If you're one of the millions planning on buying a drone this holiday season, you might want to look into buying it some insurance, too. (To find the drone that's best for you, be sure to check out Komando.com's Drone Buying Guide.)
Chief Technology Officer for AIG insurance, Mike Brady, announced this week that his company has already begun selling drone insurance, covering everything from commercial drones to your liability if your drone gets into an accident.
And accidents will happen. We've already seen it in several cases: We've seen a man arrested for crashing his drone at the U.S. Open, a drone crash land on top of a baby, and we've seen drones interfere with house fires and other emergency crews in emergency situations.
But instead of banning drones outright, experts predict that businesses in the U.S. will be buying 160,000 drones a year, whether for delivering goods or assessing damage in a disaster. With those thousands of drones comes greater risk of more problems like I mentioned above.
Drone insurance is great news, but the problem lies within the murky laws surrounding drones. Drone laws are still in their infancy and still being sorted out in California, so there's no doubt in my mind that terms will change over time.
For the time being, AIG's drone insurance coverage includes:
- Policy language drafted specifically to respond to the exposure of unmanned aircraft.
- Coverage for aircraft operators, including other non-pilot, on-ground crew.
- There is NO exclusion for loss arising from electronic malfunctions and failure of electronic components, accessories and power equipment (Such and exclusion is standard on manned aircraft policies).
- Coverage is flexible, with terms and conditions customizable to individual needs.
- Physical damage to the aircraft itself, along with installed, or carried equipment, and ground control units can be provided.
- Third-party liability.
- War, hijacking and terrorism.
If you want to read the details of AIG's drone insurance, click here.