Save On Drone Insurance in Canada
We hope by researching this post for you we will save you hundreds of dollars on your Commercial Drone Insurance both on your initial SFOC application or when renewing your insurance for your existing SFOC. Please note we are not Insurance experts!
Transport Canada regulations today require us to have a minimum of $100,000.00 aviation liability in place on our Drone(s).
We are members of COPA, The Canadian Owners and Pilots Association. You do not have to be Commercial Pilots like we are, nor do you have to own an airplane to become a member of COPA.
You can become an individual member currently for $60.00 dollars a year or take out a 3 year membership for $162.00.
Their association underwriter is an insurance company called Magnes and discounts are available for COPA members.
Direct Quote off the COPA website for you;
"As a member of the Canadian Owners and Pilots Association you have access to preferred rates, enhanced coverages, and exceptional service through our partners at The Magnes Group Inc."
In the last 12 months we have made this information available to our Students. It was our experience that the $100,000.00 cost through Magnes was under $300.00 dollars a year!
If we add the one year COPA membership fee, we are fully compliant with Transport Canada regulations for $360.00 dollars a year!
Our SFOC insurance is coming up for renewal in October 2018. Last October we paid $875.00 through another "Drone Insurance Company" however, that was for a $1,000,000.00 Drone policy. we will not be taken to the Cleaners again this October.
We would be interested in your experience with applying for aviation insurance values over the currently required $100,000.00.
The $100,000.00 in our opinion is a good starting point for you as a new commercial Drone operation. Build your Pilot in Command time which will help your rating over the years.
To note; It has been our experience that an Urban Complex operation will likely require a single SFOC submission to your Regional Transport Canada Team outlining the Proposed Operation in detail for approval.
Your Emergency Plan, Safety Plan, Operational Plan and more under the Transport Canada Staff Instruction 623.001 will be required.
Your Customer in an Urban Complex SFOC operation may want you to have the $1,000,000.00 policy in place when they are bidding out a job to multiple drone operators.
Our recommendation is to start with the $100,000.00 required, gain experience flying on your jobs and ask questions on your clients requirements, Magnes will quote you on various values that you ask for.
Here is the COPA link. Good luck and we hope we have helped you!