Insurance policy renewal help

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Archive 2012 · Insurance policy renewal help

Brit-007
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p.2 #1 · Insurance policy renewal help

My insurance is with TCP and it just shot up. Admitedly I have 2k/4k liability and just increased equipment to $33k equipment. Policy is for replacement cost and covers $15k for computers. I pay around $900 per year. Looking to call about PPA insurance with the plus option to see if that is overall cheaper.

Jan 25, 2012 at 11:32 PM

WiLLGT09
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p.2 #2 · Insurance policy renewal help

I am becoming more interested in the PPA PhotoCare insurance. So, according to their website, the PhotoCare basic plan is "paid for by the PPA". Does that mean if I join the PPA, I can sign up for PhotoCare and not have to pay anything?

Jan 26, 2012 at 01:21 AM

Mr Joe
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p.2 #3 · Insurance policy renewal help

PPA's policy covers $15K of gear, but you have to buy the liability insurance separately.

Jan 26, 2012 at 01:40 AM

WiLLGT09
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p.2 #4 · Insurance policy renewal help

Well, I don't think I need liability insurance. I'm not running my own business.

Jan 26, 2012 at 01:42 AM

colinm
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p.2 #5 · Insurance policy renewal help

PhotoCare is included in PPA membership, but it is only equipment replacement coverage, and it has a ton of restrictions normal policies don't. The two biggest are big, nasty ones too:

1. It doesn't cover mysterious disappearance. If there's no (quoting from the policy) "physical evidence to show what happened to the covered property," you get $0.
2. It's not scheduled (replacement) value coverage. It's depreciated value. And according to the depreciation terms of the policy, a 5D Mark II is currently worth a whopping $500. Even if you bought it yesterday.

Edited on Jan 26, 2012 at 02:02 AM · View previous versions

Jan 26, 2012 at 01:58 AM

WiLLGT09
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p.2 #6 · Insurance policy renewal help

colinm wrote:
2. It's not scheduled (replacement) value coverage. It's depreciated value. And according to the depreciation terms of the policy, a 5D Mark II is currently worth a whopping $500.

o.O ?!? Well, that sucks. Now what about PhotoCare Plus? Is the standard premium including like PhotoCare and then I just pay something extra for the "Plus" benefits?

Jan 26, 2012 at 02:00 AM

colinm
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p.2 #7 · Insurance policy renewal help

WiLLGT09 wrote:
Is the standard premium including like PhotoCare and then I just pay something extra for the "Plus" benefits?

Yep. Plus is considered an add-on to the base benefits, so you save a little bit of money that way. You're not really coming out ahead vs. any other policy unless you're already a PPA member, though. The dues are significant.

Jan 26, 2012 at 02:15 AM

WiLLGT09
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p.2 #8 · Insurance policy renewal help

Well, the NPPA is $110 + my quoted $617 for their affiliated insurance ($727) or PPA for $323 + the Plus add-on. Do you have an estimate on what the Plus add-on is? ballpark? SinceI imagine it fluctuates based on your total equipment value.

Jan 26, 2012 at 02:19 AM

AnthonyRhoades
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p.2 #9 · Insurance policy renewal help

Admittedly, I don't know a lot about it, but PPA seems to be for hobbyists. Doesn't interest me, a lesser known ASMP like outfit.

Jan 26, 2012 at 04:00 AM

vuilang
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p.2 #10 · Insurance policy renewal help

I know nothing about these insurance, so i really appreciate someone can guide me to this:

What i need is insurance for my $20k equipment from robbery at home.. I dont really need reliability or insurance when out on the field/studio. just protection against roberry. Can someone help me? thankxs

Feb 16, 2012 at 09:19 AM

AnthonyRhoades
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p.2 #11 · Insurance policy renewal help

vuilang wrote:
I know nothing about these insurance, so i really appreciate someone can guide me to this:

What i need is insurance for my $20k equipment from robbery at home.. I dont really need reliability or insurance when out on the field/studio. just protection against roberry. Can someone help me? thankxs

Call an insurance agent. Make sure to get a policy that specifically covers replacement of your camera gear. Regular renters or home owners insurance does not cover camera gear normally. Just explain your needs and they'll hook you up or refer you to someone who can.

Feb 17, 2012 at 08:13 PM

vuilang
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p.2 #12 · Insurance policy renewal help

AnthonyRhoades wrote:
vuilang wrote:
I know nothing about these insurance, so i really appreciate someone can guide me to this:

What i need is insurance for my $20k equipment from robbery at home.. I dont really need reliability or insurance when out on the field/studio. just protection against roberry. Can someone help me? thankxs

Call an insurance agent. Make sure to get a policy that specifically covers replacement of your camera gear. Regular renters or home owners insurance does not cover camera gear normally. Just explain your needs and they'll hook you up or refer you to someone who can.

Im not too sure if your reply do help me.. but i feel like what you're suggesting is similar to tell me to go to the dealer and ask a saleman: I need a car to drive from point A to B.. accel from 0-60 under 4 secs.. 4 seater, with AC/heater, Auto trans... then he pointed you a car then you buy it?
Of Course NOT. you have a reference of which brand/model to trust/reliable/dependable. Thus im asking experience from those who been through the process.

Feb 18, 2012 at 04:08 AM

Brit-007
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p.2 #13 · Insurance policy renewal help

I actually called the insurance company. The guy I spoke to was pretty forth coming. I have around $32k of equipment currently. He advised to use the free 15K for all the ancillary stuff and the items that are not top notch should be in that. They do not require a listing of the items. To go to the Plus then it will be the same normal practice that you list items with their serial # and insure for replacement value. As others have said, under the blanket policy then items will be reduced per year.

It is also wise to put a computer under the listed item and they reduce down to 80% of value after a couple of years.

I currently have liability which sets me back about $425 per year. It was the only option they had and gives 2m/4m which is really more than I need. Under the PPA they offer 1m/2m and it is $325 per year. When mine lapses then I will probably change as I can get membership plus the coverage for about the same price.

Feb 21, 2012 at 10:56 PM

keithdunlop
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p.2 #14 · Insurance policy renewal help

First, don't confuse brokers with carriers. TCP, Hill & Usher, etc are brokers. They don't provide coverage. Very few insurance carriers underwrite policies for professional photographers. The Hartford is one mentioned here, and I have had very good claims experience with them.

Second, whatever your decision, never ever EVER buy a rider on your homeowners insurance policy for professional photography gear and/or other liability coverage. If you ever find yourself needing to make a claim you may not be able to get your homeowner's insurance renewed for what it was intended, your home. Homeowner's carriers even ding you just for making policy inquiries.

Feb 22, 2012 at 02:47 AM

ChadAndreo
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p.2 #15 · Insurance policy renewal help

Any updates?
I am trying to decide between PPA and TCP.
I am already a PPA member and can add their General Liability Coverage for around $325. HERE is what it covers.
With TCP I got a quote of $600 which includes $2/4m on GL and $22k in equipment insurance. Is that a good price?

Aug 01, 2012 at 06:39 PM

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