conferences, and what we are looking at here: UAV specific insurance.
Although not a legal requirement in most countries, if you are operating a UAV for commercial purposes it makes a lot of sense to protect your business and assets with insurance. Even though all the relevant safety and risk reduction steps might have been taken unforeseen events can, and will still happen. Having a robust insurance policy in place will ensure that your equipment and more importantly damage or injury caused to third parties is covered.
The table below compares the offerings from insurers in the UK, USA, and Australia. Quote prices have not been included as these can obviously vary based on the specific circumstances and requirements of the UAV operation however for each broker we have highlighted the following key facts:
- Location (head office location)
- Commercial Use (does the insurer cover commercial UAV activities)
- Public Liability Cover (is public liability cover included, and what range is offered)
- UAV & Equipment Cover (does the policy include the option to cover damage to the UAV and supporting equipment)
- Other Countries Cover (is there an option to extend cover to include operations conducted abroad)
|Name||Location||Commercial Use?||Public Liability Cover||UAV & Equipment Cover||Other Countries Cover|
|Avcover Aviation Insurance||Australia||Yes||$1m - 20m AUD||Yes||not listed|
|Austbrokers ABS Aviation||Australia||Yes||$10m - $20 AUD||Yes||not listed|
|Bill Owen Insurance Brokers||Australia||Yes||not specified||Yes||not listed|
|Aviation Insurance Australia||Australia||Yes||$2m - $20m AUD||Yes||not listed|
|UAV Insure||United Kingdom||Yes||up to £10m GBP||Yes||Yes|
|Heliguy UAV Insurance||United Kingdom||Yes||up to £10m GBP||Yes||Yes|
|Coverdrone||United Kingdom||Yes||up to £10m GBP||Yes||Yes|
|SIS Insurance||United Kingdom||Yes||£5m GBP||Yes||Yes|
|IMS Film Insurance||United Kingdom||Yes||not specified||Yes||not listed|
|Aaduki Multimedia Insurance||United Kingdom||Yes||£2m - £5m GBP||Yes||Yes|
|Ravenhall Risk Solutions||United Kingdom||Yes||£1m - £10m GBP||Yes||not listed|
|UAV Protect||United Kingdom||Yes||not specified||Yes||Yes|
|Global Aero||United Kingdom||Yes||not specified||Yes||Yes|
|Drone Insurance||Netherlands||Yes||up to €5m||Yes||Yes|
|Unmanned Risk Management||United States||Yes||up to $100m USD||Yes||Yes|
|Costello Insurance Associates||United States||Yes||$0.5m - $1m USD||Yes||Yes|
|Aviation Insurance Resources||United States||Yes||$0.5m - $1m USD||No||not listed|
|Aerial Pak||United States||Yes||$0.5m - $6m USD||Limited||Limited|
- All insurers cover commercial use and most didn’t offer any kind of cover for hobbyist or private use.
- Public liability cover is included however the range of cover provided varies.
- All bar one of the insurers offer at least some level of cover for UAV equipment, when looking deeper there are variances on what specific situations are covered for instance some policies did not cover the UAV while inflight.
- There is a variance as to which brokers provide the option to extend the policy to cover other countries for operations conducted abroad.
Like the UAV industry as a whole, the insurance market is still maturing. It is not as well understood as say car or even conventional aviation insurance, which in part is due to shifting regulations governing the use of UAV’s. This is all the more reason to perform thorough due diligence when selecting a policy to ensure your operation is truly covered when the unforeseen occurs.
(We will update the contents of the comparison table from time to time so if you feel anything has been missed please get in contact)
Are you a UAV operator, why done you sign up to the ArcadiaSky Drone Hire Marketplace to get connected with customers in your area?
— September 23