Insuring your gear ...

[Wayne Fox]

Sorry if this is the wrong forum, and if it's been discussed before please point me in the right direction ... couldn't find anything on search.

The reason I posted here is the typical MF shooter's insurance needs are far different than most other photographers because of the possible investment in gear. When I travel, I'm over 50k of value and if in my car I might be closer to 100k.

This weekend a slip of the camera (hint, even though your phase one L bracket is square, make sure you mount the camera with the lens at 90 degrees to the bracket. The L brackets are not perfectly square, and the extra weight let my camera slip out while holding it on my shoulder, something I have done for 30 years without a problem.Fortunately the 75-150zoom lens hood took most of the damage, the lens itself needs some work, things just not turning correclty, but I can't find any damage to the body and the IQ180 has only 1 little tiny mark on the edge below the power button. Everything works just fine. I got sort of lucky this time)

Anyway, the thought of getting coverage for this occurred to me, not just theft but accidental damage. Is it feasible, or is it just too expensive? I know most homeowners won't cover it unless you add a rider, and usually it's priced OK until you start getting values like we see with MFDB.

 

[Christopher]

I pay around 1100eurs, per year here in Germany. This gives me 65k coverage when traveling. It covers everything from theft, to lost baggae over dropping stuff in the river. When I dropped my p65 two years ago, while I thought I had closed all zippers on my backpack. The cost was around 6000eurs. After I sent them the invoice I had the money 5 days later.

 

[jeffacme]

Sorry to hear about the mishap.

I have been through several companies in the past but now am very happy with Travellers. They have a full package for photographers that is under 1K per year and covers general liability and 150k in equipment, replacement cost, in studio, on location, and in transit. Since I also do allot of locations, models etc I added a large umbrella policy over the top. Just a few hundred for 6 million in coverage.

Travel outside North America requires a separate and very expensive policy. The least expensive I have found is roughly 10% of the gear value and has a one year term.

 

[vjbelle]

I have been insured with State Farm for many years and have a personal articles policy which covers items from jewelry to cameras. The policy covers theft, accidents or loss of any kind on a complete replacement basis. $70,000.00 of coverage runs me about $750.00 per year. For me its worth every penny.

 

[Giorgio]

http://www.tcpinsurance.com/

Give these people a try, they have provided insurance to many working pros for many years. I recommend them, I use them.

 

[Guy Mancuso]

Sorry to hear about the mishap.

I have been through several companies in the past but now am very happy with Travellers. They have a full package for photographers that is under 1K per year and covers general liability and 150k in equipment, replacement cost, in studio, on location, and in transit. Since I also do allot of locations, models etc I added a large umbrella policy over the top. Just a few hundred for 6 million in coverage.

Travel outside North America requires a separate and very expensive policy. The least expensive I have found is roughly 10% of the gear value and has a one year term.

Mine is with Hill and Usher but underwritten by Travelers. I think I pay about 1200 per year. Covers everything and computers too

 

[jecxz]

http://www.tcpinsurance.com/

Give these people a try, they have provided insurance to many working pros for many years. I recommend them, I use them.

Wayne, I'm with tcp too for over $100K of gear. I found too many faults in the small print of the home owners. It's worth the peace of mind.

Kind regards,
Derek Jecxz
www.jecxz.com

 

[cs750]

I agree with Derek that often there are too many faults in the small print of the home owner's policy. There is a policy that is written by Fireman’s Fund/Allianz specifically designed for APA members. This policy provides worldwide, replacement cost coverage with a deductible as loss as $250 per claim. If you are an APA member, you may purchase an annual policy for $45,000 in equipment at a premium of $408. If not a member, the annual premium is $816. I joined the APA as an affiliate member for $125 per year and qualified for the $408 annual rate. You can contact [email protected] who is one of the agents working the APA Insurance program.
Charles

 

[Jack]

I have a State Farm Personal Articles policy for my wife's jewelry and my camera gear. It is is all-risk coverage, covers accidental damage as well as theft, and they pay up to your stated value to repair or replace the item. I only put my really expensive, most fragile camera items on it though.

 

[Terry]

I have a State Farm Personal Articles policy for my wife's jewelry and my camera gear. It is is all-risk coverage, covers accidental damage as well as theft, and they pay up to your stated value to repair or replace the item. I only put my really expensive, most fragile camera items on it though.

Ditto on the camera bits...but I should add some jewelry to the policy.

 

[jecxz]

I agree with Derek that often there are too many faults in the small print of the home owner's policy. There is a policy that is written by Fireman’s Fund/Allianz specifically designed for APA members. This policy provides worldwide, replacement cost coverage with a deductible as loss as $250 per claim. If you are an APA member, you may purchase an annual policy for $45,000 in equipment at a premium of $408. If not a member, the annual premium is $816. I joined the APA as an affiliate member for $125 per year and qualified for the $408 annual rate. You can contact [email protected] who is one of the agents working the APA Insurance program.
Charles

Yes, mine too is the Fireman's Fund. Very good policy, specifically geared for photographers. I'm paying about $1200 for ~$100K (plus other stuff). I did not need to be a member though.

I cannot stress enough about a policy's fine print; prior to Fireman's I was on Traveller's home owner rider policy for the gear and after extensive policy reading I confirmed with the broker that the policy only covered loss if it occurred on premise (that's not good for a landscape photographer)! Mind you this was a rider and may not be the case with every policy. If you sell your work they may also claim you should have had a business policy, etc...

It truly is buyer beware with insurance; you never know an insurance company unless you've been through a claim with them.

Kind regards,
Derek

 

[jecxz]

For those who are covering their camera equipment with a homeowners personal articles policy or rider (State Farm or otherwise), I'd advise reading the fine print carefully to make sure the exclusions don't come back to bite you in the rear. Homeowners policies (including State Farm) typically exclude ANY commercial use, and don't cover all perils. I've used State Farm for homeowners, auto, liability, personal articles (jewelry) all my adult life, but do not use them for camera equipment insurance. I'm just sayin'.

Exactly! Joe said it much better than I did. Thanks Joe.

Kind regards,
Derek

 

[cs750]

We can't emphasize too much the need to read and study your policy! Joe's comment about exclusions relating to commercial use coming back to bite you in the rear is very important. The fact your local agent who you may have dealt with for years says you are covered...is not good enough! Your agent's assertions do not eliminate the specific exclusions contained in the policy. Study your policy! Charles

 

[fotografz]

A word of warning: Home owners riders must be investigated very carefully... even so called "all inclusive" policies, and even if the selling agent says it covers anything. The selling agent is NOT who determines payout, a claims adjuster does.

IF you earn any money with your insured gear, including selling prints, any claim can be denied as being a business tool. I actually had that happen to me, I was shooting a wedding for a friend for just expenses, and dropped a V camera with back. Homeowners rider scheduled items claim denied from Chubb because of professional usage.

Conversely, if you have a business policy and have an issue while using the gear for personal pleasure, they can deny the claim. A pro friend was on vacation in Jamaica, was robbed at gun point and lost his Nikon and lenses ... claim denied because it wasn't being used for business.

I still suspect that if you peeled the onion on the background of these insurance companies, you'd find Lucky Luciano and Meyer Lanskey as founding fathers

I now have Travelers/Fireman's Fund business policy for "Portrait Studio." $95,000. broad gear coverage with a $500. deductable that covers any item under $6,000. (lighting, computers, 35mm DSLR kits, specific lenses, accessories, etc.). Plus scheduled items for each over $6,000, totaling $85K (mostly H4D and S2 stuff + M9s), with no deductable; plus $2 million liability ... the premium is about $1,200 a year.

Buyer Beware!

-Marc

 

[Guy Mancuso]

I still suspect that if you peeled the onion on the background of these insurance companies, you'd find Lucky Luciano and Meyer Lanskey as founding fathers.

Careful they are my cousins. LOL

 

[Jack]

A personal articles policy is a separate policy form a Homeowners policy, and at least State Farm has camera rates for both amateur and professional uses -- cannot speak to the others. However, it appears that other professional rates may be cheaper, so certainly worth investigating!

 

[Mike M]

A word of warning: Home owners riders must be investigated very carefully... even so called "all inclusive" policies, and even if the selling agent says it covers anything. The selling agent is NOT who determines payout, a claims adjuster does.

IF you earn any money with your insured gear, including selling prints, any claim can be denied as being a business tool. I actually had that happen to me, I was shooting a wedding for a friend for just expenses, and dropped a V camera with back. Homeowners rider scheduled items claim denied from Chubb because of professional usage.

Conversely, if you have a business policy and have an issue while using the gear for personal pleasure, they can deny the claim. A pro friend was on vacation in Jamaica, was robbed at gun point and lost his Nikon and lenses ... claim denied because it wasn't being used for business.

I still suspect that if you peeled the onion on the background of these insurance companies, you'd find Lucky Luciano and Meyer Lanskey as founding fathers

I now have Travelers/Fireman's Fund business policy for "Portrait Studio." $95,000. broad gear coverage with a $500. deductable that covers any item under $6,000. (lighting, computers, 35mm DSLR kits, specific lenses, accessories, etc.). Plus scheduled items for each over $6,000, totaling $85K (mostly H4D and S2 stuff + M9s), with no deductable; plus $2 million liability ... the premium is about $1,200 a year.

Buyer Beware!

-Marc

excellent post - It's exactly what this thread needed

 

[Diane B]

For those who are covering their camera equipment with a homeowners personal articles policy or rider (State Farm or otherwise), I'd advise reading the fine print carefully to make sure the exclusions don't come back to bite you in the rear. Homeowners policies (including State Farm) typically exclude ANY commercial use, and don't cover all perils. I've used State Farm for homeowners, auto, liability, personal articles (jewelry) all my adult life, but do not use them for camera equipment insurance. I'm just sayin'.

Yes, when I was shooting commercially and not even full time but with a lot more gear than I have now my State Farm rep explained I needed a separate policy. The other important thing to do is to keep it up to date, making sure they have a hard copy of any changes.

 

[Wayne Fox]

Thanks for all the comments. Making some calls this morning.

 

[Guy Mancuso]

Wayne put it under Pixels Foto and frame get a commercial package