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Worried About Crashing Your Drone? There's Insurance for That

by Matthew DeLuca /

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Having a drone is all fun and games — until your pricey quadcopter takes a nosedive, that is.

Insurance provider AIG says it's got your back. The company offers coverage for solo drone flyers and businesses, jumping on board with a growing industry that predictions say could add more than $82 billion to the economy over the next decade.

The policies offer coverage for damage, liability in case someone else gets hurt, and other mishaps that can occur when you send a decent-sized object up into the air.

Read More: FAA Misses Deadline for Creating Drone Regulations

The policies got some new attention this week after AIG’s chief technology officer Mike Brady spoke about the boom in drones at a conference hosted by Oracle.

“Clearly with that many drones in the airspace you run a risk, so AIG actually now offers drone insurance to our commercial customers,” Brady said, according to Fortune.

Drone owners can also pay AIG to cover them in the event of “hi-jacking or any unlawful seizure or wrongful exercise of control by means of ‘spoofing.’” AIG is among a group of insurance companies that the FAA has granted exemptions to use drones in insurance risk and claims inspections.

The skies are getting busier, and unofficial estimates have placed the number of drones that could be sold this holiday season at as many as one million. The Federal Aviation Administration has said it is now shooting for next spring to release long-awaited national regulations around when and where it is alright to fly drones for commercial purposes.

The Department of Transportation announced on Oct. 19 that people flying drones for pleasure will be required to enter a national registry, after a spate of incidents that involved drones flying close to airports and commercial aircraft.

Read More: Walmart Seeks to Test Drones for Home Delivery, Pickup

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