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Brightstone Blog

Drone Insurance. Staying Ahead of the Curve.

Posted by Risk Strategies Company on 12/8/17 9:43 AM

 

 

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The future is now for commercial drone package delivery - or almost.  Certainly, now is the time to figure out how best to manage the risks of drone-using operations.  Drone manufacturing is at a record pace, while insurance companies are working to develop liability and physical damage packages to meet consumer demand.

Brightstone / Risk Strategies Managing Director, Peter Schlactus, and other leading insurance experts are educating clients about managing risk for commercial drone use, but also note that mainstream package delivery via drones probably isn't taking off anytime soon. 

"To be clear, we don’t anticipate delivery drones being commonplace for some time. Still, commercial drone utilization is increasing at a substantially greater rate than was predicted.  Indeed, the insurance industry is an early adopter. Drones are surveying disaster sites, assessing damage and monitoring repairs earlier and faster than human adjusters."

"Various clients have asked us about the availability of insurance for drone testing and operations. We are pleased to announce that Brightstone/Risk Strategies has introduced a series of insurance products for these Unmanned Aerial Vehicles (UAVs), including both liability for injury and damage caused by a UAV and damage to the UAV, itself. Premiums start at $1,000", said Schlactus.

Underwriters will look at operations contracted out to a third party with appropriate indemnification provisions. The appetite for larger, more intensive operations carrying heavier loads is still developing and should expand with time.

Note that applicants must agree to adhere to FAR Part 107, 333 Letter or COA regulations in your use of UAVs – or submit usage plans for special approval. Confirmation that the operator has a Light Sport or more advanced FAA pilot certificate, as well as pilot experience records or summary of experience is critical.

"The future is here at Brightstone/Risk Strategies. We appreciate the input from clients that is helping us enable the delivery industry move toward aerial package delivery", Schlactus concluded.

CONTACT BRIGHTSTONE

 Risk Strategies (formerly Brightstone) works with nearly 2000 delivery and logistics companies of all shapes and sizes nationwide, specializing in the full range of insurance and risk management solutions for this industry: property & casualty, alternative risk solutions, employee benefits, IC risk programs, key person risk management, safety and accident prevention, executive and family risk, and financial services.

Contact us today to learn more about using our expertise to take you further and protect your journey. To learn more please call (877) 862-4755. 

 

Topics: Risk Management