Every professional service provider knows that drone insurance is an important part of doing business. Here, drone insurance specialist Yuval Caspi explains how it works, what to look out for, and how to make sure you are covered in the event of an accident.
Managing Mayhem: A discussion with Yuval Caspi, Skywatch
By: Dawn MK Zoldi, guest author
This week I had a great chat with Yuval Caspi from on the InterDrone Drones at Dawn podcast . Yuval is a licensed insurance broker and drone insurance specialist. For the past two years, she has worked closely with drone pilots and companies from different sectors to understand their different supply needs. Here she answers some of the most important questions about insurance from drone service providers (DSPs).
Dusk: Many DSPs ask: “Do I even need insurance? “What are the top five reasons people should purchase insurance for their drone operations?
Yuval: There are usually two main reasons people get coverage and five major considerations as to why they should. The two main reasons are: (1) Cover for one‘for its own sake‘s own business proposition or (2) meeting with a customer‘s demands. Insurance is always about working safely, which is always the main concern. Having insurance on board is the first step towards safe operation. Second, it establishes the DSP as a professional. As mentioned earlier, most companies that hire DSPs require insurance. Having it upfront will save you time and empower a business‘s credibility. Third, it lowers the risk and is useful for obtaining exemption permits. Fourth, you can fly with peace of mind knowing that if something goes wrong you are covered. After all, it helps to raise public awareness and promote the entire drone industry if you can remedy a mishap and be responsible for possible breakdowns. Ultimately, the goal is to have a policy that suits your own business wants and needs, but can be modified on the go to suit customer needs if necessary.
DAWN: Can you briefly explain the different coverages and when in general someone needs one over the other?
Yuval: Good aviation guidelines provide third party aviation liability that includes property damage, personal injury, and personal injury related to accidents caused by your drone operation as opposed to everyday accidents. Personal injury refers to medical expenses and physical accidents, while personal injury refers to covering defamation, defamation, or invasion of privacy. This type of coverage protects you from accidents caused by your drone operations that result in damage by third parties. The need for aviation insurance is often different from general liability insurance. In fact, damage caused by types of aircraft, including drones, can be ruled out by your company or LLC‘s general liability policy. For this reason, an aviation policy is likely to be required to complement other coverage. When your drone operations are included in your homeowner‘With this policy or any other plan, you want to make sure that it includes commercial use, not just recreational use. If you are a professional (hired by a client to perform an operation) you want liability for third party drones because if something should happen you want to make sure everyone around you is protected. If you are flying for recreational purposes, this type of policy will protect you from third party harm. Hull coverage differs from third party liability. It protects your drones and equipment from physical damage, loss, or theft. This coverage is usually optional and it really is up to you to decide how much of your investment you want to protect.
DAWN: What?‘Is The Process To Get Aviation Insurance?
Yuval: You can enable a policy in a way that best suits your needs. You can activate it over the phone with a broker and have assistance throughout the process. Alternatively and faster you can activate it online. ON
DAWN: What are the biggest mistakes you’ve made?‘Did you see people putting this in hot water?
DAWN: What are some practical tips for you?‘d give to keep a company to avoid trouble?
DAWN: What practical advice would you give someone once they have their insurance?
DAWN: Accidents happen. What tips would you give someone who has an accident?
DAWN: How easy is it to file a drone insurance claim?
DAWN: How quickly are entitlements paid out?
Miriam McNabb is Editor-in-Chief of DRONELIFE and CEO of JobForDrones, a marketplace for professional drone services, and a passionate observer of the emerging drone industry and regulatory environment for drones. Miriam has written over 3,000 articles focusing on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam graduated from the University of Chicago and has over 20 years experience in high tech sales and marketing for new technologies.
For advice or writing on the drone industry, email Miriam.
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