Insurance

[kachina]

I just rec'd a quote for $240 per year to cover theft, breakage, act of god, etc. on $10,000 worth of photo equipment. Insurance covers personal or professional use. It is an Inland Marine policy. Does this sound like it is in the right ballpark to those of you who insure your equipment?

TIA,
Rusty

[Cybastean]

Rusty, is that replacement cost, or present value insurance?

[Jay Henley]

I got a floater with Farmers for $100.00 a year (no deductible) for $8,000 camera gear (body's and lenses)

[Michelle Allmon]

Rusty, is that replacement cost, or present value insurance?

I would like to know this, too.

[sdsmith0322]

I've got mine through State Farm for 250 a year. 11k worth of business equipment coverage and 1,000,000 if I ever get sued.

[Roadrnr]

Originally Posted by Jay Henley

I got a floater with Farmers for $100.00 a year (no deductible) for $8,000 camera gear (body's and lenses)

That's the same thing I have on my Farmers policy too. I will say that the floater is for agreed value. Which means, whatever you bought it for, is what you would be reimbursed for if you have a loss.

Example: Canon 70-200 f4 L Cost $600. It gets stolen, the insurance company pays you $600 no deductible.

[kachina]

I requested more info. It is State Farm. My little sister e-mailed me the quote this afternoon and I did not get back to her before closing time with the question. Will post the details in the AM.

Jay and Matt, thanks. Does the home owner's insurance cover the items anywhere they are being used or during transport- esp if being used by a business?

[kachina]

Cybastean, The coverage is for purchase price of the equipment.

[Cybastean]

Thanks, Rusty. I need to get some asap. Glad you brought the subject up.

[hhscr]

Rusty,

I have a policy from State Farm that is what they call a All Perils Personals Protection Policy that covers all my equipment both camera and computers that I have listed for them for business or personal use. It is $246 for just about the same dollar value you mentioned. I think it is $10500.00

It is not per say a replacement policy as you said but mine also has an inflation fighter clause that raises the values at each renewal.

So far no claims filed so I don't know how that works and I hope I don't find out.

Also from what I have been told a rider on a homeowners will not cover if used in business.

[CobyPhoto]

I carry All-Risk-Insurance for my equipment. No questions, it even covers "mysterious circumstances" and it is for the REPLACEMENT or VALUE you list the equipment at. You can't list the equipment at unreasonable value thou, but you can insure a Mk II body (which is no longer available) for 4500.00 the replacement cost for the most comparable body Canon makes, the Mk III. I think I p[ay about 600.00 a year for right at 40K worth of equipment on my schedule.

My insurance is through Seabury & Smith (The Marsh Affinity Group) and the deductible is $100.00 per incident.

This is totally aside from my regular insurance that I carry on business, equipment while in the studio etc. The All-Risk-Insurance covers theft, me dropping a camera, guest at a wedding spilling a beer on a camera etc., just about anything other than normal wear and tear, War and one other really far out there event.

These people know who they are dealing with too. They understand quick and complete coverage is vital to your business and don't take but a day or so to handle a claim. The last big studio I work for carried their All-Risk-Insurance with them and they had a van broken into and about 36K worth of bodies, lenses and lighting equipment stolen...Not more than 36 hours later, the owner was at the camera store with a check replacing that equipment.

CJ

[kachina]

Darrell and Coby,

Thanks for the info - exactly what I was looking for. The All-Peril/All-Risk is what I need. The inflation fighter aspect would be nice as well.

Darrell, I heard the homeowner's route was pretty tricky as well. As Coby mentioned, I just want the stuff replaced ASAP if something happens to it. Arguing with an insurance company can take weeks or months so I want the correct coverage.

Thanks,
Rusty

[Roadrnr]

"Also from what I have been told a rider on a homeowners will not cover if used in business."

I will say that the Farmers Camera Floater does cover it for business use. I've read the endorsement several times and spoke with our claims department in regards to that.

The camera floater covers it on an all risk coverage, thus covers it all except for what is excluded. I'll have to search the forum for the thread where I explained the endorsement.

[Roadrnr]

Rusty,

here is the thread where it was discussed quite a bit

and also, here is what I posted in that other thread

Yes, there can be limitations on your home insurance policy for business personal property (pers prop used for both business and personal use) However, not for the floater.

Here is how the HO160 Scheduled Personal Property is written in the state of Texas

Quote:
2. PERILS INSURED AGAINST.
We insure against all risks of loss or damage to property described in this endorsement unless otherwise excluded under the Exclusions.
3. EXCLUSIONS.
a. We do not cover loss caused by wear and tear, gradual deterioration, moths, vermin or inherent vice.
b. We do not cover loss resulting directly or indirectly from:
(1) War. This includes undeclared war, civil war, insurrection, rebellion, revolution, warlike act bymilitary personnel, destruction or seizure or use for a military purpose, and any consequence ofthese. Discharge of a nuclear weapon will be deemed a warlike act even if accidental.
(2) Nuclear reaction, radiation or radioactive contamination, all whether controlled or uncontrolled orhowever caused. We cover direct loss by fire resulting from nuclear reaction, radiation or radioactivecontamination.
c. We do not cover loss caused by the destruction of property by order of governmental authority.

But we do cover loss caused by acts of destruction ordered by governmental authority taken at the timeof a fire to prevent its spread, if the fire would be covered under this policy.
d. If Fine Arts are insured, we do not cover loss to fine arts caused by or resulting from:
(1) repairing, restoration or retouching process
(2) breakage of statuary, marbles, glassware, bric-a-brac, porcelains and similar fragile articles, unlessbreakage is caused by:
(a) fire, lightning or explosion
(b) windstorm, earthquake, or flood
(c) aircraft
(d) vandalism or malicious mischief, theft or attempted theft
(e) collision, derailment or overturn of conveyance
(3) any cause, to property on exhibition at fair grounds or premises of national or internationalexpositions, unless the premises are covered by this policy.
e. We do not cover loss to golf balls unless caused by:
(1 ) fire.
(2) burglary, provided there are visible marks of forcible entry into the building, room or locker.
f. If stamp collections or coin collections are insured, we do not cover loss to stamp collections or coincollections caused by:
(1) fading, creasing, denting, scratching, tearing or thinning.
(2) transfer of colors, inherent defect, dampness, extremes of temperature or gradual depreciation
(3) being handled or worked on
(4) the mysterious disappearance of individual stamps, coins or other articles unless the item is:
(a) described and scheduled with a specific amount of insurance; o
(b) mounted in a volume and the page it is attached to is also lost
(5) any cause, to property in the custody of transportation companies or shipment by mail other thanregistered mail.
(6) theft of covered property from any unattended automobile except while such property is beingshipped by registered mail.
(7) any cause, to property not part of a stamp or coin collection.

As you can see, it covers for all risk of loss except for what is excluded. There is no exclusion for using property in the course of business. Because this is an endorsement to the policy, it then supersedes the business personal property limitations of the home insurance policy.

Now, I'm not saying that this is always the best route to go. If you do have a studio, then yes, you should have a separate commercial insurance policy that covers both your equipment and your liability.

The best thing that anyone can do is check with their insurance agent to find out what the limitations are for each company. Some companies will not write a floater for an amount greater that $X.

I guess my point is, that if you are using your camera equipment for business use, but don't do photography as your only profession, you may be able to have the coverage added to your home insurance policy. By doing this, you can save yourself some money, still have coverage for a stated value amount with no deductible.