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Archive 2014 · Photo Gear Insurance for a student/semi-pro?

  
 
Loren E
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p.1 #1 · p.1 #1 · Photo Gear Insurance for a student/semi-pro?


Hi all, I have spent hours searching threads around the internet and reading and doing research, but haven't found a good answer so thought I would make my own thread.

In the research I did, I found that photo gear insurance seems to fall into two main categories: 1) full professional business coverage, and 2) purely recreational coverage. Plans for pros are very expensive and include coverage for on-site liability (like if a wedding photog got sued by a bride who broke an ankle tripping on a light stand) as well as sometimes staff coverage. Plans for hobbyists, like inland marine policies, seem perfect for me with the big catch that if you make a claim and your provider can find record that you have ever used your gear to make money, even if you only sold a single photo one time, you can be completely denied coverage.

I am a student, not a full-time pro, so the cost of photo business coverage makes no sense for me - I would be paying too much to be covered for things that aren't even applicable to me. Paying for a personal inland marine policy on the other hand, though very reasonable in price, also seems like a poor investment since it could all be for nothing if a provider just googles my name and sees the "published" section on my website which clearly shows that I regularly sell images to various magazines.

So are there any in-between options I'm missing? I just want to be covered for gear theft and damage, both at home and while on assignment, at a reasonable price. I have a 5DmkIII and 7 L lenses that were all bought used from $700-$950. Factoring in tripods, expensive filters, hard drives, laptop, etc, I'm up around ten grand invested in gear. I want the piece of mind that if I am robbed while on assignment or my apartment is broken into, I'm not going to be financially devastated. It would also be nice to have incidental gear damage covered as well.

An inland marine policy really would be ideal if it weren't for the catch that I use my gear to make money. In no way can I justify paying $800 per year for a business policy, as my level of risk is not high enough to be paying close to 10% the value of all my gear each year in insurance. $300-$400 per year is what I would call a smart/justifiable investment in insurance for myself. Anyone have any leads on plans I hadn't looked into?

Thanks so much -Loren



Jul 24, 2014 at 05:33 PM
ggreene
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p.1 #2 · p.1 #2 · Photo Gear Insurance for a student/semi-pro?


Try PPA. They have insurance up to $15K. I'm not a member so I don't know any of the details but it sounds like something that would fit you.

PPA



Jul 24, 2014 at 05:48 PM
Jeff Donald
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p.1 #3 · p.1 #3 · Photo Gear Insurance for a student/semi-pro?


You might try any of the trade associations for photographers, like PMA mention above, and ASMP (sounds like you'd qualify) maybe NAPP or whatever Scott Kelby calls it now. I'm sure there are others that you might try.


Jul 24, 2014 at 07:20 PM
sivrajbm
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p.1 #4 · p.1 #4 · Photo Gear Insurance for a student/semi-pro?


Your $3-$400 policy may not replace your gear either once they see you made money also. I pay close to $1k a year for replacement coverage on over 80k in gear. Check out "The Package" from Hill & Usher it is under written by The Hartford. They might just have something in your price range that will give you peace of mind.


Jul 24, 2014 at 07:35 PM
skibum5
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p.1 #5 · p.1 #5 · Photo Gear Insurance for a student/semi-pro?


Loren E wrote:
Hi all, I have spent hours searching threads around the internet and reading and doing research, but haven't found a good answer so thought I would make my own thread.

In the research I did, I found that photo gear insurance seems to fall into two main categories: 1) full professional business coverage, and 2) purely recreational coverage. Plans for pros are very expensive and include coverage for on-site liability (like if a wedding photog got sued by a bride who broke an ankle tripping on a light stand) as well as sometimes staff coverage. Plans for hobbyists, like
...Show more

The whole pro vs non-pro thing doesn't really make sense in my mind. It seems to me like gear should be covered nomatter what, but stuff like a bride tripping or someone running into you or whatnot kidna stuff only if you got the pro policy. I'm not saying that is how it goes, but that is how it seems like it should go, especially if it is just the odd sale here and there and it's not like a PJ in the war (real or figurative).





Jul 24, 2014 at 07:58 PM
kezeka
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p.1 #6 · p.1 #6 · Photo Gear Insurance for a student/semi-pro?


I have an inland marine policy through statefarm (who handles my auto insurance as well). Works great and doesn't cost too much a year and covers me against anything that might happen to my equipment anywhere in the world EXCEPT for a terrorist attack or warzone - I am SOL in those situations apparently. Seriously though, you can accidentally drop a lens from a plane and never find it again and it will be covered.


Jul 24, 2014 at 08:07 PM
fgphoto
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p.1 #7 · p.1 #7 · Photo Gear Insurance for a student/semi-pro?


Professional policies offer a number of things that a rider to your homeowner policy does not.

Like kezeka said, "third world" coverage is a staple of most pro policies. What it means is that your gear is covered world wide. Most homeowner policies cover only loss in the US but if you had a loss in Canada or Mexico you would be out of luck.

Pro policies also cover damage to equipment, not just loss. That means that if TSA drops your 400mm f2.8, the insurance would pay to repair or replace it. Homeowner policies would not cover damage.

They also offer business liability and errors and omissions coverage that would not be a part of a homeowner policy. Lets say you shoot a photo and it ends up running in an ad or on a website. Someone in the photo objects and sues you... if you have a pro policy, you would have coverage to defend yourself. Even if you did nothing wrong, someone can sue you and you would be left with little choice but to hire an attorney and defend yourself.

Many business policies also have coverage for your archived work, negatives, prints, portfolios, etc. Depending upon the value of your archive, you can add to the coverage so that it is adequately protected.

Most good pro policies also offer additional damage and medical coverage. Example: You are doing an architectural shoot at a high end property and a studio light gets knocked over and is damaged in the fall, catching fire and burning an expensive rug. The homeowner in a panic runs over and tries to put out the fire and in the process gets burned on his hands. The policy would pay to replace or repair the rug and pay for the owner's ER visit/medical bills. This would also cover someone tripping over your tripod because they weren't paying attention, etc.

By knowing that you have the coverage to "make it right" with the homeowner by repairing or replacing the rug and covering their medical bills it would save you from having to pay those costs out of pocket or face the risk of them suing you for damages to their favorite rug that is just dripping with sentimental value, pain and suffering, PTSD, etc.

If you have gear worth protecting, it is probably worth having a real policy. ASMP, PPA, NPPA all offer policies through their membership.

Inland Marine, TCP Insurance, Firemans' Fund, and Taylor and Taylor are a few of the companies that write policies in the US. Currently I am with TCP, but had a policy with Taylor and Taylor for many years prior to switching.

Hope this helps.





Jul 25, 2014 at 09:30 AM
skibum5
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p.1 #8 · p.1 #8 · Photo Gear Insurance for a student/semi-pro?


fgphoto wrote:
Professional policies offer a number of things that a rider to your homeowner policy does not.

Like kezeka said, "third world" coverage is a staple of most pro policies. What it means is that your gear is covered world wide. Most homeowner policies cover only loss in the US but if you had a loss in Canada or Mexico you would be out of luck.

Pro policies also cover damage to equipment, not just loss. That means that if TSA drops your 400mm f2.8, the insurance would pay to repair or replace it. Homeowner policies would not cover damage.


There are many reasons to never attach to it to your car or homeowners insurance.

But you don't need a pro policy to avoid that or to get many of those other features that you mention. The State Farm Personal Articles policy covers entire universe, damage or loss for any reason and it has zero deductible. Toss your lens off a tree into a swamp and it's covered. A curious beaver eyes your new 1DX, bites it and runs off with it, it's covered. A Green Anaconda in the Amazon swallows your 1200mm f/5.6L, it's covered. Open the box to your new 300 2.8 IS in the store parking lot 30 seconds after purchase and accidentally have it flip out and smash to the pavement, it's covered (sadly I saw a video of this on youtube). Someone steals your original 18-55 nonUSM non-IS non-STM kit lens, it's covered.




They also offer business liability and errors and omissions coverage that would not be a part of a homeowner policy. Lets say you shoot a photo and it ends up running in an ad or on a website. Someone in the photo objects and sues you... if you have a pro policy, you would have coverage to defend yourself. Even if you did nothing wrong, someone can sue you and you would be left with little choice but to hire an attorney and defend yourself.

Many business policies also have coverage for your archived work, negatives, prints, portfolios, etc. Depending upon
...Show more

Yeah now that stuff is what the pro policies offer over regular policies.




Jul 25, 2014 at 01:17 PM
Tony B
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p.1 #9 · p.1 #9 · Photo Gear Insurance for a student/semi-pro?


My home policy covers me 24/7 worldwide. I choose the value I want to insure for. eg my 1DIII is insured for $5600 even though I could insure it for its current value of around $1500 & pay a cheaper premium. As premiums are a tax deduction premiums are of no consequence. Naming the valuable items for cover has the advantage of not attracting a $250 excess in the event of a claim. Recently my 70-200vii fell from my bag -whilst purchasing the 16-35 f4 L IS- damaging the IS system which has had to be replaced by Canon. The cost was my petrol driving to the Canon dealer to send to CPS & no questions asked.
Premiums are $70 per month for $20000 of named items plus another $10000 for items that attract a $250 excess fee.
Expensive?
I have already had a payout of over $20000 when all my gear was stolen 6 years ago + various repairs & replacements over the years.
Public liability is separate & purchased through a professional body for $150 & $30million cover.
So for the price of a bottle of wine a week I have no cares. Another advantage of the home policy is that on fully retiring it remains in place & I reduce the premiums if I so wish.
I make a telephone call send a quote & the bill is paid. I've even had a claim settled & lens replaced whilst standing at the counter of my Canon dealer.
Each to their own.



Jul 25, 2014 at 05:17 PM
skibum5
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p.1 #10 · p.1 #10 · Photo Gear Insurance for a student/semi-pro?


Tony B wrote:
My home policy covers me 24/7 worldwide. I choose the value I want to insure for. eg my 1DIII is insured for $5600 even though I could insure it for its current value of around $1500 & pay a cheaper premium. As premiums are a tax deduction premiums are of no consequence. Naming the valuable items for cover has the advantage of not attracting a $250 excess in the event of a claim. Recently my 70-200vii fell from my bag -whilst purchasing the 16-35 f4 L IS- damaging the IS system which has had to be replaced by Canon.
...Show more

I've heard bad stories about too many or even a single modestly large camera claim getting home owner's cancelled and then that leading to a real mess. Lots of agents try to talk you into attaching it to home owners, but most say to never do that. You are lucky that your company was cool and didn't do crazy thigns over the 20k payout.

Ah hmm just noticed that you are in Australia, it may be totally different there and perhaps it is safe to attach to home owners over there. In the U.S. I've heard bad tales though.





Jul 25, 2014 at 06:24 PM
Tony B
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p.1 #11 · p.1 #11 · Photo Gear Insurance for a student/semi-pro?


I'm sure it is. I have 3 cars, 2 houses, home contents & valuables insured with this company. Claiming is never a problem. Cars have one windscreen breakage allowance a year. When my car was broken into a window was smashed to gain entry. 2 days later I was parked & had another window smashed. Fortunately in that 2 day period I moved into another year so had both windows replaced free of charge fully expecting to have to pay for the second one. Tinted windows are very expensive especially if electrics are incorporated. As are electronic rear view mirrors.
I am a believer in insurance & Murphy's Law.



Jul 25, 2014 at 06:53 PM
tahoetoeknee
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p.1 #12 · p.1 #12 · Photo Gear Insurance for a student/semi-pro?


Anyone use PPA? Please give your thoughts...


Jul 25, 2014 at 08:27 PM
Loren E
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p.1 #13 · p.1 #13 · Photo Gear Insurance for a student/semi-pro?


Very curious about PPA experience as well. Those who mentioned Inland Marine probably didn't see the part of my post about how those plans won't cover you if you have ever made a dime off your gear, and I certainly don't need liability coverage as I don't do weddings or anything like that.

Anyone use PPA?



Jul 27, 2014 at 06:21 PM
SteveF
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p.1 #14 · p.1 #14 · Photo Gear Insurance for a student/semi-pro?


As mentioned, putting the gear on a homeowner's policy is just asking for trouble. At least in the US.

I've used Chubb through NANPA for several years and been quite happy with the costs and coverage.



Jul 27, 2014 at 08:14 PM
tahoetoeknee
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p.1 #15 · p.1 #15 · Photo Gear Insurance for a student/semi-pro?


bump


Jul 29, 2014 at 07:29 PM
BluesWest
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p.1 #16 · p.1 #16 · Photo Gear Insurance for a student/semi-pro?


I've used Chubb through NANPA for several years and been quite happy with the costs and coverage.

I've looked into getting insured through NANPA, but the yearly membership fee added to the yearly insurance premium seems to add up to about the same cost as a policy purchased directly from a broker. Is my arithmetic correct, or am I missing something about the advantages of getting insurance by joining NANPA?

John



Jul 29, 2014 at 10:58 PM
R.H. Johnson
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p.1 #17 · p.1 #17 · Photo Gear Insurance for a student/semi-pro?


i have Hill & Usher it is expensive $800.00+ per year covering almost $100k including studio equipmnet, computer data loss, computer hardware, identity theft, copy right protection, liability, ect. and a host of others. is it worth it i sure think so. i will find out soon enough when/if i make a claim because a cab driver drove off with my backup hard drive containing 10+ years of images leaving me standing by the road in Hua Hin, Thailand. some people have all the luck, s..t happens. & i hate Murphy.....


Jul 30, 2014 at 12:14 AM
gel685
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p.1 #18 · p.1 #18 · Photo Gear Insurance for a student/semi-pro?


Try your home owners or renter's insurance provider. AmFam covers my gear for about $8 annually per $1000 of value. No deductible either. It includes "mysterious disappearance", or my just losing it. I asked, "If i set up my camera on a tripod in the middle of a river and the tripod tips over, am I covered?" Reply, "No problem". I did, however, make a very detailed spreadsheet with model numbers, serial numbers, used and new values, and links to photos. My insurance agent has it so if something is lost, stolen, or damaged the claim is easy.--Eric.


Jul 30, 2014 at 07:30 AM
Gunzorro
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p.1 #19 · p.1 #19 · Photo Gear Insurance for a student/semi-pro?


In the late 80's I had a separate policy to cover my commercial camera gear, running around $400-500 per year, which I thought high at the time. After three years of no losses or claims, I re-evaluated the practicality of continuing the policy at that price (or higher, as I added more gear). For the cost of three years of unused insurance, I could have had several nice 35mm film cameras (maybe starting earlier into the EOS line), or a super new lens, or even a fine 4x5 lens upgrade.

I cancelled the policy and never bought another.

Today, the equivalent coverage with an expanded collection would probably run around $1000 per year in the US.

Since 1979, I've never damaged, lost/forgotten, or had stolen one piece of gear.

Do the math: 35 years times $600 per year = $21,000.

I find caution and preventive care to be the best insurance.

I'm not saying don't buy insurance. Just make sure it is an absolute need to conduct your business.



Jul 30, 2014 at 08:31 AM
Ralph Thompson
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p.1 #20 · p.1 #20 · Photo Gear Insurance for a student/semi-pro?


IMHO if you shoot ANY pro work at all, not having insurance is not an option. If you are a hobbyist and don't shoot as a pro, then a rider on your home owner's/ renters' policy may do the trick. If someone falls during a shoot, steals you gear with all the cards on the way home from a wedding..etc. you'll learn the hard way the insurance woulda, coulda, shoulda lesson. It's just a part of doing business part-time or full time. Even if you're a sports guy and get trucked on the sideline by a player, you'd be surprised by the possible litigation when the player gets hurt and turns out they were "a top pro/college" prospect.... I'm not the gambling type... I know many who are.... I know a guy who shoots youth sports and loads kids on risers. I asked him about insurance when he asked me to help on a shoot. "Oh my home owner's covers my gear".... I told him to get liability insurance before I'd work for him.... He was a part-time pro...


Jul 30, 2014 at 08:39 PM
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