UAS Insurance Update

UAS Insurance Update: after substantial research and numerous interviews with UAS insurance agents, brokers and owners, here’s the lowdown. The insurance industry is evolving in parallel with the UAS industry, and everyone is moving quickly. Underwriters are becoming more savvy with their questionnaires providing premium discounts and better contracts for holders of 333 exemptions, COAs, training certification and documented hours. In the words of one agency president interviewed, “it’s all about training and safety to us.” Continuing education, similar to the medical field, is likely to be a standard going forward. All that said, a good benchmark for someone who meets these standards is $950/year for $1M liability coverage. Important note: insurance companies are very subtle with this point, but annual premiums are normally “per aircraft”, meaning that if you have a fleet of UAVs to fly, be prepared for some sticker shock. The good news is that this is negotiable to an extent, so don’t just accept this as a given. UAS Professionals is seeking to be a source of insider industry knowledge to the small business owner/operator, so if you have any questions, we’re always happy to help. Happy flying!
Like