EDIT - March 17,2024
This post has been updated many times so I added the date for reference.
Shopping for insurance has been a challenge. This post reflects my experience. Some of the main reasons for this type of insurance is that it will cover things that other insurance would not cover such as falls over cliff, mysterious disappearance, or accidental damage (e.g. drops onto sidewalk). Read the Discussion of Photographic Equipment Insurance on NANPA Blog
As you read this consider whether you earn any revenue at all from your images.
Revenue Generating Group - If you do generate revenue, most homeowners insurance does not cover you. That could be a benefit in purchasing coverage which is "secondary" or "excess." In this case, since homeowners doesn't cover you, it is really primary insurance. Note that some high end homeowner's like Chubb has limited business coverage subject to deductibles. If you are in this group, then any of the coverages below could be appropriate.
NON Revenue Generating - you want to make sure it's not secondary to your homeowners. You can look at Hill&Usher and NANPA first.
Primary Insurance Policies Available to Both Hobbiest and Professional - These top two seem to be the most knowledgeable and oriented to photographers.
High Level Analysis
Choices 1 and 2 under Primary seem best in all cases. Clearly primary polices. The homeowner's rider and stand alone personal property routes don't seem like good choices as they could impact your homeowner's policy. I did not like RVNA in the end. PPA looks attractive but membership is much more than NANPA (I haven't compared those benefits) and the basic insurance is excess and the Plus is costly. I purchased and cancelled both RVNA and USAA because they did not disclose they were secondary. I ended up choosing NANPA because Chubb the underwriter is a strong carrier. The policy is issued as a commercial Inland Marine policy (yes funny name used in the industry) which means it should not impact your homeowners. I choose this over Hill&Usher for the benefits of NANPA for roughly the same price. If you are a professional and looking for more than gear insurance, I recommend you look at Hill&Usher first.
Original Post Deleted
This post has been updated many times so I added the date for reference.
Shopping for insurance has been a challenge. This post reflects my experience. Some of the main reasons for this type of insurance is that it will cover things that other insurance would not cover such as falls over cliff, mysterious disappearance, or accidental damage (e.g. drops onto sidewalk). Read the Discussion of Photographic Equipment Insurance on NANPA Blog
As you read this consider whether you earn any revenue at all from your images.
Revenue Generating Group - If you do generate revenue, most homeowners insurance does not cover you. That could be a benefit in purchasing coverage which is "secondary" or "excess." In this case, since homeowners doesn't cover you, it is really primary insurance. Note that some high end homeowner's like Chubb has limited business coverage subject to deductibles. If you are in this group, then any of the coverages below could be appropriate.
NON Revenue Generating - you want to make sure it's not secondary to your homeowners. You can look at Hill&Usher and NANPA first.
Primary Insurance Policies Available to Both Hobbiest and Professional - These top two seem to be the most knowledgeable and oriented to photographers.
- NANPA - NANPA has a lower membership cost of $100 than PPA (see below) that entitles you to purchase coverage underwritten by Chubb and now sold through Cross (formerly Rand) in the US. Different seller in Canada. $250 deductible and a cost of .0245 cents of value insured (minimum premium $350). They do allow an unscheduled amount with a $500 limit on any single item. I spoke to them and they told me it's a business policy and should not impact your homeowners. Appears to be a strong policy. See post 176 regarding this policy which appears to prorate coverage with other insurance but I am told by the agent that only applies if you file multiple claims, and if you only file on this policy it does not apply. The cost of membership plus premium is similar to the quote I got for Hill&Usher. Chubb is a known high end insurer so I favor this provider. Update August 2024. The broker is easy to work with. Interesting in that they only revalue the schedule once a year. You can add things throughout the year, and if you want to delete things just do it before the next billing. There are no surcharges in the middle of the year. You need to have your receipt and serial number to list an item.
- Hill&Usher - Program Details includes replacement cost, theft, accidental damage. Have to ask for international coverage. They have a specific option for hobby photography. They tell me their insurance is PRIMARY. They have lots of add ons for the professional. Website says - Package Choice Insurance for Photographers is affordable. Our more comprehensive, full featured products typically start at $500 in annual premium. We also offer basic policies with varying minimum premiums below $500, including equipment only options for $300 annually. I was quoted $565 for 18,000 of coverage. The proposal doesn't specify the underwriter.
- Homeowners Rider - NOT recommended - claims could cause you to be rated on your Homeowners and as of today in some markets, policies are hard to replace.
- Stand Alone Personal Property Policy for NON Revenue Generator: WARNING - THESE SEEM TO BE SECONDARY OR EXCESS POLICIES WHICH MEANS YOU STILL NEED TO MAKE A CLAIM ON YOUR HOMEOWNERS since you can't generate photography revenue in order to qualify. See post 192 for my discussion with USAA for example. To me it’s just not clear that a claim will be paid with the language in these policies. They might be, IF you don’t make a claim on another policy.
- USAA - requires membership eligibility. Called Valuable Personal Property Insurance for Cameras but includes other items, For $15,000 coverage (the PPA included level) as a standalone policy without a deductible - cost of $361. No Professional Coverage is available but USAA does sell small business insurance. Website says it covers theft, losses and drops and breaks. NO DEDUCTIBLE. PERSONAL USE ONLY
- StateFarm offers similar it appears for those that don't qualify for USAA. ASSUME PERSONAL USE ONLY
- Stand Alone Personal Property Policy for NON Revenue or Revenue Generator:
- ProPhotographers Insurance by RNVA Quoted at $181 for 22,000 of coverage camera and 10,000 electronic data equipement, with no membership required. If you choose the PREMIER PHOTOGRAPHERS LINK your policy covers unattended vehicles. THEY ARE VERY VAGUE IN HOW THE SECONDARY TERM APPLIES. I had quite a bit of interaction with them. While they are nice, I came away not trusting them due to their refusal to answer simple questions about how their policy interacts with my homeowners policy.
- Photography Organization Sponsored Coverage for NON Revenue or Revenue Generator:
- PPA - Like the policies above, the Basic Photo is excess insurance. The PhotoCare Plus appears to be party primary and part excess. See post 169 in this thread. They told me on the phone that they do ask to see other policies when there is a claim. Available for members ($323 annually vs $100 for NANPA) and includes a basic 15,000 level IF you activate it. Online quote available. Link shows comparison chart of coverages available with cost estimator. Per PPA if you have the included coverage you MUST file a police report for a loss. If you have the Plus you don't need to as that is the mysterious disappearance coverage. They also confirmed the basic PhotoCare policy comes with a $350 deductible to fully replace an equipment item and $50 to repair an item. For the PhotoCare Plus policy the $250 deductible applies to any loss.
- Small business coverage: such as provided by Hiscox with a Personal Property floater - I pay $360 a year for a $1,000,000 general liability policy for my very small coffee business. I am guessing there is more uncertainty with this as it's not camera specific. I was quoted $525 as an add on so that doesn't make sense for me, but it could in other situations. THIS IS BASICALLY GETTING AN INLAND MARINE (INSURANCE TERM) POLICY ALONG WITH OTHER LIABILITY PROTECTION.
High Level Analysis
Choices 1 and 2 under Primary seem best in all cases. Clearly primary polices. The homeowner's rider and stand alone personal property routes don't seem like good choices as they could impact your homeowner's policy. I did not like RVNA in the end. PPA looks attractive but membership is much more than NANPA (I haven't compared those benefits) and the basic insurance is excess and the Plus is costly. I purchased and cancelled both RVNA and USAA because they did not disclose they were secondary. I ended up choosing NANPA because Chubb the underwriter is a strong carrier. The policy is issued as a commercial Inland Marine policy (yes funny name used in the industry) which means it should not impact your homeowners. I choose this over Hill&Usher for the benefits of NANPA for roughly the same price. If you are a professional and looking for more than gear insurance, I recommend you look at Hill&Usher first.
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