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Thread: Insurance ... how are people here handling this?

  1. #1
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    Insurance ... how are people here handling this?

    With my recent acquisition of a P30+ and Contax 645 system, I now have more camera gear in my house than I can afford to lose. Because I'm an amateur, I don't have access to any pro-oriented group policies, which means I need to either add a rider to my homeowner's policy or find a separate policy that covers just my camera gear. How are people here who are similarly situated handling this? Acquiring minds need to know!

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    Senior Member bradhusick's Avatar
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    Re: Insurance ... how are people here handling this?

    I added a rider to my homeowner policy. It covers all my photo gear. I didn't need to individually itemize, just insure a total dollar amount. I have Fireman's Fund.

  3. #3
    sblutter
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    Re: Insurance ... how are people here handling this?

    I got an itemized policy - gave them receipts for everything from the last 3 yrs and documented all the old stuff in pics.

    $40,000 in equip - cost, about $300/year - State Farm, same people that I have home, car and umbrella policies with

    Main thing, all the newer stuff is insured at replacement value, not current used prices.

    Lots of Leica / Canon stuff - I travel a lot

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    Re: Insurance ... how are people here handling this?

    Sounds like a GetDPI Group Policy opportunity ... hint, hint, Guy and Jack ...

    Here is a cautionary tale ...

    First off, I have a bias based on experience ... I think insurance is how the Mob went legit ... and if the trail were followed back, it'd end at Lucky Luciano and Meyer Lansky If not for lobbyists, I think some of these insurance schemes would be deemed "Racketeering".

    I had a rider on my home owners policy which was called "All Inclusive" ... it wasn't all inclusive in the way it implies.

    If you do landscape photography and sell anything ... and I mean anything, even one print, then it requires a business policy. I once made a claim for damage while shooting a FREE wedding for a friend ... but because I was in that part-time business, and the friend paid my expenses, the claim was denied. Only personal use is covered by homeowners policies. Even my insurance agent didn't know that about my so called "All Inclusive" policy ... it was buried in 6 point type in the 20 page insurance document that no one reads.

    If you have a business policy and use your gear on vacation or to shoot your kid's birthday, any loss claim can be denied because it wasn't for business. A pro friend of mine was robbed of his Nikon kit at gun point while on vacation, and his claim was denied because he wasn't working.

    Insurance companies are very sweet and accommodating when selling you a policy, yet often vague as to all the possible claim scenarios, saying that is the claim adjuster's area of expertise ... an expert you get to talk to only when you make a claim. IMO, their job is to somehow find a way to deny the claim. It goes from sweet and accommodating, to grilling you like you are a criminal intent on fraud. A few bad people makes it hard for all the rest of us honest citizens. I have had a majority of claims denied over the years based on a 6 point technicality. Some pretty shaky in logic, but denied anyway. You can appeal, but then you are in for quite a ride. The burden then shifts to you, not the insurance company.

    IMO, camera equipment coverage should be very specific, even if the policy doesn't require that it all be line listed with model designations and serial numbers. Double check that they get the descriptions exactly as you list them ... twice I've found incorrect listings which would have led to a lesser value if I had made a claim.

    Don't assume that a blanket policy for personal liability will cover all accidents involving your gear (dropping a camera on a person, or tipping a tripod over on someone). I have 2 liability policies ... one personal and the other business.

    Paranoid? Perhaps ... but better safe than sorry when the time ever comes to make a claim.

    -Marc

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    Re: Insurance ... how are people here handling this?

    Thanks for the input! Obviously, there is much to ponder here...

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    tetsrfun
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    Re: Insurance ... how are people here handling this?

    Paranoid? Perhaps ... but better safe than sorry when the time ever comes to make a claim.
    ******
    Another paranoid thought: is making a claim and then having a "claims history" and what effect that will have on other insurance premiums.

    Steve

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    Senior Member kdphotography's Avatar
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    Re: Insurance ... how are people here handling this?

    Quote Originally Posted by fotografz View Post
    .... I have 2 liability policies ... one personal and the other business.

    Paranoid? Perhaps ... but better safe than sorry when the time ever comes to make a claim.

    -Marc
    Not paranoid at all. Just a common experience in the industry.....

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    Re: Insurance ... how are people here handling this?

    Another comment to add support to Marc's comment above.

    To the credit of my homeowners' insurance agent, I was told in advance that a rider on my gear would not cover any of it if I engaged in ANY type of business with it – even simply licensing an image for use by someone else, etc. Since I sell some prints and license some images, though it is nowhere near a "real business'" scale, I was informed that any claim would be denied.

    One can look into the costs of joining certain industry organizations for the purpose of gaining access to insurance. Alternatively, be sure to disclose to your homeowners' insurance agent that you may do some business from time to time, so that he/she can quote a policy that will cover you. Then the onus is on him for providing coverage and s/he is responsible for errors and omissions, not you.

  9. #9
    richard.torres
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    Re: Insurance ... how are people here handling this?

    I customize my home insurance policy for any additional equipment I might need to add. It works for me.
    Last edited by Bob; 2nd April 2014 at 06:32.

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    Re: Insurance ... how are people here handling this?

    One area that has been mentioned is how a claim impacts your future insurability. We have two homes and insure with Chubb..generally a good reputation for handling claims. Any claim made against any policy counts as a "strike against you" regardless of size .

    In Florida where many insurance companies have left due to hurricane coverage issues ..if you have two claims within 7 years .your policies are reviewed and you can be dropped. If you are dropped ..you can t get insurance at normal rates.

    Any personal claim (made on a policy in your name counts and is recorded in a database shared by the insurance companies).

    You also need to keep in mind that most mortgages require that you keep the property insured ...so if you become "special" in a bad way you have to buy insurance at 5-6 times what you are paying today.

    You get one free pass with a homeowners policy every 7 years. Make one claim and you might as well stop paying for the personal articles policy since you can t afford to make a 2nd claim.

    This varies by area and Florida is clearly a terrible example but you need to ask about how a claim might affect your insurability. I got it in writing from Chubb that a 2nd claim would not cause a cancellation.

    Push for a clarification in writing of any critical assumption.

    Marc is correct that you have to wonder how companies can sell insurance where you have no practical way of collecting and the first position on many claims is just to deny them.

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    Re: Insurance ... how are people here handling this?

    Well I can tell you that insurance is very important ;-) Especially if you plan to drop something like a P65

    I chose a special film and camera insurance here in Germany, and while it is not very cheap at around 1000EUR a year (insurance value is 65.000EUR), it covers everything.

    When I droped my P65 last year and after I got the repair bill over 5.xxx EUR I just sent them the bill and had the money back two days later. In addition, I know a photographer how managed to kill is hassi, by dropping it into a river and yes they covered for the full 27k value.

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    Re: Insurance ... how are people here handling this?

    Quote Originally Posted by Christopher View Post
    I chose a special film and camera insurance here in Germany, and while it is not very cheap at around 1000EUR a year (insurance value is 65.000EUR), it covers everything.
    "Fairsicherungsladen" in Freibug?

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    Re: Insurance ... how are people here handling this?

    In the USA, look at http://www.tcpinsurance.com/
    Last edited by Bob; 2nd April 2014 at 06:34.

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    Re: Insurance ... how are people here handling this?

    I tried TCP and was quoted over $1000/yr. Have to keep looking...
    Carlos Echenique | Carlos Echenique Photography |Olympus OM-D E-M1 MK II | Olympus Pen-F - M.Zuiko 17mm f/1.8, M.Zuiko 25mm f/1.8, M.Zuiko 45mm f/1.8, Rokinon 12mm f/2 NCS, M.Zuiko 75mm f/1.8, M.Zuiko 12-40mm f/2.8 PRO, M.Zuiko 40-150mm f/2.8 PRO

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