I recently realized, I had accumulated enough camera equipment to trade for a small house. I have been told to buy "idiot insurance" for when I drop the 500f4, or the 1D etc., etc., but where does one look for this specialized insurance? Or is it so specialized? Is it a homeowner's policy thing? Will that cover dropping the lens into the river? Do I need to search for insurance just for equipment?
Any expert or otherwise opinions or direction would be much appreciated.
When I started accumulating similar amounts of photo equipment I contacted my insurance company and asked the same question. They told my home policy covered all the camera equipment in or out of the house. I could drop it all in a river and it would be covered.
Your policy probably does the same thing, but it's worth a phone call to your agent to make certain.
Not quite, it will cover up to a certain limit. Then you have to schedule it, just like jewelery or high end electronics. Mine is scheduled down to my memory cards and it runs me about 100 per year.
2 m3 bodies
400, 70-200, 24-70 2.8
some other lenses gear bags strobes..ya da ya da
I went to my car insurance place since I dont have a house (no need for one I work as a contractor and live at my job) and they set me up with a commercial policy for like $130 a year to cover my 5D, all my lenses and memory cards and flashes and everything against theft, accidental damage, floods, fires, terrorism, etc.
That reminds me that I need to do that as well. By the "warp speed" of the digital camera development, it is kind of a PITA that you have to report any addition/changes to your gear .
Well I called my insurance agent this morning and he advised me to supply serial numbers, proofs (prooves?) of purchase and photographs of the equipment. He tells me it is covered if it is scheduled, but if all this info is not provided beforehand, the insurance people run claims through the "white glove treatment", as they have had a lot of false claims, and I might not be covered.
I just went through this when my last camera was stolen. My homeowners policy covered it, subject to my deductible. I upgraded my policy with a "Valuable personal property" rider that covers the cameras with no deductible and also covers accidental damage.
Other insurance companies may call it something else, but you can usually get full coverage for a fairly reasonable amount.
When I started out, I had all my gear covered under my household insurance. However, as soon as I started selling images, my gear was no longer classed as household items but as professional gear. The insurance guy said 'how many households have a 600mm?' and I saw his point. I upgraded the cover to a professional photography policy and now I can sleep soundly.
Note: I say 'upgraded' but in fact the level of cover is the same - it just costs more!
Wickedfn4u wrote:
Not quite, it will cover up to a certain limit. Then you have to schedule it, just like jewelery or high end electronics. Mine is scheduled down to my memory cards and it runs me about 100 per year.
2 m3 bodies
400, 70-200, 24-70 2.8
some other lenses gear bags strobes..ya da ya da
My homeowners policy has the option for a rider of the same type. Its very reasonably priced, but requires specific records. The trouble is that it cannot be used if you use the gear professionally and their definition of professional is that you have earned any money with the camera.
I've been looking at policies for business, and found Hill and Usher (through PPA) and a couple others mentioned on the Pro forum here and other sites. That is on my list of things to do in the new year.
Chrono1081 wrote:
I went to my car insurance place since I dont have a house (no need for one I work as a contractor and live at my job) and they set me up with a commercial policy for like $130 a year to cover my 5D, all my lenses and memory cards and flashes and everything against theft, accidental damage, floods, fires, terrorism, etc.
Chrono1081 could you elaborate a little more on your insurance company that covers camera gear, i just called a bunch of auto insurance companies including the one my car is insured by here in southern california and none of them will cover camera gear, i was hoping maybe you could tell me what company you were with.
PierreB makes a very valid point. If your gear is providing any income for you, it's no longer covered under your homeowners. I pay $350 a year for 15K worth of coverage. While loosing a single lens or body wouldn't be a big deal I'd hate to have to replace it all at once.
The flip-side is that one could argue that if you never have to make a claim you're out money.
I know my insurance calls it Valuable Personal Property insurance and covers everything...ie...theft, i drop it, floods, fire, yada yada yada....about 8k worth for about $150 a year. Peace of mind is priceless.
Quite a few folks use them. They bundle both an inland marine policy for your gear, as well as liability insurance in case you accidently cause damage/problems while photographing.
In insurance speak "idiot insurance" is called an "all losses" policy. The only way they can deny a claim is if (1) the loss did not infact occur, or (2) you caused the loss intentionally. Any loss caused by your negligence is fully covered.
Expect the policy to cost a lot.
Also, you need to prove your loss. So keeping receipts etc. is important.
Expect premiums to be between 1.5% and 2.0% of the value of equipment covered.
Homeowners' policies or renters' policies will cover some stuff automatically. But it's better to ask them for specific additional coverage (an addendum to your policy is called a "rider") for your gear. Ask what your deductible is on that gear, since many have zero deductibles.
Check whether the policy will pay depreciated value in case of loss, or if it will replace the actual lens or piece of gear. Obviously policies that depreciate are cheaper, because you'll get less money back in case of loss.
And remember... insurance is for the stuff you didn't plan to happen, and for the stuff you can't afford to lose! I got insurance in February, after the first time I was afraid to take new gear out to shoot in harsh environments because it was too expensive to damage. In August, I had my car broken into and $6,000 worth of gear removed. Bet your bottom I'm glad to have paid $150 in insurance premiums...
Some carriers don't require gear listings and serial numbers in advance (mine didn't). But give them that data anyway. It shows goodwill and reduces the chance that you'll get hassled on a claim; and it also insures against the possibility that you could lose the paperwork on something. Took me nearly two months to find all my receipts and manuals so I could submit my claim.
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