My policy through BWI Insurance just coming up for renewal. Curious to know what folks are doing for insurance and how much their premiums are.
Liability Insurance (again)
- Thread starter spamgnome
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I have State Farm It is pretty cheap- unless you are 107 and then be prepared to open a vein each month to pay for it..
Sorry, I should have clarified...this is for Part 107 liability insurance. The SF hull insurance doesn't do any good as it excluded Part 107 usage
Look into AirModo. I have the Annual Policy with them and they are an Approved Vendor here which is a WIN WIN.
That's not bad at all. Just a few years ago we were paying 3X that for an "Aviation" policy.
That's actually not bad at all for an aircraft policy. However, it DOES cover the hull, which of course can be very spendy!
I have my liability insurance through my aviation club and it covers up to $1,000,000. It’s no more than $100 per year.
Huh. Interesting. This is the first time I've heard of this club not to mention the insurance option. Anyone else out there doing this? Sure beats $400/year. Key for me, does it cover Part 107?
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Sooo....on their web site, I found this.
$2,500,000 in personal liability insurance coverage, protecting you from claims made against you for personal injury or property damage.
PLUS...$25,000 in medical coverage for accidental death or dismemberment, with a $10,000 death benefit. This covers medical expenses related to accidents.
PLUS...$1,000 in loss coverage due to fire, theft, or vandalism.
AND...access to competitively priced commercial liability insurance policies if needed.
A little more clicking around, and I found that a $1,000,000 commercial policy is $500/year.
If I'm missing something, let me know
$2,500,000 in personal liability insurance coverage, protecting you from claims made against you for personal injury or property damage.
PLUS...$25,000 in medical coverage for accidental death or dismemberment, with a $10,000 death benefit. This covers medical expenses related to accidents.
PLUS...$1,000 in loss coverage due to fire, theft, or vandalism.
AND...access to competitively priced commercial liability insurance policies if needed.
A little more clicking around, and I found that a $1,000,000 commercial policy is $500/year.
If I'm missing something, let me know
That's all exciting and figurative from the word of a figure/number until you claim the insurance.
Here is my story of the experience dealing with an insurance company claiming for damage to a commercial drone.
I am a small business owner. I hold $20M public liability insurance policy and the DJI drone cover for an agreed value with Precision Autonomy Insurance Pty Ltd (PAI). I note that whilst PAI is an insurance company, they are not a member of Australian Financial Complaints Authority (AFCA).
Like most insurance companies PAI tries to minimise recovery costs for insured items. So, rather than pay me the agreed value for a replacement drone, they proceeded to seek quotations for it to be repaired. It transpired that no assessment company would deal with such as small commercial drone, therefore my damaged drone was dispatched directly to DJI for assessment. Originally, I was not allowed to have any direct contact with DJI. However, once the assessment was completed, and the settlement value agreed, PAI just settled the claim and left me to deal with the repairs myself. In the end DJI made the right call and sent me a replacement drone, however that was not because of the PAI’s efforts or decisions.
Most of my frustration stemmed from the fact that on one hand PIA appears to be severely understaffed (evert attempt to get a progress update took many days), on the other hand they are incredibly hierarchical. When it finally came to the settlement, the pay-out had to go through at least three levels of reviews and approvals. It took 133 days from the claim lodgment for the claim to be settled and, in all, 144 days until I received the replacement drone. PIA also attempted to exclude the GST from the claim. As a result, my losses, as a small business owner, were significant.
Here is the events timeline:
23 November 23 - claim for the crashed RPA (drone) was submitted.
04 December 23 - the assessment company (DJI) received the drone.
09 January 24 - PAI received the repair quotation.
04 April 24 – Settlement transferred into my bank account; I paid DJI directly for the drone to be repaired.
15 April 24 - received replacement drone from DJI.
Here is my story of the experience dealing with an insurance company claiming for damage to a commercial drone.
I am a small business owner. I hold $20M public liability insurance policy and the DJI drone cover for an agreed value with Precision Autonomy Insurance Pty Ltd (PAI). I note that whilst PAI is an insurance company, they are not a member of Australian Financial Complaints Authority (AFCA).
Like most insurance companies PAI tries to minimise recovery costs for insured items. So, rather than pay me the agreed value for a replacement drone, they proceeded to seek quotations for it to be repaired. It transpired that no assessment company would deal with such as small commercial drone, therefore my damaged drone was dispatched directly to DJI for assessment. Originally, I was not allowed to have any direct contact with DJI. However, once the assessment was completed, and the settlement value agreed, PAI just settled the claim and left me to deal with the repairs myself. In the end DJI made the right call and sent me a replacement drone, however that was not because of the PAI’s efforts or decisions.
Most of my frustration stemmed from the fact that on one hand PIA appears to be severely understaffed (evert attempt to get a progress update took many days), on the other hand they are incredibly hierarchical. When it finally came to the settlement, the pay-out had to go through at least three levels of reviews and approvals. It took 133 days from the claim lodgment for the claim to be settled and, in all, 144 days until I received the replacement drone. PIA also attempted to exclude the GST from the claim. As a result, my losses, as a small business owner, were significant.
Here is the events timeline:
23 November 23 - claim for the crashed RPA (drone) was submitted.
04 December 23 - the assessment company (DJI) received the drone.
09 January 24 - PAI received the repair quotation.
04 April 24 – Settlement transferred into my bank account; I paid DJI directly for the drone to be repaired.
15 April 24 - received replacement drone from DJI.
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