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.
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.
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 your claim. They do the same thing with vehicles....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.
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.
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.
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.
p.1 #7 · Personal Article Insurance On My Camera Gear: The Fine Print
Al Trujillo wrote:
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."
The last time I asked my home insurance company about insuring my camera gear, the agent told me that often the first thing a claims adjuster will do is perform a Google search for your name, and if anything related to professional photography or publication of your photos comes up, your claim would be denied because you would be deemed a professional photographer (even if it was outside the policy term period).
Since then, I've always insured my camera gear through a company that specializes in photo and video production coverage - here in Canada, that's Front Row Insurance.
