State Farm Drone Insurance is basically a Personal Articles Policy. Personal Articles Policies protect items like Cameras, Jewelry, Fine Art, etc. There is no liability or business use coverage.
BWI Drone Insurance policies are full annual business-use insurance policies backed by A+ Rated Aviation Insurance Companies. BWI Policies include Liability Coverage standard, and also offer hull coverage for the drone itself and advertising liability coverage.
In the most basic sense: If you purchased a drone simply for personal and pleasure use, you should get a State Farm Drone Insurance Policy.
If you use your drone for any commercial use such as: Real Estate Photography, Pipeline Patrol, Film Production, etc, you should get a full annual Drone Insurance Policy from BWI.
What does State Farm Drone Insurance Cover?
The replacement cost of your drone, if it is stolen or physically damaged.
How much does State Farm Drone Insurance Cost?
Typical insurance cost is 3-4% of the value, with a $60 minimum. An example of this is a $1,200 DJI Mavic Pro, would cost $60 as a minimum to insure for the year.
What does BWI Drone Insurance Cover?
- Liability Coverage:
- Typically offered starting at $1,000,000 but can range between $500,000 and $10,000,000.
- Liability covers: Bodily Injury, Property Damage and Legal Defense
- Real World Example: You are operating your drone and unfortunately you hit and injure a person. You would have $1,000,000 to defend you.
- Liability Coverage is required by almost all companies when hiring a Drone business for a job.
- Hull Coverage
- Covers damage to the drone itself and it’s payload.
- Includes coverage for theft (worldwide coverage) and all other damage including water damage.
- Covers cameras and extra equipment or any payload attached to the drone.
- Real World Example: You are operating your drone to take photos of a house for a realtor and it suddenly loses power and falls into the pool. You would have the full (Agreed Value) amount to replace your drone.
- Agreed Value means: You say your drone is worth $1,000 and you request a quote from BWI. If the insurance company offers you a quote with $1,000 in hull or physical damage coverage. They are agreeing with you that it is worth that. In the event of a total loss, you will get a check for $1,000 minus any deductibles.
- Personal Advertising Liability
- Covers damages to the insured in connection with the insured’s advertising of its goods or services: Libel, slander, copyright infringement, invasion of privacy, etc.
- Real World Example: You are operating your drone for commercial use and you fly over someones backyard, they sue you for invasion of privacy, your Personal Advertising Liability Coverage would be there to defend you.
Note: BWI and our Aviation Insurance Companies require each operator to have a part 107 license.
If you would like more information or to speak with one of our licensed and knowledgeable agents about Commercial Drone Insurance, please call us at 800-666-4359. You can also submit a Drone Insurance quote request online: Click Here