Verifly is a per-flight on-demand insurance available to recreational and commercial drone users, with a smartphone-only service in the United States

Country: USAverifly

Year: 2015

Concept

  • Developed as a result of an increasing consumer and commercial market for drones use in the US, Verifly offers a customized insurance with flying a drone
  • The smartphone app uses differential pricing methodology considering factors such as hazards within the coverage area such as schools, stadiums, prisons etc., and analyses the start-up’s proprietary geospatial and weather databases in order to calculate risk
  • Based on the risk parameters, a policy price is proposed to the drone pilot that can be bought on-the-spot
  • Verifly’s policy is backed by Global Aerospace, Inc., an aviation insurance provider with a history of more than 90 years
  • The insurance covers drones under 15lbs (<7 kg) in case of injury to people, property or invasion of privacy, but it doesn’t cover the drone itself or any related accessories

Consumer Benefits

  • Customized coverage for users: the insurance pricing begins with a minimum of $10 an hour securing $1,000,000 in liability coverage and $10,000 in Invasion of Privacy coverage
  • Instant proof of insurance: drone pilots can purchase the insurance instantly on the smartphone app with a credit/debit card payment
  • Simplified claims processing: claims processing is done by sending your claim request via e-mail to the Verifly along with access to drone and its’ log files

How To Use

  • Users download the Verifly app, and with the use of geo-localization, Verifly uses geospatial mapping to assess the risks of flying a drone based on location and current conditions
  • Users are then provided with a real-time quote, and with two more taps, they are able to purchase third-party liability insurance instantly