Recently invested in a $14,000 camera I use semi professionally. ie I only expect to invoice less than $5000 for the entire year for the occasional gig. It's not YET a full time thing for me, though hope it will be eventually.
Realizing the importance of insurance I first tried to schedule the camera and a few lenses under my home-apartment contents. But my insurance provider stipulates that they will not cover anything used 'professionally' regardless of how little income is provided from that equipment.
So I've looked into a couple insurance providers that specialize in coverage for photographers-filmmakers.
A premium of roughly $800 to cover $20,000 in equipment seems standard. A little more than I think I should pay, but the coverage does seem fairly comprehensive.
My issue is with the deductible, $1000 (and $2500 if theft from unattended vehicle).
Is a $1000 deductible standard? and if so, then this would mean I really have NO insurance for any item that cost me less than $1000-1500 (which accounts for several lenses I own).
I also live in Canada which means a lot fewer options in getting insurance discounts.
Do a search for insurance in the wedding forum. There have been several discussions about it there lately and I'm sure some of the participants are Canadian. There was one from within the past month I believe. That seems high for pure equipment insurance compared to what others are paying but I can't say for sure for Canada.
If I were you, I would invest in a sturdy floor-bolted safe for your home, it may cost around $600 to get and install, but it might bring your premium down with some insurers.
I would also be checking that they have a new-for-old policy so that if your camera does get pinched or destroyed, your insurance will cover the cost of a new of the same or similar model and not just the depreciation on it.
CG&B is the standard for photographers insurance in Canada, which sounds like what you're looking at.
The US has it a bit better in terms of cheaper deductibles, but they benefit from economies of scale due to population. With a smaller population, there are fewer photographers paying for insurance. So insurance companies here can't afford to cover small claims like a single lens being dropped.
It is per claim though... so if all your kit gets stolen out of your house... it's $1000. You also insure for replacement value. So its up to you to decide if your main camera, even if its hold, how much money you'd want to replace that camera in the event it breaks or gets stolen. Yes it is more if your gear is stolen out of the car... don't ever leave your gear in your car. Simple.
You're also covered for ~$20,000 if you need to rent something from the local rental house. They will also give you additional rental coverage (I've required $80,000 for some shoots) for $25.
Mike, too true, never leave your gear in your car, I mean, if you are running into a shop quickly, by all means, but please, don't be silly and leave it unattended in your car over night or somewhere you aren't watching it.
I know of many people who have had gear stolen in the time it took them to carry half their kit to a spot to take some shots.
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