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A new take on UAS insurance

Discussion in 'General Discussion' started by EyeWingsuit, Aug 9, 2016.

  1. EyeWingsuit

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  2. Ed Beck

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    Looks interesting. Only negative thing I can think of is that I've had contracts that require an insurance certificate bearing the client's name. Not quite the same as proof of insurance that is available from this company

    Good idea though and very helpful in some situations I'm sure.

    Thanks for pointing it out
     
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  3. Ed Beck

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    For comparison I have a separate drone insurance policy of $1m for about $1k per year. Mine is separated as $500k liability and $500k injury, as most policies are. I expect this one is a $500k/$500k also.
     
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  4. bluesgeek

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    Aside from what I consider to be a high price, the app doesn't work for me–mapping database errors.
     
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  5. pyrate

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    Never trust a site with a bad security set up on their HTTPS
    First thing I noticed, they should fix that. It might be a great product but that just shouts amature
     
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  6. bluesgeek

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    App is working for me today.

    Also Engadget.
     
  7. bluesgeek

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    Moving around the map in my area, I see that the $10 rate goes up when over schools $15, and also when just outside 2mi of the Class D and E airports $25.

    It won't insure you within 2mi of the airport, or within 1400ft of a helipad (hospital).

    This seems like it may be a good solution for Part 107 certs that are only going to fly occasionally, and that would mean both on the job and for training. It would also be good for recreational flyers that want to make sure they have coverage when they are in riskier environments (a friend's wedding, a family member's ball game, etc.)

    But if commercial UAV insurance from an admitted company can be had for about $1000 per year, the breakeven point for flying when comparing to Verifly's cheapest rate is about 8 hours per month.

    However, that would be doubled if you had 2 insured UAVs because with Verifly you would only be insuring the one you are flying.

    Also, how would the details of coverage compare with a conventional UAV policy?
     
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  8. LarryF

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    Looks like a good option, until you could justify a fulltime policy.
     
  9. David Bercovich

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    Hi all,

    First thanks @EyeWingsuit for posting.

    Sorry that I'm late to this thread but I just joined 3DR pilots and discovered this thread. I work on partnerships for Verifly and am here as a resource to answer any questions that you may have. I'd also love to hear about your flights!

    Let me chime in on a couple of the points raised thus far:

    Pricing: The on-demand model is advantageous for folks who can't justify the cost of an annual policy. Further, as @bluesgeek points out, the economics change drastically for folks who own multiple UAVs. The other economic benefit that some customers have pointed out is that the hourly pricing model makes it easy to break out the cost of insurance in order to directly re-charge the client for the cost of insurance. (Thanks @LarryF)

    Policy and Coverage: You can see a sample policy here.
    @Ed Beck The policy is a $1,000,000 for liability coverage (not $500k / $500k). See this faq.
    @Ed Beck For your client to listed on the policy, enter their name in the company field and then they will be listed on the actual policy.

    Feel free to reach out with any other comments / questions / suggestions / flight stories. I'm davidb@verifly.com.

    Cheers
    David
     
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  10. Ed Beck

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    Thanks, I have an annual policy.
     
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  11. Rich

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    Thsnks for this info. It looks like an interesting option for those that may not have enough business to justify the costs of an annual policy.

    I'll have to tell some friends about this.

    I'd like to find some public stories of use of this service, both good and bad. But I'm sure this will take time as its a new service.

    So far a Google search shows a lot of news and press releases about this, but I haven't found any actual pilot reports or forum posts that discuss actual use of it yet. I suppose this will take some time until some claims are paid or denied.

    I wish these guys luck and wish I thought of this idea myself! :)
     
    #11 Rich, Sep 22, 2016
    Last edited: Sep 22, 2016
  12. David Bercovich

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    Hi Rich

    I talk to customers every day and the feedback is fantastic. We haven't published any of the stories yet but we will. In the meantime:

    Hourly Drone Insurance
    Scroll down to SkipTV

    Hourly Drone Insurance
    Scroll to Larry@drones4peace

    drone insurance by the hour
    Scroll down to b2photo

    And there are more on these threads.
     
  13. Don H.

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    I find that amazing..When I owned my old Cessna taildragger it cost me 600.00 dollars a year for a million dollar coverage with a 10k hull coverage.
    I could do a lot more damage if I crashed it as opposed to crashing my Solo or any of the other toy aircraft. Plus crashing the Cessna is far more spectacular and news worthy.

    Don.
     
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  14. Ed Beck

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    You and me both. I carry $2m on the rest of my business for less. When my drone renewal comes up I'm petitioning for a lower rate based on my hours and lack of accidents.
     
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  15. David Bercovich

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  16. David Bercovich

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    Rick over at Drone Valley has posted a few videos about Verifly that I thought were worth sharing:


     
  17. David Bercovich

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    Verifly is now live in Missouri! The Show Me State launch puts Verifly live in 47 / 50 states!
    https://goo.gl/WUG7bG
     
  18. David Bercovich

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    And, Minnesota is now live. 48 states live!
     
  19. David Bercovich

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    Exciting news from Verifly today. Major new release which includes universal coverage enabling authorized pilots to get insurance near airports, heliports, stadia. And new options including increased liability cover (up to $2.5m), increased coverage periods (4-hour and 8-hour packs) and increased coverage area (½ mile radius option). Be sure to update the app to see these new features. Would love to hear feedback on these new features.


    Verifly – On-demand Drone Insurance
     
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  20. BigTulsa

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    I'm pretty satisfied as a hobbyist with the insurance I get via my AMA membership.