A new application has launched offering drone users on-demand insurance for commercial and recreational flights. Verifly, from tech entrepreneur Jay Bregman, has been designed to offer a simple way for pilots to buy insurance pre-flight and per flight.
Over two years in the making, Verifly will offer an alternative for pilots not keen on purchasing annual policies for a hobby that doesn’t require 365-day coverage.
So how does it work?
It’s all pretty simple. You download the Verifly app, which highlights a quarter mile circle around your current location. It analyzes data from Verifly’s geospatial and weather databases, and shows you the amount of risk within that circle. Based on those results you’ll be offered a price for purchasing a policy on the spot, which will cover your actions for the time you specify within that area. Think the price is fair? All you have to do is pay the fee through the app and you’ll be covered for up to $1 million in third-party liability coverage, with $10,000 of invasion-of-privacy coverage.
The app’s on-demand insurance starts at $10 per hour. It also warns if you’re flying somewhere you shouldn’t, such as near an airport, and doesn’t cover organized contests such as drone racing.
Verifly suggests that this process, which literally takes a few taps of your finger, makes it “the first on-demand drone liability insurance option for all types of consumers, both recreational and commercial. It’s the easiest, cheapest and most flexible drone insurance offering available today.”
Currently, Verifly is only available in the US. Since insurance is regulated at a state level, its founder had to gain approval to operate one state at a time, not with the FAA, who usually rule on all things drone-related.
The app’s insurance policies are underwritten by Global Aerospace Insurance, so you can fly assured that your policy is in the hands of a provider with plenty of industry experience.