With the commercial unmanned aircraft vehicles (UAV) industry evolving, the issue of insurance has been thrust into the forefront as a key component for certified remote pilots who seek to build a reputable business model. One company has emerged to provide an on-demand insurance options to solve this part of the equation.
Verifly offers $1,000,000 of smartphone app-based, on-demand drone liability insurance for a 1/4 operating radius around a fixed GPS point. The cost is typically a flat-rate $10 per hour, although factors such as schools in the flight area may add higher risks leading to higher rates. Verifly will cover any flightworthy UAV under 15 lbs. Remote pilots select a flight area, see a real-time price, secure instant approval, and then are provided with instant proof-of-insurance for their flight operations.
Verifly looks to specifically cater to the needs of remote pilots, something the traditional manned flight insurance industry has been largely unable to accomplish.
"That manned aviation insurance process simply doesn’t work at the speed and level that UAV pilots needs, according to Jay Bregman, Verifly CEO and Co-Founder. "The thought of having to call an insurance broker, fill out a five page application, wait a couple weeks, have a few conversations, and only then get a quote that is basically the same as what it would be for a manned flight is untenable for all of the obvious reasons. It simply doesn’t work."
Bregman says the goal of Verifly is to simply the insurance process for remote pilots with an easy-to-use solution that will allow operators to pass the actual insurance costs for flights back to their clients if desired.
"Since the clients are the ones who generally ask for insurance, having the ability to line item that coverage is something most of them like to see and are then happy to pay for," says Bregman. "You couldn’t realistically do that with a policy that was far more generic in nature."