The challenge with any new industry, technology or invention is for traditional things (such as insurance) to catch up to the needs of the new entrant. This in many ways is what's happening to the drone industry in New Zealand, Insurers are playing catch up with new tech and developing new covers to try meet its needs. So where does advice fit in this and why is it important?
Firstly lets clarify how we got here. Seneca Group has been writing UAV insurance for over two years and has a wealth of experience both in writing these covers but most importantly at claim time. Here's our highlight reel:
Capable of writing not only NZ territory; but International Cover
Ability to write both personal and business use
Largest Single UAV value $325,000 NZD and capacity over $1,000,000
Access to multiple hull Insurers and a broad range of liability Insurers allowing us to scope and place boutique covers
Experienced claims team
Sam Kerr, one of our Commercial Brokers who specialises in UAV Insurance, updates us on the latest from the industry and outlines why advice is a key proponent in getting the right cover.
What are insurers up to?
New UAV Insurers and New Covers
Many of you may have seen one of our new Underwriters, Delta, in the press over the last few months releasing in conjunction with the UAVNZ Conference, a Comprehensive Insurance solution for Operators. Effectively the policy has some additions to standard aviation covers such as Statutory Liability and a Hybrid Data Policy. In many ways the new entrant is pushing the boundaries of the standard covers, which is great for the industry as I can foresee a lot of interest in this particular policy for those that require the broadened cover.
At present there's a change of pace, what I would call a consolidation phase, with some major Insurers slowly adapting to the new risks and others even deciding to no longer play in this space. We've also introduced several other Insurers into our line up with the ability to write standalone covers or hybrid covers for existing businesses such as Civil Construction, Engineering, Real Estate and many others. This gives us a broad scope in the advice we give, knowing we have access to the right cover to meet your needs.
Why does Drone Insurance need advice?
The need for advice continues to grow
It continues to scare me how many people call us after finding out their current Broker/Insurer is unable to help them with covering a drone and how often we get asked to review current covers where they've been told they currently have cover. Our primary focus at Seneca is to get the advice right.
The advice process is important (as those of you who are clients have already found out). It identifies other parts of your business that might require cover and areas that can be managed and mitigated. Our strength in this area arrives from many years advising businesses and a hunger to learn new industries because of a genuine interest. We've partnered with Insurers, Drone Suppliers and Training Operators to build a network and keep up to date with new UAV's and trends in a fast paced world.
The beauty about the advice process is that we'll work to shape what the cover looks like with you and advise on what can be "self insured" as well at no additional cost to you. Part of the process also involves assessing where your business currently is and where it wants to be and finding an Insurer thats able to support that growth.
That means that if you're already a client you'll understand that as renewals come up and new policies are available, we'll talk you through them and try match the advice to whats changed in your business.