Starting in late March 2023, SkyWatch has begun issuing policies via a new insurance carrier. Here is what you need to know:
Q: Who is SkyWatch's new carrier partner?
A: SkyWatch's new carrier partner is Global Aerospace.
Q: What product changes are being introduced with SkyWatch's transition?
A: SkyWatch is introducing changes to its liability rates, hull coverage deductibles, safety score feature, and coverage options.
Q: Are there any changes to SkyWatch's liability rates?
A: Yes, SkyWatch is lowering its liability rates for pilots with up to 2 drones. The most common choice among pilots, $1M liability coverage, was lowered from $750/year to $665/year. However, rates are now based on the number of drones a business operates, rather than the "one size fits all" approach 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.
Q: Are there any changes to SkyWatch's hull coverage?
A: SkyWatch's physical damage rates are similar or just slightly higher, depending on the exact item. However, 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.
Q: What is happening with SkyWatch's safety score feature?
A: SkyWatch is sunsetting its safety score/experience feature and instead focusing on providing more comprehensive coverage options.
Q: Are there any changes to SkyWatch's coverage options?
A: Yes, SkyWatch is 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.
Q: How will these changes affect customers?
A: About half of SkyWatch's pilots will see a rate decrease and another half will see an increase, but all pilots will enjoy wider coverage. SkyWatch continues to offer hourly, monthly, and annual policies to cater to different needs and scenarios at different price points.