Drone Insurance
Your Local Drone Insurance Experts.
As technology rapidly evolves, drones are becoming an increasingly common sight in the New Zealand sky. Be it a hobbyist exploring their neighbourhood from the air or a business using UAVs (Unmanned Aerial Vehicles) for commercial purposes, the need for comprehensive drone insurance is paramount. At Gerrards Insurance Brokers, we understand the complexities of this type of insurance, and we’re here to help you get the best possible coverage and deal. Contact us now for a quick quote or read on for more detailed information.
Topics covered
Why Do Drones Need Insurance?
Despite their technological advancements, drones can still be vulnerable to accidents, theft, and legal complications. Insurance helps protect drone operators from financial loss in such scenarios. The covers you might need for a drone vary widely, depending on your usage and the risk profile. These can range from UAV Insurance (covering the drone itself), Public Liability (covering damages to other people or property), to Statutory Liability Insurance (covering unintentional legal breaches).
Types of Coverages for Drones
The different types of coverage that you might need for your drone include:
UAV (Unmanned Aerial Vehicle) Insurance
This insurance covers the drone itself against loss or damage
Public Liability Insurance
This policy protects you against legal claims arising from injuries or damage to others’ property as a result of your drone operation.
Statutory Liability Insurance
This covers costs associated with unintentional violations of statutory acts of parliament, such as the Civil Aviation Authority (CAA) regulations.
Drone Insurance Claims Examples
To further illustrate the importance of drone insurance, let’s look at five different scenarios:
Theft
You left your drone in your locked car, but upon returning, you found the window smashed and the drone missing. Drone insurance would cover the cost of replacing your stolen drone.
Crash in High Winds
A sudden gust of wind sweeps your drone off its path and into a building. Your UAV insurance will cover the cost of repair or replacement.
Crash into a Car
Your drone loses control and crashes into a parked car, causing damage. Third Party Liability insurance would cover the cost of repair for the vehicle.
Breach of Civil Aviation Authority (CAA)
You unintentionally fly your drone into a restricted airspace. Statutory liability insurance would protect you against penalties levied by CAA.
Loss of Payload
You’re using your drone to transport important documents or small items, and due to an accident, the payload is lost. A comprehensive drone insurance would cover the cost of the lost payload.
Damage to Ground Equipment
An accident with the drone leads to damage to related ground equipment. A well-structured policy would include cover for ground equipment as well.
What to Watch Out for with Drone Insurance
Securing drone insurance is essential, but it is equally important to understand the nuances of your coverage. Here are a few things to keep in mind:
Wrong Policy
Avoid policies that do not specifically cater to drones, such as material damage insurance or general plant insurance. These usually exclude drones.
Not insuring the liability covers
Do not overlook the liability risks. Unintentional breaches of the CAA Act or damage to third parties can be extremely costly.
No cover in flight
Ensure your policy covers your drone while it’s in flight. This is when most of the accidents occur.
Ground Equipment Cover
Don’t forget to include coverage for ground equipment which is vital for drone operations.
Taking Drones Overseas
Be aware of geographical limitations in the policy. Some insurers may not cover incidents that occur outside of New Zealand.
Not obtaining cover for commercial use
Some policies may not cover drones used for commercial purposes. If you’re using your drone for business, make sure you’re adequately covered.
How Much Does Drone Insurance Cost?
The cost of drone insurance varies significantly, depending on several factors. It can start from as little as $300 per year for a small consumer drone and rise to thousands for larger commercial drones. The key factors influencing the cost include:
- The size and value of the drone.
- Location and the associated risks.
- Who is being insured – a business entity or an individual.
- Your past claims history.
- The level and types of coverage required.
We encourage you to reach out to us at Gerrards Insurance Brokers for an accurate quote based on your specific needs.
What Happens When I Need to Claim on my Drone?
At Gerrards, we understand that the claims process can be stressful. Our team of experts handles this process on your behalf, ensuring a hassle-free experience while getting the maximum claim amount possible.
How Do I Buy Drone Insurance?
Buying drone insurance is easy. Simply contact us at Gerrards Insurance Brokers, and we will guide you through the entire process, ensuring you get the right coverage at the best deal.
What Insurers Do We Use?
We work with a variety of insurers including Delta, Vero, NZI, QBE, Ando, AIG, TLC, UANZ and many more to provide a wide range of options for our clients.
Conclusion
Drone insurance is a critical component of responsible drone ownership and operation, especially in a country like New Zealand with strict regulatory standards. As the drone technology and industry continue to grow, having appropriate insurance ensures that you can navigate this space with confidence and peace of mind.
At Gerrards Insurance Brokers, we are dedicated to helping you understand and navigate the complexities of drone insurance, providing comprehensive solutions tailored to your needs. Whether you are an individual drone hobbyist or a business incorporating drone technology into your operations, we are here to help you fly safe and covered. Contact us today for a quote and experience the Gerrards difference.
