I also have a policy from Inland Marine through Traveler's Insurance (I write the check to Traveler's).
It is a Commercial Policy titled "Store Pac" Portrait Studio. It has commercial liability coverage and some structure coverage which is a nominal fee in order to get to the gear coverage which is comprehensive.
Gear coverage consists of a blanket amount you set for all items individually valued less than $6,000 with a $500 deductible per item, and mandatory listing of scheduled items valued over $6,000 with no deductible (almost anything for the Leica S system).
Appraisal of scheduled items was not required. You set the replacement value, provide a product description and include the serial number of each item. The value you set is the basis of the premium paid. That way, you can determine if you want to list a new replacement value or a used price replacement value. For example, I list new replacement for some Leica S lenses, and used for others, or in the case of the CS70/2.5 I don't schedule it at all because I can get a replacement for less than $6,000.
I got this policy through my insurance agent who handles all of our home, auto and personal liability coverage. This policy is NOT linked to our personal coverage, and is done through the Agency's Commercial division.
To date I have not had to make a claim on this policy, so cannot speak to that process or how easy/hard it may be. I trust my long time agent to pick reliable and responsible carriers for us.
:bugeyes:
WARNING::bugeyes:
A Home Owner's rider will not cover any claim if there is any form of compensation or intent of compensation involved. A Commercial Policy will not cover any claim if the gear was used for non-commercial reasons (like a vacation).
Claim adjusters WILL ferret out exactly what you were doing when the loss happened. Trust me on this. Contrary to all the warm and fuzzy TV commercials designed to lull you into trusting them, most Claims Adjusters are paid based on how much they can save an Insurance Company in claims paid.:thumbdown:
IMO, if you peeled the onion on the origins of the insurance industry, at the core you'd find the Mafia … Luciano Inc. being the holding company.
- Marc