A new smartphone app from Flock is offering a ‘pay-as-you-fly’ insurance service for drone pilots in the UK.
The London-based startup has managed to drum up £2.25 million in seed funding from a mix of venture capital funds and private investors, who are no doubt hoping to capitalise on the growing popularity of the airborne gadgets.
The service comes at a time when consumer interest in drones is skyrocketing, and accountancy firm PwC released a report predicting that growth in the manufacture and sale of drones would boost the UK economy by £42 billion in the next decade.
Come rain or shine
Based on the postgraduate research of its two co-founders, Flock uses real-time data tracking to gauge potential risk to the drone in-flight.
It does this by analysing a variety of environmental and meteorological factors in the area - such as weather conditions, wind speed, population density, proximity of buildings and schools - as well as the specifications of your drone and your previous piloting experience.
The company’s ‘Flock Cover’ offering will allow both commercial and recreational pilots to insure their drones on a ‘pay-as-you-fly’ basis, from anywhere between one and eight hours. This means you’ll only need insurance for when you’re in the air, rather than taking on a hefty subscription fee to get covered at all hours.
For those uncertain about investing in a new per-flight insurance venture, all of Flock’s policies are underwritten by Allianz, a leading aviation and aerospace insurer. So your hypothetical payout should be more reliable than your flying skills.