As drone sales soar, some insurance companies are quickly adapting their policies to exclude the unmanned aircraft.
Aviation law expert Frank Cannon weighed in on the hasty changes: “With drones being so prolific, and in the hands of so many amateurs, potential fools and children, a lot of insurance companies will have decided to simply exclude them while they see the risk developing.” According to FAA official Rich Swayze, there was potential for this Christmas spawning “a million drones,” adding an air of validity to the insurance underwriters’ concerns.
The Civil Aviation Authority has guidelines for operating the unmanned space vehicles, but there is always the risk of vehicle or battery malfunction. No idea why they’re so worried, I’m sure drone operators will be the standard-bearers for safety and responsibility.
While some home insurance providers are steering clear of covering drones, many specialist insurance companies are classifying them as “toys” to offer coverage to their customers. Brit Insurance’s Marko Ninkovic, who is head of aviation claims for the company, recommends drone owners learn of their regulations via local model aircraft or flying clubs.
The global market for Unmanned Aircraft Systems (UAS), currently at $11.3 billion, is expected to total $140 billion in ten years time.
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