What do new drone policies mean for New Zealand business insurance?

The world is changing fast and in order to keep up with it, the business insurance available must also change. New Zealand underwriters have recently started offering specialist unmanned aerial vehicle (UAV, or drone) insurance. Considering that the Federal Aviation Agency expects worldwide commercial drone use to more than quadruple this year, this is a welcome innovation.

Let's have a closer look at drone cover and discuss what it might mean for business insurance going forward. 

Drone insurance is an interesting and unique new product for insurance in New Zealand.

How does drone insurance work?

The most prominent feature of drone insurance are accident and liability cover which could insure against the following:

  • Loss or damage to the UAV and associated equipment
  • Coverage for aircraft operators, including other non-pilot, on-ground crew
  • Third Party Legal Liability
  • Personal Injury

These are just a few examples of what drone insurance could include and the actual policies offer cover for a wide range of incidences. It's a unique product, tailored to the evolving needs of businesses using drones such as:

  • Media & film & photography
  • Agriculture
  • Emergency response
  • Real estate
  • Construction

 

The need for tailored cover

Many businesses who use drones may have thought they'd be covered under their general insurance policies. Unfortunately, drones are classified by most insurance companies as 'aircraft', which causes issues when it comes to insurance. 

This can prove dangerous and leave your business exposed in the event that something does occur which falls outside your policy.

 

New cover has been introduced

While early drone users may have struggled to find cover, there are several options available today so there's no reason for drone operators to risk financial losses. 

 

Here at Rothbury Insurance Brokers, we specialise in tailoring insurance cover to your unique needs - no matter what they are. If you're not feeling confident about your insurance, get in touch today and cover all your bases with one of our experienced specialists.


Greg Greenwood

About the Author

Name: Greg Greenwood        

I'm the South Island Operations Manager at Rothbury Insurance Brokers and live in Christchurch.  I have a portfolio of commercial clients, many who have been my clients for years. My experience of earthquake claims and issues is called…
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I'm the South Island Operations Manager at Rothbury Insurance Brokers and live in Christchurch.  I have a portfolio of commercial clients, many who have been my clients for years. My experience of earthquake claims and issues is called upon frequently to assist clients and those needing insurance advice in the region.  I am also the Chairman, Canterbury region for IBANZ (Insurance Brokers Association NZ).

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Disclaimer: The articles published on this blog are designed to provide general information and do not take into account any individual’s particular circumstances. We recommend that you obtain professional advice on your requirements before making any decision about a financial product.

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