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New Drone Insurance From IRDA

New Drone Insurance From IRDA

From International Drone Racing Association (IDRA):
The International Drone Racing Association (IDRA) has announced that it has condensed its liability insurance for drone pilots into a single policy that has no drone limit, no deductibles, and maintains the worldwide coverage that has greatly benefited IDRA members. Starting January 1st, drone pilots can purchase the $1 million policy for $265 and will receive their certificate of insurance within 24 hours. The policy is valid for 1 year, covering all potential liabilities from recreational flying, racing, and training, if the drone pilot adheres to IDRA’s Safety Manual and complies with the Legal Regulations in the area the pilot is operating. The IDRA community has upheld a high standard of safety and compliance, experiencing zero claims throughout the year of 2017.

The announcement comes one year after IDRA’s launch of the first primary liability insurance, with worldwide coverage, for drone pilots and recreational hobbyists. The $1 million policy was offered to IDRA members, whom predominately reside and operate internationally. In the past four months, IDRA experienced a 336% increase, 60% of which accounted in September, of insurance policy and membership sales. The only downside to the policy was that it was structured around the number of drones a pilot operated; the more drones the more expensive it was to purchase. To IDRA and the insurance program’s designer, Chief Financial Officer Bonnie Haggerty-Leister, it was clear that the policy needed to be revamped to better fit the community’s needs.

“I’m extremely excited that we are able to release this new policy for the international drone community,” said Bonnie Haggerty, CFO of IDRA. “My team and I negotiated for many months with several underwriters and our partner, Avion Insurance, to structure this simplified liability policy for drone pilots around the world, with the purpose of being more applicable and affordable to meet the demands of IDRA’s growing member base.”

UAS/Drone racing is a worldwide sport that utilizes Unmanned Aircraft Systems (UAS) and Virtual Reality (VR) technology to allow a new breed of innovators to compete on the international stage. There are roughly 100 drone competitions in the U.S. annually and 200 worldwide competitions, highlighted by races like 2016 World Drone Prix in Dubai and 2017 Dover Internationals at the Dover International Speedway with NASCAR. In 2018, IDRA will feature several marquee races at partnered events and venues like South Point Hotel & Casino in Las Vegas, Dutch Comic Con in Utrecht, University of Phoenix Stadium in Glendale, AUVSI Xponential in Denver, Munhak Baseball Stadium in Incheon, and Dover International Speedway in Dover, with the projection to exceed 200,000 spectators over the season.

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Updated: January 15, 2018 — 1:54 PM
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