SkyWatch is thrilled to announce our new carrier partner, Global Aerospace. With this change, we are also introducing some product changes that we believe will better serve our customers and provide them with more comprehensive coverage options. Here is all you need to know about SkyWatch's transition.
We are lowering our liability rates for pilots with up to 2 drones. For example, $1M liability coverage, the most common choice among pilots, was lowered from $750/year to $665/year. However, we are now basing our rates on the number of drones a business operates, rather than the "one size fits all" approach we had previously employed. This means that a business operating three to five drones (regardless of whether they are covered for physical damage or not) will pay more than a freelancer with one to two drones.We believe that this approach is fairer and more reflective of the actual risk. Also, from now on we will provide $10M liability on the portal with no need for underwriting referral.
Our physical damage rates are similar or just slightly higher, depending on the exact item. That being said, our deductibles have been lowered from 14% of the value to 10%. This means that customers can receive more coverage with a lower out-of-pocket cost.
After five years in the market and paying hundreds of claims, we have realized that our safety score/experience feature is too cumbersome and not correlated enough with the actual risk. Therefore, we will be sunsetting this feature and instead focusing on providing more comprehensive coverage options.
We are pleased to announce that all new policies will have indoor coverage and worldwide coverage included by default. This means that customers no longer need to pay an extra fee for this coverage.
Overall, about half of our pilots will see a rate decrease and another half will see an increase, and all pilots will enjoy the wider coverage. We continue to offer hourly, monthly, and annual policies to cater to different needs and scenarios at different price points.
We are committed to providing our customers with the best possible coverage and service, and we believe that these changes will help us achieve that goal. Thank you for trusting SkyWatch with your drone insurance needs.