Camera insurance!

[arlon]

I had an interesting conversation about photography with my insurance guy. I didn't know my homeowners policy had a $2000 theft limit on camera equipment (guns and jewelry too). He told me about some specific item coverage that would cover anything that happened to my equipment from theft to dropping in the river or onto a parking lot. I ended up getting a rider for all of my higher end equipment (individual named items). Cost was pretty cheap and now if a kid knocks over my tripod, d200 and 500mm lens I won't feel as compelled to feed him to an alligator.

I was nervous sometimes shooting over water or using a tripod around a bunch of kids. Well, peace of mind is now mine. If you have any expensive lenses or bodies you might contact your insurance company and find out what's covered and what isn't. Homeowners doesn't do a lot for you if you drop your new VR lens in the parking lot.

The coverage I got covers anything that can happen to the equipment and is 100% replacement coverage (no deductable). Basically if I drop my new 500mm in the parking lot and crack the front element the coverage will cover the repair cost 100%. Same if I drop it in the drink or get cought in a thunderstorm and something dies from getting soaked.. It's worth the cost just for the peace of mind.

[CaptainTom]

I'll add that you need to make sure that if you have an established business, the policy will still cover your equipment. Home owners policies don't usually cover business use of property, and you would need a seperate policy.

[amadjuster]

Personal property used for business purposes is only covered on premises, meaning your home or the "ways and means" adjoining it. If it is stolen out of your car in the drive way, you have up to $2,500 coverage, if it is away from the premises, no coverage. The Scheduled Property Floater allows you to insured specific items at a specified limit per item. The coverage is "ALL RISK", meaning anything if it isn't excluded, with no deductible. It isn't Replacement Cost as it will pay the amount the item is insured for. This is great for cameras since they depreciate like crazy and if you insured your D-200 for what it cost new, say $1,300, you drop it in the lake and you get $1,300. Of course, your drop can not be an intentional act. There is NO EXCLUSION for business property on this endorsement. If you add it and the company takes the premium, it is covered. This is about the best buy you are going to find in the Homeowners market in Texas. This coverage also exists in other states.

Thia coverage is CHEAP! If you don't believe me, call your Homeowners agent. It also can be attached to a Tenant HO policy. You will need to have the Serial #'s and use the new market cost as the scheduled value. The only thing I have ever seen an appraisal requested is jewelry and fine art.

[jeffkohn]

I too got scheduled coverage for all of my camera gear on my homeowner's policy (I'm not in biz so no need for a separate policy).

Once I got over the initial shock of adding up the receipts for all my gear (), it was nice to have the peace of mind knowing that I could actually use my gear and travel with it, and not be so worried about something happening. After all what's the point of getting nice equipment if you end up leaving it at home for fear of loss/damage.

[CobyPhoto]

Originally Posted by amadjuster

Personal property used for business purposes is only covered on premises, meaning your home or the "ways and means" adjoining it. If it is stolen out of your car in the drive way, you have up to $2,500 coverage, if it is away from the premises, no coverage. The Scheduled Property Floater allows you to insured specific items at a specified limit per item. The coverage is "ALL RISK", meaning anything if it isn't excluded, with no deductible. It isn't Replacement Cost as it will pay the amount the item is insured for. This is great for cameras since they depreciate like crazy and if you insured your D-200 for what it cost new, say $1,300, you drop it in the lake and you get $1,300. Of course, your drop can not be an intentional act. There is NO EXCLUSION for business property on this endorsement. If you add it and the company takes the premium, it is covered. This is about the best buy you are going to find in the Homeowners market in Texas. This coverage also exists in other states.

Thia coverage is CHEAP! If you don't believe me, call your Homeowners agent. It also can be attached to a Tenant HO policy. You will need to have the Serial #'s and use the new market cost as the scheduled value. The only thing I have ever seen an appraisal requested is jewelry and fine art.

Yup, pretty cheap. Even if it covers property used in a business, you are more likely to have a claim if you are using it in a business and getting a claim on this policy WILL increase your Homeowners policy! Just be aware of that possibility.

CJ

And just a note about replacement and cost...if you schedule the cost of the camera at the replacement, (you are paying for the coverage on that) you are actually covered for the replacement cost; unless this policy specifically says you can't.

Example: All of my 1d Mk II bodies are insured for the cost of the New Mk III bodies as I can't replace them if I loss them with another Mk II.

[dbphotos]

I know this comes up frequently so I thought I'd share my recent experience. In searching for the best policy I compared NPPA's policy through their insurer and PPA's policy through Marsh (I think this one is underwritten by Lloyds).

NPPA cost for $22,000 with a $500 deductible was $900 per year. PPA's cost through Marsh for $22,000 with a $100 deductible was $476 per year with worldwide coverage. I think this is great insurance for $22,000 in equipment coverage and only a $100 deductible. I'm covered if my equipment is stolen or damaged and also offers rental coverage and liability coverage in case a client sues me.

I can't stress enough how important it is to cover your equipment once you get a sizeable investment in equipment. For $476/year I can sleep a little more easily knowing if I drop a lens or camera or someone else damages my equipment, I'm covered. The PPA membership is well worth it for the insurance alone.

[porkchop2785]

David, is this a seperate policy for you camera gear only??

I am new when it comes to any kind of insurance other than car...I live with my dad and we rent....is there a place I can get a policy like stated above that just covers my camera gear without a big deductible?

[arlon]

Dang that price is WAY high. I guess that's because you're a professional?
My policy is for $17,000 coverage and cost $178/year and there is NO deductable.
Coverage is for ANY cause of loss, theft, storm or stupidity.. Arlon

[LDB]

Arlon, what company is yours through?

[zeroendless]

Coverage is for ANY cause of loss, theft, storm or stupidity..

Just claimed one not too long ago. Not in biz, covered tho Allstate.

Drop my setup, broke the lens into 2 pieces. Call my people and they asked for an estimate. I drop the lens off local camera store, told them it's all covered by insurance. Just estimated all cost (shipping to factory, repair, fees) and faxed to my people.

The adjuster sent me a check right away, but the lens took month to fix :) Here's the cute part, the lens finally returned and i broke again the next day. Darn Sigma......

[CobyPhoto]

Originally Posted by arlon

Dang that price is WAY high. I guess that's because you're a professional?
My policy is for $17,000 coverage and cost $178/year and there is NO deductable.
Coverage is for ANY cause of loss, theft, storm or stupidity.. Arlon

Willing to bet your policy won't cover equipment used in the line of business and it is a 'part' of your home owner's insurance and if you claim against it, your homeowners rates increase as well.

PPA's Marsh Affinity Group is the BEST deal on All risk insurance, with a minimum deductible, world wide for higher risks, like using your equipment in a business.

CJ

[arlon]

No business for me. Photography is strictly a hobby, I have no interest in making money off of it. My policy is simply a rider through my homeowners (USAA).. I'm sure business coverage is more costly but I'm sure the exposure is a lot greater too.

[lhdvies]

Originally Posted by porkchop2785

David, is this a seperate policy for you camera gear only??

I am new when it comes to any kind of insurance other than car...I live with my dad and we rent....is there a place I can get a policy like stated above that just covers my camera gear without a big deductible?

I rent also and have the rider on my renter's policy. Renter's ins is very reasonable and so is the rider. Note, as was said earlier this is only if you are not a professional. Unfortunately for the pros the rates are much higher and restrictions are more expensive to remove.

[Roadrnr]

I have mine on a camera floater attached to my home insurance. This particular floater still covers it if I'm using it in business, however most of the new camera floaters that are endorsements to the home policy do not cover if used in business.

Even so, a camera floater on a commercial policy is still very inexpensive and would be the way to go if i was in business.

just a quick note though, filing claims on your home insurance does NOT always = increased rates. Some homeowners insurance companies do surcharge for non weather related claims, but a lot do not. It's not like your auto insurance where your rates increase due to negligent accidents. However, most will non renew you if you have more than 3 non weather related claims in a 3 year period.