Unmanned Air Vehicles (UAVs) are cheaper than ever, and to some the newest cool toy seems like a route to easy bucks, but what of coverage?
Intact insurance is one company addressing the needs of this emerging market with its ‘unmanned air vehicle coverage’ which can be added to both property and liability insurance.
While commercial drones can range in price up to as high as $100,000, Intact’s policy is geared towards small and medium-sized businesses and would protect a company against damage done by, or to its drone.
"The number of businesses using drones is increasing due to improving technology, lower price points and expanded uses within commercial operations," the company said in a statement to a media outlet.
Drones can be used for purposes ranging from photographing real estate for sale, to capturing images for motion picture filmmaking.
Transport Canada currently requires companies using drones to have $100,000 worth of liability insurance in case of an accident.
Transport Canada rules dictate that a drone being operated for commercial purposes have a Special Flight Operations Certificate; without that certificate, a business could be fined up to $25,000, while an individual could be on the hook for up to $5,000.
Conversely no certificate is required by recreational operators unless their drone weighs in at over 35 kilos.
Rules spelled out on the Transport Canada website emphasize that all drone users are subject to the both Canadian Aviation Regulations and the criminal code and all laws pertaining to trespassing and privacy.
And of the dangers facing drones? Some are obvious but as our sister publication Insurance Business America reports,
police attack eagles are also a concern…
