An Additional Insured is a person, client, entity, that is added to your insurance policy in order to be protected by the same policy. Additional Insured are listed on the Certificate of Insurance and can also be added to the policy by an endorsement.
An Additional Insured Endorsement is a policy endorsement used to add coverage for an additional insured. The endorsement extends the reach of the policy and allows entities to have specific language listed.
An Annual Policy is an insurance plan that provides coverage anywhere and anytime in the United States for 365 days.
Auto-Renewal refers to the automatic renewal of your monthly or annual drone insurance subscriptition. At the end of each policy cycle, the policy will renew automatically and produce new coverage documents. Auto-renewal can be turned off at any time.
Bodily Injury refers to injury, sickness, disease sustained by any person which occurs during the policy period.
Bodily Injury Liability pays for the bodily injury damage resulting from an accident in which the name insured is at fault.
A Cancellation refers to the termination of an insurance policy, by either the name insured or the insurer before the policy period's date of expiration.
A Certificate of Insurance (COI) is a legal document which indicates that a insurance policy has been issued. It serves as proof of the insurance policy and outlines certain details within the policy terms. COIs are created immedaitely upon activation. A copy is sent to your email and it can be edited and accessed at any time through the mobile app or web portal.
A Claim is a filed when an accident occurs and the insured is seeking to cover a loss which is protected within the terms of the insurance policy.
A Commercial operation is a flight conducted for the purpose of making a profit.
The Coverage Territory defines the exact location where your coverage is provided.
Date of Issue refers to the date in which your policy was created.
The Declaration page is your policy summary and it includes important information such as as your coverage breakdown, policy dates, coverage territory, etc.
A Deductible is the amount of money an insured must pay on a claim before the insruance policy kicks in and provides coverage.
An Endorsement is a printed addendum to the policy that is used to modify or change the policy's original terms and conditions. Some endorsemenets are included in the original policy document while some are added during the policy period. Edorsements must be given as an attachment to the policy and signed by an executive officer of the insurer.
An Excess Policy is a policy that will onl pay a loss after the primary policy has already kicked in and paid its given limit.
Exclusions are a part of the insurance policy that specify details which are not included within the policy terms.
A flight hazard is a situation that increases the chances of a probable loss.
Flight logs are digital records of your flight. They detail telematics data like height and speed, GPS data as well as battery info and other technical information. Every drone flight has a record which is usually stored on the controller app/device and on the drone itself. Pilots and safety systems can learn and improve based on insights from flight logs analysis.
SkyWatch.AI rewards safer pilots with lower premiums. Those pilots who graduate from certain drone training courses are elibigle for a 15% liability discount from their very first insurance purchase.
General liability protects your business for property damage or bodily injury claims that arise out of business/commercial operations. General liability does not always include aviation liability for drone use.
An Hourly Policy is an insurance plan that provides coverage by the hour for a certain location. (Min of 1 hour, Max of 8 Hours)
Hull Coverage is insurance which covers damage sustained to the aircraft listed on the name insured's policy. Hull coverage is subject to a deductible and additional premium which is calculated based on the insured value of the aircraft.
Hull Inventory refers to the list of aircraft equipment issued on an insurance policy.
Medical Expenses means expenses for necessary medical, surgical, x-ray or dental services, including prosthetic devices, and necessary ambulance, hospital professional nursing and funeral services. Medical expenses can be paid with no fault offering in order to avoid lawsuit, however, they do not replace bodily injury indemnity.
A Monthly Policy is an insurance policy that provides coverage for one month at a time. The policy renews or turns off after one monthly biling cycle.
Non-Contributory means that the insurance policy must pay losses before other applicable policies kick in while also not seeking contribution from other policies.
Occurrence means an accident, including continuous or repeated exposure to conditions, which results in bodily injury or property damage during the policy period neither expected nor intended from the standpoint of the insured. In the event of continuing or progressively deteriorating damage over any length of time, such damage shall be deemed to be one occurrence, and shall be deemed to occur only when such damage first commences.
Through SkyWatch.AI's partnership with ParaZero, pilots operating with a SafeAir Parachute are eligible for 15% off their liability premiums from the very first policy purchase.
A Part 107 Certificate is an FAA issued certification given to drone pilots who have passed a writen exam and obtained legal permission to offer professional drone services.
Per Occurrence refers to a limit within the liability limits that puts a cap on the payment for any claim that arise from a single occurrence.
Per Person refers to the maximum amount available for payment of bodily injury to a single person in any accident, despite what the policy states as the liability limit for bodily injury and property damage claims.
A Policy Number refers to the number given to any active policy. The number is used as a reference and tracking measure.
The Policy Period is the time period, stated on the policy document and Certificate of Insurance, during which the policy provides coverage.
Pre-Booking is the ability to bind a policy before the official policy start date. Hourly, monthly, and annual policies can be pro-booked up to 60 day in advance in order to obtain proof of insurance.
A Premium is a reoccuring payment paid to the insurance company to issue the policy.
A Primary policy is a policy that pays first in the event of a covered loss. All SkyWatch.AI policies are primary policies.
A Quote is an estimated price for an insurance policy based on the insured's needs. It states the premiums that will be charged for the insurance coverage provided.
Upon purchasing and activating an insurance policy, the policy is filed and recorded by the insurnace company. In this context, the word recorded does not refer to recording flight logs within the app.
A Safety Score is the average score given to a pilot's flight logs after they have been run through the SkyWatch.AI algorithm. There are three different Safety Score levels which provide discounts: Gold, Platinum, and Diamond.
A Total Loss refers to damage that occurs in which the property or item insured is damaged beyond repair.
The Underwriter is responsible for evaluating and classifying risks and accepting or rejecting an insured's insurance application.
Underwritting is the process of reviewing applications for insurnace and the informaiton provided by the insured. Essentially underwritting is the risk selection process.
A Waiver of Subrogation is a clause stating that one entity is willing to waive (give up) their rights to subrogate against another entity.
The SkyWatch.AI Weather Widget is available through the mobile app flight module and it provides live updates on weather conditions. Dark Sky provides all weather updates as seen through the weather widget.