According to a 2015 industry report by Business Insider, the market for commercial/civilian drones will increase at a compound annual growth rate (CAGR) of 19 percent between 2015 and 2020, compared to 5 percent growth on the military side. The fast-growing industry presents a number of business opportunities for companies ranging from small entrepreneurs to Fortune 500 firms, but it also opens up new risks. Consider some of these drone mishaps that made the news:
There are a multitude of exposures surrounding drones, ranging from injured bystanders to personal property damage to invasion of privacy. To mitigate those exposures, some insurance carriers have begun offering liability coverage for drones and other Unmanned Aerial Vehicles (UAVs). It’s a brand new market with tremendous growth potential.
On June 21, 2016, the FAA released Part 107. Part 107 is a ruling that outlines small unmanned aircraft use for commercial applications. This includes: Operational Limitations, Remote Pilot in Command Certification and Responsibilities, Aircraft Requirements, and Model Aircraft. This new drone certification process will be put into action in late August, 2016.
- For the Part 107 press release click here.
- For a Summary of Part 107 click here.
- For the Full Part 107 Ruling click here.
A great resource for those looking to get into drones or UAVs can be found here at the UAV Coach Website.
Kinney Pike Insurance is one of the largest independent insurance agencies in the Northeast. We are able to serve clients primarily throughout the Northeast, and in some other states. Please inquire about coverage in your area. For more information regarding Drone Insurance, contact Kevin Meilleur or call at 800-296-5722.
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