Forecasts of debris from satellites falling to earth regularly receive attention in the news media but the prospect of asteroid debris striking the planet, which occurred on February 15 2013 in Russia, poses an equally compelling risk to life and property.
While the likelihood of actually getting struck by a satellite, a meteor or an asteroid is extremely rare, the good news is that if one of these falling objects does hit you, your home, your car or your place of business, you would be financially protected by insurance.
Falling objects, including satellites, asteroids, meteors and space debris, are covered under standard homeowners and business insurance policies. There is coverage for the damage the falling object causes to the structure of the home or business, as well as to property or belongings damaged within the building.
If a satellite, meteor or asteroid falls on your car, coverage is provided under the optional comprehensive portion of an auto insurance policy. And if falling debris causes an auto accident, the liability portion of the policy would come into play.
In the tragic event that space debris were to strike a person, his or her injuries would be covered under health insurance and, in the event of a death, existing life insurance policies would kick in.
So, even when the sky seems to be falling, insurance can provide peace of mind.
More than a million drones are expected to land in your neighborhood this year, according to the Federal Aviation Administration (FAA). Piloting a drone might be a dream for kids of all ages but, before you take flight, contact your Insurance Professional.
Recently, the FAA has mandated registration for most drones and has issued guidelines for drone hobbyists. But what happens in the event of unplanned equipment failure, or pilot error? After all, most drone and model aircraft operators start out with little or no aviation experience. Also, with some models tipping the scales at up to 55 pounds, rogue drones can pose a significant threat to people and property which is why it's always a smart call to add insurance to your pre-flight checklist.
Below are insurance coverages and how they are likely to apply. Keep in mind all claims are handled on a case by case basis, and there may be more exclusions and conditions that apply as drone technology evolves. Finally, don't expect coverage if you're operating your drone in the commission of illegal activities.
Drones are most likely covered under a homeowners insurance policy subject to a deductible. Coverage also applies to renters insurance. According to the latest I.I.I. PulsePoints survey, only 40 percent of renters in the United States have this coverage, so it's imperative that people who rent purchase this coverage before operating a drone as their landlord's insurance policy will not protect them.
The liability portion of your homeowners or renters policy may cover you against lawsuits for bodily injury or property damage that you or family members cause to other people with a drone. It may also cover privacy issues, for example, if your drone inadvertently takes pictures or videotapes a neighbor who then sues you. It will not cover any intentional invasion of privacy.
Your policy may provide no-fault medical coverage if a friend or neighbor is accidentally injured by your drone. Coverage levels vary, so check with your Insurance Professional. Be aware that this coverage will not pay medical bills for your family members or pets if they are injured by your drone.
While the cost of a drone can be as low as $40, the cost of more elaborate ones with UHD video recording, GPS navigation, etc., can soar higher than $2,000, so it's important to review your policy or talk to your Insurance Professional to determine if your coverage is sufficient to replace the drone if it is stolen. A deductible may also apply.
If your drone crash lands into your car, damage may be covered under your auto insurance if you purchased optional comprehensive insurance. Comprehensive insurance covers damage to a car from fallen objects and other disasters subject to a deductible.
Damage or injuries caused by a drone used for commercial, i.e., business purposes are not covered by a standard homeowners or renter's insurance policy. If you are operating a drone for commercial purposes, contact your insurance broker to make sure that you have the appropriate types and amounts of insurance coverage.
Sure, the sky's the limit for drone operators below 400 feet, however, persons operating a recreational drone without the right insurance risks exposing themselves to unlimited personal liability.
For more information on drone regulations and registration information, fly on over to the Federal Aviation Administration.
Often referred to as "wedding" insurance, special event insurance can be used to cover a 50th anniversary party, a bar mitzvah, a graduation party or any special occasion you might be planning. Special event insurance is designed to provide financial protection if you have to cancel or postpone a gathering due to adverse weather and natural disasters such as hurricanes.
Most policies also provide coverage for cancellation due to the death, illness or serious injury of key participants in the event, such as members of the immediate family. Also, if an official, such as a minister or rabbi, or a key vendor like the caterer, florist or photographer does not show up, you can recover some of the costs.
Prices range from around $125 up to approximately $400 depending on the amount of coverage you need.
Additional riders may include coverage for:
Military service-in the event the bride or groom is in the military or active reserves, and is suddenly called to duty.
Gowns and tuxedos-includes stores going out of business or damage to the clothing.
Gifts-if gifts are not covered by your homeowners or renters insurance, provides protection against theft or damage of gifts.
Honeymoon-in case you need to cancel your trip due to illness, bad weather or other circumstances.
Professional counseling-when the cancellation or postponement of the event causes severe emotional stress. A doctor's note will be needed.
Many companies also offer separate liability insurance, but be aware that many event sites already have their own liability insurance. If you are holding the event at home, however, you may want to purchase liability insurance above and beyond what is provided under your homeowners policy.
Before purchasing special event or wedding insurance find out the following:
If you need a nurse, physical therapist, cook or other professional to work in your home you may decide to contract with a business that provides these types of workers.
1. Determine if the person is your employee or the employee of the firm you hired. In most cases, the worker will be the "employee" of the organization.
2. Ask the firm for a copy of its certificates of insurance. This provides documentation that the firm provides workers compensation insurance for its employees. If the firm also offers health and disability insurance, you can feel comfortable that any worker injured on your property will receive medical treatment.
If you occasionally hire a babysitter to take care of your children or a young person in your neighborhood to rake leaves or clean the garage, you should talk to your insurance professional.
1. Find out how much liability coverage you have in your homeowners or renters policy and determine whether it is adequate. Generally, most policies start at $1 million worth of coverage.
2. Consider getting more liability insurance. You may elect to raise the amount or buy more coverage through an umbrella liability policy. This would provide broader coverage and a minimum of $1 million of liability insurance.
3. Learn about the no-fault medical coverage you have in your homeowners policy. If someone, other than an immediate family member is injured on your property, you can submit their medical bills directly to your insurance company for reimbursement. Most people buy $1,000 worth of this coverage. You may consider raising the amount to $2,500 or $5,000.
If you hire someone to work in your home on a permanent, regularly scheduled basis, you should consider purchasing a workers compensation policy for this person. This provides coverage for medical care and physical rehabilitation for an employee who is injured on the job and for lost wages if the employee is severely hurt and no longer able to work. It also provides death benefits.
Call your state department of insurance for the name and telephone number of the agency that administers workers compensation in your state.
Find out if your state requires employers to provide workers compensation for "domestic" employees.
Determine what the requirements are for this coverage to be mandatory. For instance, some states may require an employer who hires a certain number of employees to buy workers compensation. In other states, the determination might be based on the number of hours an employee would work.
If you're required under state laws to buy workers compensation insurance and you fail to do so, your homeowners insurance policy will not pay for any fines, court awards or any other penalties against you.
If the person working for you is going to drive your car to pick up groceries or take an aging parent to the doctor, make sure that your insurance company knows about the additional driver.
