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Drone Insurance

Drone Insurance

One of the hottest gifts (aside from those combustible “hoverboards”) this past Christmas was, of course, drones. Price drops made owning a drone easier than ever. Many businesses are getting into the act, realizing how drones can be used to give them a new perspective on job sites and work activities.  You can now see what once could only be seen in expensive ways: helicopter or airplane flyover, satellite pictures and data. Personal or business ownership of a drone does affect your insurance coverage, though currently not as much as it might in the future. At present the coverage is easy to obtain under most current policies, and doesn’t cost much to add. That may change sooner rather than later. Drones Are Equipment For business policies, drones are insured under an inland marine floater or contractor’s equipment policy.  If the drone is rented or leased it can be included under the leased and rented equipment limit as long as it does not exceed that limit of coverage. If the drone is owned, it is placed under scheduled equipment and added to the policy by name, serial number and cost at the same rate as other tools on your policy. The drone is subject to the same coverage and exclusions, coinsurance, deductible and valuation as any other piece of owned equipment (usually actual cash value). If you don’t currently have equipment coverage for your business, check with your insurance broker to see if the drone can be added as a floater. While there may be some small amount of throw-in coverage for equipment under a business owner’s package (BOP) it...