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Personal Article Insurance On My Camera Gear: The Fine Print

  
 
Al Trujillo
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p.1 #1 · p.1 #1 · Personal Article Insurance On My Camera Gear: The Fine Print


The personal article policy on my camera and gear has two statements that read:

1. Cameras: "You agree that no camera used for pay during the policy term will be covered. This condition applies unless changed by endorsement and additional premium is paid at our current rates."

2. Loss Settlement Endorsement: "Any property we pay for or replaces becomes our property."

At first read (and second...third...etc.) I find these statement troubling. Do you have personal article policies on your camera gear and have you seen statements like this before?

The policy is held by State Farm.

I'm meeting with my insurance agent this morning to talk with her about the nature and intent of these statements.



Aug 03, 2023 at 10:00 AM
Adam Schallau
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p.1 #2 · p.1 #2 · Personal Article Insurance On My Camera Gear: The Fine Print


In my experience, both statements are common when insuring camera equipment. The insurance provider assumes there is a higher chance of damage or loss of camera gear when it's used for business (professional) purposes, and thus they would want to charge more for coverage.

Regarding the Loss Settlement Endorsement, if the insurance provider pays out for a replacement camera or lens, they will expect you to send them the damaged piece of gear. They may attempt to have it repaired or refurbished, and then they will resell it to cover some of the expense of what they covered in your claim. They do the same thing with vehicles.



Aug 03, 2023 at 12:48 PM
Al Trujillo
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p.1 #3 · p.1 #3 · Personal Article Insurance On My Camera Gear: The Fine Print




Adam Schallau wrote:
In my experience, both statements are common when insuring camera equipment. The insurance provider assumes there is a higher chance of damage or loss of camera gear when it's used for business (professional) purposes, and thus they would want to charge more for coverage.

Regarding the Loss Settlement Endorsement, if the insurance provider pays out for a replacement camera or lens, they will expect you to send them the damaged piece of gear. They may attempt to have it repaired or refurbished, and then they will resell it to cover some of the expense of what they covered in
...Show more

I left the agents office not long ago and she pretty much gave the same answers. Thanks for taking time to reply and confirm this information.



Aug 03, 2023 at 01:26 PM
 


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jlafferty
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p.1 #4 · p.1 #4 · Personal Article Insurance On My Camera Gear: The Fine Print


You have to carry a pro insurance policy on your gear if you intend to generate income from the gear. Umbrella rental or homeowner’s policies will not cover gear used in a professional environment. TCP, CNA, Hill & Usher are all pro policy companies. Depending on where you live and your coverage needs you’re looking at $700-1200 annually.


Aug 10, 2023 at 10:38 PM
bobby350z
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p.1 #5 · p.1 #5 · Personal Article Insurance On My Camera Gear: The Fine Print


Just an FYI. Even when you have a separate personal article for your camera gear and if you make a claim, that claim can be used by home owners to not give you insurance. I found this out 2 yrs ago when I tried to move from farmers to costco for my home insurance. My personal article policy is with state farm.


May 24, 2024 at 07:32 PM
sirimiri
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p.1 #6 · p.1 #6 · Personal Article Insurance On My Camera Gear: The Fine Print


To (probably) most insurers, a claim is a claim is a claim and that data becomes part of the risk assessment by a policyholder.
Even if you call to "casually ask" about something that happened and don't (yet) intend to "file a claim"...

...in the eyes of your insurer, you provided a data point and whether you call it such or not, it's now a claim.



Jun 14, 2024 at 03:45 PM







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