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Suggestions for gear insurancxe (and liability)
  
 
cambyses
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p.1 #1 · p.1 #1 · Suggestions for gear insurancxe (and liability)


We have collected enough gear to start worrying about insurance. And because we may occasionally use our gear for commercial purposes, relying on our home insurance does not seem to be a good option. So I have been searching online, including here on FM, and I cannot seem to find much info on what the different choices may be, and how they compare in cost and the type of coverage they provide.

I am looking for gear coverage for up to ~$20K of gear (preferably with $250 or less in deductible) as well as basic liability (say, for up to $1M). What is important is that the gear coverage be worldwide, and it be for actual replacement cost (NOT current value), and cover any loss including fire, theft, and any accidental damage. I also want coverage for both myself and my wife.

So what insurance company do you guys use, and how much do you think would be a reasonable annual premium?

Here are couple of options I have found so far:

1) PhotoCare though PPA membership: $327. Unless I pay extra for their PhotoCare Plus, the coverage will only be for $15000, and it is NOT for replacement cost. Plus, it will not cover my wife.

2) Package Choice by Hill & Usher: seems to cover everything I need, but the premium will be ~$550-$600, which I find a bit too high.

3) TCP Insurance: http://www.tcpinsurance.com/photographers/ (don't have much info yet)

4) Pro Photographer Insurance: http://www.prophotographersinsurance.com/ (don't have much info yet)

Would greatly appreciate any guidance and recommendations on this. Thanks...





Feb 11, 2014 at 01:19 AM
pjbuehner
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p.1 #2 · p.1 #2 · Suggestions for gear insurancxe (and liability)


TCP is who I use. Never had to make a claim but it was easy and the communication has been prompt and helpful.
I think I have 35K in gear and a million in liability for about 800 a year.



Feb 11, 2014 at 01:23 AM
colinm
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p.1 #3 · p.1 #3 · Suggestions for gear insurancxe (and liability)


The quote you got from Hill & Usher is going to be very close to what you get from TCP and Nuccio (#4). That's about the going minimum rate for industry insurance.

But that's the key here: all of those are tailored to working photographers. Since your commercial use is limited, this is the rare instance where I'd recommend talking to your insurance agent, to your bank, to your credit union, to SafeWare... Any of them can write an adequate policy for the hobbyist or the typical part-time pro, and generally for much less money. You could even carry an equipment policy full-time and pay for liability on a per-occasion basis.

The premium on the sorts of plans you're pricing out (with the exception of PPA's miserable PhotoCare) is paying for lots of extra coverages, stated replacement value, few questions asked, near-instant turnaround times, and enormous liability coverage ($2M/$4M is becoming standard now). If you can wait a couple weeks to replace a camera and are shooting smaller jobs when you do the occasional commercial shoot, you can cut out a lot of the cost. The industry agencies, however, are not set up to deal with those kinds of policies, because that doesn't fly when you're landing in Seattle only long enough to shoot a job before you're in Tampa tomorrow.



Feb 11, 2014 at 03:03 AM
Paulthelefty
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p.1 #4 · p.1 #4 · Suggestions for gear insurancxe (and liability)


I pay $100/year for inland marine equipment coverage on $20k worth of stuff through Allstate. Currently not carrying liability.

Paul



Feb 11, 2014 at 04:07 AM
 

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cambyses
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p.1 #5 · p.1 #5 · Suggestions for gear insurancxe (and liability)


Thank you so much everyone for your helpful comments. I did contact our insurance agent but she wasn't of much help, and basically offered me a full small business insurance around the same price as Hill & Usher but seemingly for less coverage. I will contact our home insurance directly tomorrow and see what sort of floater or inland marine policies, if any, they offer.

I am exactly looking for the type of policy that Colin has described above, i.e., something that covers all our gear worldwide and at replacement cost against all sorts of accidents and damages, while taking into account some commercial/business use.

I don't mind not carrying liability full time, and instead getting liability on a per instance basis as needed, but at least in case of Hill & Usher, the premium for their one-time liability coverage is almost equal to the incremental cost of having liability full-time on the policy!



Feb 11, 2014 at 05:25 AM
Mr Joe
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p.1 #6 · p.1 #6 · Suggestions for gear insurancxe (and liability)


I have TCP with $15k in gear coverage and $2 million liability for $500/year with a $500 deductible. It's going up to $523 this year. I found their responsiveness and customer service to be friendlier than Hill & Usher (when I first got quotes). I've referred at least 4-5 people to them over the last few years and everyone is happy as far as I know.
http://www.tcpinsurance.com/

Edited on Feb 13, 2014 at 06:58 PM · View previous versions



Feb 12, 2014 at 02:45 AM
Deezie
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p.1 #7 · p.1 #7 · Suggestions for gear insurancxe (and liability)


I've had Hartford as my insurer for that last ten years. Their rate is $500/yr, which seems to be in keeping with the average cost others have previously mentioned.


Feb 13, 2014 at 04:07 PM
cambyses
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p.1 #8 · p.1 #8 · Suggestions for gear insurancxe (and liability)


Deezie wrote:
I've had Hartford as my insurer for that last ten years. Their rate is $500/yr, which seems to be in keeping with the average cost others have previously mentioned.


If I am not mistaken, Hartford is the actual insurance carrier for Package Choice by Hill & Usher.



Feb 14, 2014 at 02:26 AM





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