p.1 #1 · Insurance options for expensive (over $5000) rentals
Hi
Still photographer turned part time filmmaker. Currently only own a 7D but want to rent Canon's 2 'high-end' cameras, the C300 and the new 1D.
Problem is both require either a deposit in full ($15000) OR to have both items fully insured BEFORE I rent. My current home insurance doesn't accommodate adding a rider for this amount.
What insurance options do I have if I want these cameras? Purchasing in order to rent seems a bit risky to me...
p.1 #2 · Insurance options for expensive (over $5000) rentals
If you have business insurance they should be able to insure the items for the time you have them without adding to your policy. Might be a one time charge of $100-$200 I don't know if homeowner insurance will do that.
In the past I worked for a rental house in LA, for people without enough coverage or no insurance certificate on file with us could buy it from us for the term of the rental. It wasn't cheap, sort of like the insurance the car rental place try to sell you.
p.1 #4 · Insurance options for expensive (over $5000) rentals
If you are going to rent a lot of equipment on a regular basis it is cheaper buy a policy, and name your regular rental house(s) as beneficiaries than to buy the insurance on an as needed basis from the rental house itself. This may not be worth it right now, but it would probably be worth checking your numbers at the end of the year, and comparing them against buying a standing policy.
I have had policy through Hartford for years that covers everything from liability to inland marine, and they have been great. The insurance company sends the paperwork to the rental houses every time the insurance policy is renewed, and I am good to go for the year.
p.1 #5 · Insurance options for expensive (over $5000) rentals
I rented a strobe pack and some grip equipment from Samy's in Venice Beach California and had to have a credit card on file with them for replacement cost. I had a card, unused with a $10,000 limit. Just covered what I needed. Sort of a, 'you break it. . .you bought it!" policy. I don't recommend it, but it worked.
p.1 #6 · Insurance options for expensive (over $5000) rentals
Dennis M 1064 wrote:
I rented a strobe pack and some grip equipment from Samy's in Venice Beach California and had to have a credit card on file with them for replacement cost. I had a card, unused with a $10,000 limit. Just covered what I needed. Sort of a, 'you break it. . .you bought it!" policy. I don't recommend it, but it worked.
Back when I worked at a rental place some folks would go that route but most couldn;t afford to, not having $10k available on a card. Sometimes with the card companies they'd take a week or two to release the 'hold' that we'd place on a card. Or the guy who checked in the return forgot to release the 'hold'. Not the best way to go but sometimes the only way...
The hold doesn't go through as a purchase but blocks out the funds form any other use.
..and renting from Samys can be an adventure if you don;t pay attention to every little thing they do...or don;t do. Much like purchasing form Samys. Keep your hand on your dollar and your eye upon the scale...
