I find it strange that a listed item by rider has a deductible. That's not the norm in my experience for specifically listed items compared to the overall personal property amount.
Photography Equipment Insurance Options (retitled discussion)
- Thread starter Hooligans Imagery
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Sorry for the confusion, I probably wrote my reply wrong. I do not have a deductable. I list the amount of coverage up to the purchase price and supply a receipt and serial number.
The discussion is academic unless you have experience with the claims department of a specific insurance company. They are in business to make money and the policies are written to minimize losses (insurance-speak for successful claims). Some are better than others, but until you processed a claim you have no idea whether you'd get paid.
I also specify the value I want insured and I have most of it valued at MSRP tho I'm thinking of some percentage of MSRP. How have you determine what value to insure at?
I insure at the price I paid for it as shown on receipts and also supply serial number. As others do I send an e mail adding gear and also one taking gear off when sold. I have only had one damage and repair claim to a D6 and it was handled quickly and efficiently. Who knows what could happen in the future but so far so good.
My insurance company has not asked for receipts tho I'd expect them to ask for it if I were to file a claim. They even seem disinterested in the S/N.
I've not modified my rider yet for the Z8 and a couple of lenses so my 25K number is going to over 30K at MSRP pricing and wondered if it made sense to insure at 80% (or some value other than 100%).
It could be possible with some companies to put the value at less than new price. if you have gear that is no longer in production and replacement only available on the used market.
I want replacement coverage so I do not adjust and so far have sold and removed gear before it has gone out of production. Since I have specific itemized coverage not subject to any total amount and no deductible the insurance company insists on receipt copies and serial numbers. They do provide immediate coverage for new gear but request notification, receipts and ssn asap and I do that as soon as I check the gear and intend to keep it.
I ensure for what I could buy it used. In the case of a very new, hard to get lens or body, that is full value. For other gear, I research the used market for prices on the same item in very good to excellent, low-mileage condition.
I have a rider on my homeowners insurance (State Farm). No deductible. Since I will not file a claim for a small amount, say $500, I would rather have a deductible and a slightly lower premium. Also SF does not me insurance for unscheduled items (which can quickly add up). FIlters, cable release, tripod, bag, extra batteries, ...
Calson
Well-known member
In the past the professional coverage only applied for equipment used to produce income. My underwater photo equipment was not covered at home or abroad as a result and only my homeowner's umbrella coverage did apply.
My biggest concern with equipment insurance is not replacing equipment if it is lost/stolen but what happens
1. If it is damaged during travel to a site or a site
2. Lost or stolen while travel to a site or at a site
3. Can not be replaced in time for the trip
1. If it is damaged during travel to a site or a site
2. Lost or stolen while travel to a site or at a site
3. Can not be replaced in time for the trip
I'm pretty sure that the only thing an insurance company will do is send you money. They are not in the camera repair/replace biz. You will have to use your ingenuity, and the money they send you, to solve those problems.
When I had a PPA claim there was also a deductible of $250 I think for dropped gear damage on the policy included in the PPA membership. As a result, the regular deductible plus the drop deductible was about the same as the actual repair.
There was also a schedule for the value of equipment based on depreciated value. On a 5 year old item, the value was fully depreciated so there was no coverage.
PPA also has a paid policy that cost around $2.35 per $100 of equipment value and has lower deductibles.
It's common on these group policies. I've also seen a deductible that increases with a second and third claim. I don't recall whether it was PPA coverage or someone else. Something like a $250 deductible on the first claim, a $500 on the second claim, and a $750 deductible on the third claim in a year.
The PPA policies are below. @EricBowles it is interesting for the PhotoCare Plus there is this higher deductible that seems to apply to damage.
1 and 2 are normally covered by most policies I have seen. 3 is normally the risk you take - they do not provide rental equipment or pay for rentals if your equipment is lost, stolen or damaged. It might be covered on some travel policies, but those get expensive and have limits on value. The rental cost will be cheaper than the insurance premium you would likely pay with travel insurance.
One big advantage of policies that list specific items is they may also cover shipping the gear for service. So you can ship your Z8 or 600mm lens for service without having to pay for value based insurance through FedEx or UPS.
All these questions are policy specific. You need to check with your insurance provider to know for sure.
Also, check to see if the gear is covered if you ship it somewhere via UPS, Fed Ex, USPS. Most policies will not cover damage or loss if you entrust the gear to a company to transport it somewhere.
Concern was lose of equipment would also mean lose of the trip. Stolen on the way to the airport - what I am to do? Shoot with my iPhone?
Interesting .. I'll need to check
That's why you have to buy the shipper's insurance
That's why you have to buy travel insurance
That's the reason I always pay for shipping when selling an item. So that I can insure it.
That's the reason I always pay for shipping when I am selling a high dollar item. So I can insure it.
So many risks in life: so many insurance companies eager to help you