Insurance coverage for photo equipment

pathfinder

Not really sure which thread this belongs in - Insurance is not the most exciting topic in the world, but for those with substantial sums in their equipment, it would be nice to understand some of the options for insuring against loss, theft or damage whether at home or travelling in the USA or the world.

SO - do any of the pros here carry specific insurance coverage for their cameras and lenses? Any suggestions as to vendors or policies?

JimM

While I am not a "pro", I do insure my equipment as a "rider" (I think) on my home owners policy. I believe I am paying something like $20/yr and the coverage is incredible... there is either a $100 or $0 deductable and it covers loss, theft, and breakage... Yes I said breakage!!! I have not had to file any claims, so I am not sure sure how they can offer breakage for this price. To get the insurance, I just had to provide receipts for my equipment.

This is the same type of Rider or umbrella that I have my wife's wedding ring insured under.

John Mueller

Im not a Pro,but I insure all my equipment under a personal property policy.
Gulp,the last time I looked I was insured for over $17,000 in camera gear.
It cost approx $200.00 per year.Loss,theft,damaged

JimM

I should mention that I am insuring approx. $2,000 in equip.

pathfinder

John Mueller wrote:

Im not a Pro,but I insure all my equipment under a personal property policy.
Gulp,the last time I looked I was insured for over $17,000 in camera gear.
It cost approx $200.00 per year.Loss,theft,damaged

Just like I said - if there is a substantial sum involved in the worth of your gear - and you certainly qualify, John, then insurance seems like agood idea. I will speak to my homeonwers policy agent and see, but I wonder if amounts of $17k may NOT be covered in a standard homeowners policy.

Can you tell us the name of your "personal property policy" or is this like a homeowners insurance for apartment dwellers? I used to have something by that name when I lived in an apartment as opposed to a home.

I just wonder for these kind of amounts, if we need a more formal business equipment style insurance or if our homeowners is sufficient.

patch29

I have two policies, one for my equipment and one for liability.

The equipment policy is an inland/marine policy and covers my gear under just about anything, not a lawyer but that is how I understand it. I also believe it is worded as replacement cost, so I don't fight depreciation.


The liability policy covers a certain amount of equipment that stays in the office, so that covers my G5, monitor, printers, etc.

I use The Hartford. I had a friend who made a claim through them and they were very good and quick about replacing his gear. I believe they bought the gear and did not just cut a check, but he got all new gear for stuff that was very well used. That was about nine years ago, but I think they would still handle a claim the same way.

patch29

pathfinder wrote:

I just wonder for these kind of amounts, if we need a more formal business equipment style insurance or if our homeowners is sufficient.

The question will be do you make any income with that equipment. If you do and have a personal policy I think they could have grounds not to pay.

When I first started my business I did add it on to a homeowner's or renter's policy (can't remember which), but it was done in a way to denote that it was business equipment and cost more. I think I did it through State Farm. It has been a long time since I did that. Just ask if they can cover business equipment and give you replacement value or cost. I don't know how they word all that stuff.

JimM

I believe Patch is correct. They asked if I was using it as a business. In my case I am not (or at least haven't yet).

gus

Over here im in the same situation as Patch. They will drop you if you are using the gear to make money....they do not say how much money so if you ever sell just one print & they can prove it then you are duckshit.

I am atm in the process of looking for another insurer as i have only recently found out that my camera/lenses are not fully covered. I am in just as much danger of dropping a lens onto surf rocks than a fire/thieft so i want a policy that exists outside the house also.

Any 0zzies know of one ?

T(h)orsten

Camera insurance cover - Australia
Humungus,

I was looking into this some time ago here in Oz. If you hav a "home & content insurance", you normally can include your gear for coverage even for outside home by "declaring". Normaly you need to provide serial numbers and/ or receipts.

if you don't use "home & content", the exercise becomes very expensive in Oz. I checked with a few insurance brokers and for 5,000 A$ cover of camera gear you pay approx. 500 A$ a year. I got the same story as with camera equipment: Small market, far away, not very much competition ... Anyway, I only checked for hobby/ personal use.

I decided just to buy insurance when travelling and take the risk at home. Travel insurances are relatively cheap and theft risk is higher when on the road.

What insurance are you using now? Is it a good cover for "hobby use"? If you know a good deal, pls let me know.

Thanks,
Thorsten

gus

Thanks thorston...i have only got your 'meat & 3 veg' cover for my gear under my home contents atm.

I actually leave a decoy ie...my old AE1 & some old moldy tamron teles & wides etc beside my tripod (its where they sit) & my good stuff is always kept in a cupboard that looks really boring inside (wifes 20 year old wedding dress..man im in the crap if she reads this !!). Just maybe that will work in a thieft.

John Mueller

pathfinder wrote:

Just like I said - if there is a substantial sum involved in the worth of your gear - and you certainly qualify, John, then insurance seems like agood idea. I will speak to my homeonwers policy agent and see, but I wonder if amounts of $17k may NOT be covered in a standard homeowners policy.

Can you tell us the name of your "personal property policy" or is this like a homeowners insurance for apartment dwellers? I used to have something by that name when I lived in an apartment as opposed to a home.

I just wonder for these kind of amounts, if we need a more formal business equipment style insurance or if our homeowners is sufficient.

I think its called "personal effects" not positive and its through State Farm.
My agent has asked me if I do this as a professinal.Some day perhaps and Im sure the policy would change to a inland marine.

JimM

I think the key is being honest with the agent. Yes I take photos, sometimes I make some money from them, but this is not a profession, more of hobby and the revenue that comes in just supports more equipment.

spider-t

Tcp
I read a recommendation for Tom C. Pickard Photographers Commercial Insurance and got a quote for myself.

http://www.groupinsure.com/

They cover your computer, camera, and loaner equipment and your liability. Like if someone trips over your power cord. And a bunch of other stuff. I haven't finished reading the quote yet.

It was $500/year

-Trish

JimM

For how much in equipment coverage?

patch29

You can also join an organization like PPA and they will offer insurance for gear and more.

ian408

I have been considering the same. And I have heard a couple of different
theories on coverage. One says go the homeowner policy as a rider to
whatever you have today. Yet another says a specialty policy for the
camera gear and additionaly liabiltiy is the way to go--Something like the
various bits TCP & Co. offer.

Since I don't shoot commercially, I figure why bother. But then again, you
never know. With an investment like many of us have, you might end up
classified as a "pro" whether you are or not.

Patch, any opinions here?

robscomputer

For my computers, camera and other expensive gear I use a personal articles coverage policy from State Farm. It's really cheap, $10 per $1000 covered and covers almost everything expect for failure from wear and tear.

This past summer I tested the policy when my Dad accidently dropped my G3 on a hiking trip. Called my agent when I got home and they said to report the loss to the personal articles department. Once I got connected to the right department they said the need a written letter with the amount of the repair from any shop. Depending if the repair is more than a new camera, they will either send you a check for that amount or a similar camera.

Since the G3 cost about $200 to fix I took the money and used it towards a new digital camera. After I faxed the repair quote, got the check a week later. Not bad service and will continue to use their coverage.

I should note that while they will cover very expensive lenses, this policy is not for commerical/professional photographers.

Rob

patch29

ian408 wrote:

Since I don't shoot commercially, I figure why bother. But then again, you
never know. With an investment like many of us have, you might end up
classified as a "pro" whether you are or not.

Patch, any opinions here?

I would always lean towards the side of caution, which would be getting a commercial inland/marine policy, especially if you have a lot of gear. The extra cost, might not be that much, but the coverage will be worth it if you need it, better safe than sorry.

Rohirrim

I just insured my stuff with State Farm as well. It is a specialty policy for Cameras. Covers everything from loss, theft, accidental damage.

Cost was $1.62 per $100. When I realized I had over $10,000 in equipment I felt the ~$160 per year was well worth the peace of mind. This is for a Non-Pro policy.