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Old 08-08-2012, 01:46 PM   #1
MolonLabe
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Insurance for your cameras and gear...

So I called my home owners ins today to find out what was and wasn't covered. First and foremost, the $1,000 deductible on the home owners policy would have to be met.

As things played out I quickly realized I'd need some coverage for taking out all this stuff, especially on a trip to the world.

The price breaks down to about $14 (per year) for every $1,000 insured, it covers everything and anything that could happen to the camera, lens, flash and accessories at a zero dollar deductible.

'Loss' includes, theft, mechanical failures and negligence. i.e. I drop the camera/lens/flash and it breaks.

For those of you with policies to cover your gear, does that sound similar to what you pay?

Thanks!
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Old 08-08-2012, 05:27 PM   #2
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I have a policy that goes with my homeowners insurance for my gear. $100 deductible and it runs me about $100 a year total, that works out to $10 per $1000. It covers me for everything from theft to dropping the camera in Kali River Rapids. This does not cover damage that happens when I'm using my equipment for business. Right now though I am not working enough to necessitate that kind of coverage.
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Old 08-08-2012, 06:51 PM   #3
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Thanks Danielle, I wonder if the more I add the less per 1k it goes.

I added on my PnS camera I valued at $450 and it was an extra 50 cents a month....

We'll see what happens in a few months when I figure out what lenses I want and add them on.

Like your policy, it doesn't cover loss for business related use, but I don't use a camera for anything business related.
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Old 08-08-2012, 07:58 PM   #4
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I can handle this one. This is what I do! Let me go through your choices!
The answers are determined by do you make money as a photographer.
If you do not make money from your work, your cameras are considered your personal property. The great news is it is covered anywhere in the world under your normal homeowners. ! The bad news is that this basic coverage does not cover dropage or breakage. You have named peril coverage. You do have theft coverage but coverage, depending on the form you choose may have a sub limit of coverage. Like $5000. You also have a deductible. The same as your other stuff.

The next level of coverage would be a personal inland marine schedule. This can either be a separate policy or an endorsement to your homeowners. You will give your company a list of your items, a schedule, which would include item, value and serial #. The rates will vary by company and state. There may be a deductible or not. Coverage would include dropage and breakage as well as theft and the other stuff. I would guess the rates would run between .95 per hundred of value and say $1.50. This policy may have a limiting endorsement on it to only cover equipment if not used commercially. A word of caution to those that make some money periodically. You may find yourself without coverage if you use this form and your stuff is stolen at a wedding you have been hired for.

The last is a commercial inland marine policy. The coverage will be almost the same as the one above. The rates will vary from say $1 per 100 to 3.50 per 100. You may also see a reducing rate as the values go up. This is truly for the commercial photographer. The rates reflect it. This is usually a separate policy but could be an endorsement to a larger policy. There will probably be a deductible depending on the values of the schedule. You may also be able to get some automatic rental coverage for stuff rented for a shoot. If you travel internationally, you will want to make sure you ask for international coverage. Yes it does cost more.

I have a good friend and client that has a commercial schedule purely because he has over 50k of stuff. His homeowner carrier considerd him a commercial risk even though he has never sold a thing.

The is a very quick and generic review of the types of coverage available. My stuff is on a personal policy and I do not schedule it all. I think my rate is $.97 per 100 with no deductible.

I am happy to answer any questions.
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Old 08-14-2012, 07:46 PM   #5
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Quote:
Originally Posted by YesDear View Post
I can handle this one. This is what I do! Let me go through your choices!
The answers are determined by do you make money as a photographer.
If you do not make money from your work, your cameras are considered your personal property. The great news is it is covered anywhere in the world under your normal homeowners. ! The bad news is that this basic coverage does not cover dropage or breakage. You have named peril coverage. You do have theft coverage but coverage, depending on the form you choose may have a sub limit of coverage. Like $5000. You also have a deductible. The same as your other stuff.

The next level of coverage would be a personal inland marine schedule. This can either be a separate policy or an endorsement to your homeowners. You will give your company a list of your items, a schedule, which would include item, value and serial #. The rates will vary by company and state. There may be a deductible or not. Coverage would include dropage and breakage as well as theft and the other stuff. I would guess the rates would run between .95 per hundred of value and say $1.50. This policy may have a limiting endorsement on it to only cover equipment if not used commercially. A word of caution to those that make some money periodically. You may find yourself without coverage if you use this form and your stuff is stolen at a wedding you have been hired for.

The last is a commercial inland marine policy. The coverage will be almost the same as the one above. The rates will vary from say $1 per 100 to 3.50 per 100. You may also see a reducing rate as the values go up. This is truly for the commercial photographer. The rates reflect it. This is usually a separate policy but could be an endorsement to a larger policy. There will probably be a deductible depending on the values of the schedule. You may also be able to get some automatic rental coverage for stuff rented for a shoot. If you travel internationally, you will want to make sure you ask for international coverage. Yes it does cost more.

I have a good friend and client that has a commercial schedule purely because he has over 50k of stuff. His homeowner carrier considerd him a commercial risk even though he has never sold a thing.

The is a very quick and generic review of the types of coverage available. My stuff is on a personal policy and I do not schedule it all. I think my rate is $.97 per 100 with no deductible.

I am happy to answer any questions.
Thanks for the info and i will shoot you some questions soon
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Old 08-15-2012, 12:26 AM   #6
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Thank you YesDear, I appreciate it!
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May 2014 cancelled due to FP+ debacle
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Old 08-19-2012, 09:20 PM   #7
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I also have my stuff insured on a seperate rider, dunno what I pay tbh, but I send them in new receipts and photos of my gear whenever I add a new peice of equipment... which reminds me I have to add my new DA* 55mm....

Thanks Yes Dear for the breakdown, my broker tells me I have what they used to call The Dummy Insurance plan, no matter what kind of stupid thing I do to my gear they will cover it!
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