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Archive 2017 · Camera Gear Appraisal for Insurance Purposes

  
 
Dustin Gent
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p.2 #1 · p.2 #1 · Camera Gear Appraisal for Insurance Purposes


when i was with progressive, they wanted the "appraisal" on a company letterhead.

So last summer Nikon replaced my D600 with a BRAND NEW, D610. Wasn't a refurb either. Anyways, i wanted to get it covered, and Progressive said i would have to get it appraised. I told them it was brand new, and emailed them the links to the same camera on Nikon site, BestBuy, B&H, etc. No dice. They wanted me to get an "appraisal".

I talked to a local shop, and explained this to him. This was his reply :

"Hi Dustin -

This sounds quite odd. I have dealt with insurance adjusters from most major companies and they have all been willing to accept a quote for replacement value. In some instances they will just pull that themselves from our website, or it times when they are sending a check directly to us we can just provide them with a quote from our system. It's not uncommon if a model is no longer available for them to call me to clarify what model is the direct replacement, or in cases of repair where we are speculating whether or not a model is beyond economical repair to find out my professional opinion.

You're welcome to forward them this information and see if a quote on replacement value would work, as those are quite easy to generate. If they're looking to get a depreciated value based on condition then KEH or eBay would be your best bets. The challenge with that is they would have to be willing to accept your own evaluation of the condition and operation of the gear, which it sounds like they may not be super willing to do.

I hope this helps."



Aug 17, 2017 at 10:29 AM
Vancouver47
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p.2 #2 · p.2 #2 · Camera Gear Appraisal for Insurance Purposes


Herb wrote:
About $100 per $10,000



Thanks Herb. Is that replacement cost at used value or new camera or equivalent camera if the model is discontinued?



Aug 17, 2017 at 11:12 AM
Herb
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p.2 #3 · p.2 #3 · Camera Gear Appraisal for Insurance Purposes


Stated value....so I set the values and pay the insurance based on the stated value.....I.e. I cut down the value of the 500 ver 1 to $4000. That is only enough to replace, not buy a her ver 11. If I wanted replacement then I believe my insurance would be higher.....I am already paying $900 a year for all the gear...take a look at my profile and you can see my gear.....

Vancouver47 wrote:
Thanks Herb. Is that replacement cost at used value or new camera or equivalent camera if the model is discontinued?




Aug 18, 2017 at 08:31 AM
molson
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p.2 #4 · p.2 #4 · Camera Gear Appraisal for Insurance Purposes


I went online to renew my policy with Front Row Insurance this morning, and noticed that they have recently revised their coverage to exclude theft from an unattended vehicle. Since this is probably my single biggest risk, I'm not sure it makes much sense to keep paying for the coverage any longer.


Jun 05, 2018 at 12:28 PM
Kathy White
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p.2 #5 · p.2 #5 · Camera Gear Appraisal for Insurance Purposes


I have Shelter Insurance, and they did not ask for anything, not receipts or appraisal.


Jun 05, 2018 at 03:57 PM
jcolwell
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p.2 #6 · p.2 #6 · Camera Gear Appraisal for Insurance Purposes


Kathy White wrote:
I have Shelter Insurance, and they did not ask for anything, not receipts or appraisal.


I expect they might ask for proof of ownership and of value when you file a claim.



Jun 05, 2018 at 04:32 PM
Rajan Parrikar
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p.2 #7 · p.2 #7 · Camera Gear Appraisal for Insurance Purposes


Chubb offer good coverage valid worldwide. You have to be a member of NANPA to participate in this plan.


Jun 05, 2018 at 04:54 PM
gdanmitchell
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p.2 #8 · p.2 #8 · Camera Gear Appraisal for Insurance Purposes


In general, I have heard of three options.

1. Add a rider to your homeowners or renters insurance. This is often not too expensive, though I have heard a few concerns. One is the potential effect on your homeowners/renters rates/coverage if you actually have to make a substantial claim. The other is the potential that the insurer may try to say you are a professional and thus not covered. I'd check these things really carefully.

2. I've been told that you can request something called by the improbable name of "inland marine" coverage for photographic equipment. I think this would be a separate policy than your homeowner/renter policy, and it affords more complete coverage.

3. Get "professional" photographer's coverage. I also have coverage through NANPA, though other organizations offer it, too. It is not cheap, but it is comprehensive.

If your equipment values is well into five figures, you probably don't want to skimp on coverage. If you ever have to make a claim you may wish you had gotten better insurance.

Good luck.

Dan



Jun 05, 2018 at 05:25 PM
garydavidjones
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p.2 #9 · p.2 #9 · Camera Gear Appraisal for Insurance Purposes


1) According to my retired attorney brother who dealt extensively
with insurance cases, the axiom is you only get insurance
for losses you CANNOT AFFORD. For example, my wife and
I have been on dozens of tours, cruises, etc. paid for in advance.
We almost always do not buy travel insurance because if
we cannot afford the loss, why are we going on the trip?
The exception is insurance for medical evacuation from
isolated areas like the Galapagos Islands.
On our last cruise we were reimbursed for all medical expenses
we paid in South America by our Kaiser medical program.

2) Theft from unattended vehicles is a serious
problem at Bosa Chica Ecological Preserve in Orange County,
California. Reportedly the local police no longer even investigate
such theft so it is a free-for-all smash and grab thieves. If no
insurance is available for such theft there, it is a wonder
why photographers still frequent the preserve. (It is reported
that thieves automatically smash the window(s) any vehicle
from they have seen someone take high-end camera/lenses.)




Jun 06, 2018 at 01:29 PM
bipock
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p.2 #10 · p.2 #10 · Camera Gear Appraisal for Insurance Purposes


I have my insurance through Farm Bureau on a business inland marine policy. You can put any value you want on the item (i.e., you could say that your 5D4 is worth $6000 if you wanted too). You policy cost will reflect that. However, if you ever had to have it replaced, they would only replace the actual cost of the camera. I insure everything at new value, even if I bought it used as that's how it will be replaced if available.

I send my agent a list of my gear with serial numbers, value and the link to the item at B&H or Adorama. Never had a problem.



Jun 06, 2018 at 02:29 PM
Andrew J
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p.2 #11 · p.2 #11 · Camera Gear Appraisal for Insurance Purposes


You always choose "replacement cost" coverage. Which makes appraisal pointless.


Jun 13, 2018 at 03:48 PM
djmoll
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p.2 #12 · p.2 #12 · Camera Gear Appraisal for Insurance Purposes


I have had a State Farm Personal Articles policy for years. I just renewed it for another year, paying about $160 for a year's coverage on $9000 of equipment. I am not a professional.

Unlike homeowners insurance, the Personal Articles policy covers damage, dropping, falling in the river, etc. (This is important to me because I do a lot of wilderness hiking and photography.) The Personal Articles Policy also has no deductible. Both homeowners and the personal articles cover theft.

I also like keeping my camera equipment insurance separate from my homeowners policy, since a claim is less likely to affect my homeowners premiums.

My policy is replacement or full repair. I give them prices from B&H for purchasing a new equivalent item, along with descriptions and serial numbers. They have never asked for an appraisal, receipts or photographs. If I set the value too high, they would simply give me a new item and I would lose the "over insured" value. If I set the value too low, they would give me only the insured value, and I would have to make up the difference.

Several years ago, I fell on some slippery steps, and my Canon 7D and Canon 10-22 USM lens were damaged. They had me go to a local camera store who sent both to Canon factory service. (They paid the camera store extra to use them as a third party handling the repair.) The quote for repairs was less than the value, so they simply paid for the repair. No questions. No complaining. No premium increase, No arguing. No request to get a second quote on the repair from a second-rate operation. They told me if the repair cost exceeded the new price of the equipment, they would have purchased new replacement equipment for me or just given me the equivalent in cash (so I could apply it to an upgrade).

My experience with State Farm and their Personal Articles Policy has been very good, including a claim for two items that resulted in a repair. Don't use it if you sell photographers or are a photography business. But it is great for a serious amateur.

I hope this helps those who are wondering about the State Farm option.

djmoll



Jun 13, 2018 at 09:35 PM
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