AMA Insurance? Renewal

FireFlyer · Nov 3, 2018

Has anyone else signed up for the AMA insurance for part 107 operations? I did, planned for a 1 year run of it. It ran for about 6 month then they said there would be a renewal after 6 months, and it would continue with identical coverage.

Well I received the email asking me to confirm that I wanted to renew. I said yes, now nothing. And the expire date for the first half of that policy is going to expire.

Is anyone else in the same boat? Any recommendations on how to proceed? Thanks.

Phaedrus · Nov 6, 2018

Tried contacting them to ask what the situation is? They might be able to give you a better answer than the masses on the Interwebs.

AviationBroker · Nov 8, 2018

Hello,

I am an aviation insurance broker that specializes in commercial and public UAS insurance. You may have seen some of my content on this website. If not, I have included a link to my insurance thread below.

The Great Insurance Information Thread of 2018!

It is not a good look when your insurance broker does not respond to you in a timely manner. If they do not respond to you at renewal (the time they get paid), how would they or the insurance company respond when it is time for a claim?

I utilize a management system that allows me to keep track of all my renewals and contact my clients (both manned and unmanned) when renewal time is approaching. I allow ample time to warn the insured of the upcoming premium, to ask any questions that they may have, and, of course, make any changes for the upcoming year.

As a broker, I work for my customers, not the insurance company. I always keep their best interests in mind. That is my fiduciary responsibility as an insurance broker.

If you would like to request a quote from me, please follow the link below. Also, if you have any questions, please feel free to send me an email. I am here to help.

Request a Free Online Commercial UAS Insurance Quote Now!

Sincerely,

Joe Ernster
[email protected]

Phaedrus · Nov 8, 2018

Nice marketing strategy, bash other providers. No help for the OP, just a pitch to use your company.

AviationBroker · Nov 9, 2018

@Phaedrus - I am sorry that you feel that way. However, us insurance brokers have a fiduciary responsibility to our clients to keep them up to date on insurance. If an insured told me to bind coverage, I let it lapse, and an incident happened, I could be sued. When brokers are not fulfilling their duties, I believe that they should be called out. Just as a UAV operator who is blatantly violating the rules should be called out.

A suggestion that would help the OP is to change brokers. Find one that is responsive, works for you, and takes his/her fiduciary responsibility seriously.

Phaedrus · Nov 9, 2018

The OP did not supply sufficient information for you to conclude that the AMA was not fulfilling their fiduciary. The OP post was on a Saturday night. We do not know when he responded to the email or how long he waited to post his question. He also did not respond with a request for information regarding if he tried to simply call the AMA rather than email.

But sure, the only possible conclusion is AMA is somehow under performing.

AviationBroker · Nov 9, 2018

@Phaedrus - Sorry, you are correct. I read it as they let his coverage expire after him instructing them to renew.

Phaedrus · Nov 9, 2018

If they had let it expire and the OP had not tried to do more than simply email them then I also agree your post would be a good followup. This is why I asked for more details about the timing and if the OP tried to call them. AMA does not typically respond to email on weekends.

A Higher Perspective · Nov 10, 2018

Here's some help for all of you. The aviation insurance business in general charges way too much for insurance considering the (low) occurrence of accidents actually requiring an insurer to pay up. The IDRA (International Drone Racing Association) has started an insurance program with pricing that makes sense. I am not associated in any way, shape or form with that organization or any of its affiliates, but their program costs less than half what is charged by most carriers. I highly recommend you all check them out at IDRA Drone Insurance prior to renewing your current policy. They cover commercial as well as hobby use. $264 a year for a million per incident covers all your drones. Now that is value.

Weaponized · Nov 10, 2018

A Higher Perspective said:
Here's some help for all of you. The aviation insurance business in general charges way too much for insurance considering the (low) occurrence of accidents actually requiring an insurer to pay up. The IDRA (International Drone Racing Association) has started an insurance program with pricing that makes sense. I am not associated in any way, shape or form with that organization or any of its affiliates, but their program costs less than half what is charged by most carriers. I highly recommend you all check them out at IDRA Drone Insurance prior to renewing your current policy. They cover commercial as well as hobby use.

Drone isurance is expensive because its drone insurance. I simply went to the company that carries the policy on my normal business insurance and asked them to remove the drone exclusion. Cost me an extra $100 annually for my existing $2m coverage. That's less than $10 a month for the drone. ALL of these drone-specific policies are a bit high and the coverage for other aspects of your business operations are likely weak or non-existent.

What people really should do is shop around for a good business policy and ask them to remove the drone exclusion. Asking for drone isurance sets you up to receive very little for twice the money. Your business is more than just the drone.

Dave Pitman · Nov 10, 2018

Weaponized said:
What people really should do is shop around for a good business policy and ask them to remove the drone exclusion. Asking for drone insurance sets you up to receive very little for twice the money. Your business is more than just the drone.

Very True! However, the insurance industry is rather slow to adapt. I had a business policy through Farmers and it had an exclusion for aircraft (manned) but not drones. The manned aircraft exclusion could not be removed and the agent had no way to differentiate between manned and unmanned "aircraft".

Which company was able to remove a uas exclusion in a general business policy for you?

Weaponized · Nov 10, 2018

Dave Pitman said:
Very True! However, the insurance industry is rather slow to adapt. I had a business policy through Farmers and it had an exclusion for aircraft (manned) but not drones. The manned aircraft exclusion could not be removed and the agent had no way to differentiate between manned and unmanned "aircraft".

Which company was able to remove a uas exclusion in a general business policy for you?

The Hartford. Took them about 3 months to get back to me which started to piss me off. So I started looking around for drone specific policies and they just seemed overpriced and they didn't seem like a policy designed to protect your business as a whole.

I was going to use verifly on demand insurance until I figured out a permanent solution then magically I got approval this morning that the exclusion had been removed.

I already had my business policy with them so I'm guessing the time that it took was research related and potentially I'm one of their 1st drone clients

LUIS MARTINEZ · Nov 11, 2018

FireFlyer said:
Has anyone else signed up for the AMA insurance for part 107 operations? I did, planned for a 1 year run of it. It ran for about 6 month then they said there would be a renewal after 6 months, and it would continue with identical coverage.

Well I received the email asking me to confirm that I wanted to renew. I said yes, now nothing. And the expire date for the first half of that policy is going to expire.

Is anyone else in the same boat? Any recommendations on how to proceed? Thanks.

I contacted them and they got right back to me...Koch, not AMA.