Commercial Drone Insurance : Ground Your Risks While Flying High

1. Commercial Drone Insurance  Ground Your Risks While Flying High!

2. What does commercial drone insurance cover? • Commercial drone insurance and aircraft insurance are insurance for aerial vehicles.  • Drone insurance covers UAVs (Unmanned Aerial Vehicles). • Aircraft insurance covers  piloted aerial vehicles.

3. Who needs commercial drone insurance? • Flight schools • Commercial airliners • Drone or airplane rental services • Commercially owned aircrafts  • Professional photographers

4. What are the risks that commercial aerial vehicle businesses face? The risks of businesses involving aerial vehicles range from technical risks to business risks.  As any other business, these business face employee-related risks and general liability risks.

5. Risks specific to the aviation industry • Third-party damages incurred due to at-fault collisions with someone's property. • Injuries or death due to operation of the vehicle. • Damages due to fire, theft, or vandalism.

6. What policies do you need? Let us go through the common policies that fall under the commercial drone and aircraft insurance.

7. Commercial general liability (CGL) Insurance • Commercial general liabilityprotects the company against third-party claims that arise due to business operations, processes, or accidents inside the premises. • This policy is required for damages that might arise from collisions with property or injury sustained to third-parties resulting from the use of the aerial vehicle. 

8. Professional liability insurance • Professional liability insurance protects a business against losses incurred due to negligent advice or professional errors.  • This insurance protects you from lengthy and expensive lawsuits. • This insurance is especially necessary for flight schools and other institutions that conduct aviation or drone-use training. •  If your clients feel that you have provided substandard tutelage, they are likely to sue you.

9. Additional coverages and policies you might need. • Let us now look at some other policies which are tailored specifically for the industry. • These policies can be endorsed as per the need of the business.

10. Passenger liability coverage • Passenger liability coverage is a policy tailored for aircraft carriers. • It provides coverage if a passenger is injured or killed in your aircraft, and is usually charged on a cost-per-seat basis. 

11. Aircraft all-risk coverage • Aircraft all-risk coverage is a blanket coverage that covers any damage to the aircraft when grounded, taxiing, or in-flight. 

12. Non-owned aircraft exclusion • Most aircraft insurance plans exclude aircraft that you don't own but still operate. • These include rental and leased aerial aircraft, which is generally insured through the business that rented you the vehicle, or an aircraft renter’s insurance.