Frank Cowan Company, a n insurer that offers specialized insurance programs across Canada, now offers drone coverage to municipal and specialty programs clients.
Even though a growing number of organizations are using drones in the public and private sectors for numerous practical applications, insurers tend to exclude drones from liability coverages since drones are classified as aircraft.
Frank Cowan Company has chosen to enhance its liability and property policies with endorsements to cover drones. “This coverage is intended to close the gap in liability and property insurance because of aviation exclusions. This is not a stand-alone product but rather an enhancement to an existing program,” Frank Cowan Company told Insurance Business Canada.
Drones can be used to facilitate public safety and emergency services, as well as capture stunning video and aerial photography. Drones are also being increasingly employed in fields as varied as agriculture, construction, and architecture.
While Frank Cowan Company’s drone endorsements are primarily designed to offer coverage for drones 25kg or less and are subject to Transport Canada exemptions, coverage is also available for a select number of drones that require a Special Flight Operations Certificate (SFOC).
Frank Cowan Company’s coverage highlights for drones include all risk coverage for the drone (including all permanently attached equipment) as well as ground or operating equipment (including any detachable equipment, such as cameras, etc.). Frank Cowan automatically includes coverage for any electrical and/or mechanical breakdown.
Property coverage will be offered for as low as $100 per drone.