Stephen,
I put mine on a Schedule as part of my Homeowner's Policy, and it covers all risks.
I specify the value of the equipment, pay a premium based on that dollar value (about
$1.15 per $100 valuation) and if something should happen, I get reimbursed for that
dollar value. I provide the insurer with a spreadsheet of all my equipment and it's
current replacement value. Much of it was bought and can be replaced with used
equipment, so report the used value. If I want new equipment, I have to specify the
value of the new equipment, and pay a premium based on that. I pay the amateur rate,
the professional rate is about double. You have to earn a substantial portion of your
income to be considered pro, or at least hold yourself out to the public as working
for money. If you shoot for your own enjoyment, but occasionally someone is willing to
buy your efforts, you're still an amateur. Your agent should be able to provide you
with the carrier's definition of pro as it must be specifie!
d somewhere in the contract (policy). By necessity, insurance companies define all
terms.
One concern I have currently is how to insure my newest acquisition, an A* 600mm f5.6.
I paid $2400 used from KEH. I made certain it was covered during shipping by faxing
the receipt to my agent/broker as soon as the transaction was finalized. I pay a
premium based on the declared value of $2400, and if it should be broken or stolen, I
get reimbursed $2400. But it is not a lens one sees often on the used market, so I
might get the money, but not be able to replace my loss. BH still lists this old
lens, new, for about $5800. If I want replacement value, I have to pay a premium
based on this price, not what I paid. I suspect I will advise the agent of the new
price, and pay the additional premium on that, for the peace of mind.
Hope this adds some clarification. Much of this I learned from John Mustarde of this
list (John, are you still out there - we haven't heard from you in quite some time.)
-Original Message-
[mailto:[EMAIL PROTECTED]]On Behalf Of Stephen Moore
Sent: July 11, 2002 2:33 PM
Hello PDML --
May I get some feedback from the group on the ins and outs of
insuring one's equipment against damage and theft? (The archive
hits on the word insurance are mostly about shipping insurance.)
I've made some preliminary calls to agents, including the one who
handles my homeowner insurance. The first question they all ask
is, Is it for personal or business use? I don't know how to answer
this question truthfully.
I'm not a pro shooter, hope but never expect to be -- but if somebody
wants to buy a print, or offers me money to go shoot some event (and I
think I can handle it), I'm certainly not going to say no. Especially
with my racing stuff, when I'm at the track I tend to think of it as
shooting on spec, and the business part -- when it happens at all --
happens after the fact. So is the best strategy simply to lie to the
agent? ;-)
The extent of coverage also varied from company to company. Worst
case was the actual price paid for the specific covered item.
The rest would pay actual cash value of a comparable item, e.g.,
if I paid KEH $200 for a used item 4 years ago, and it now goes
for $300, it should be insured for the higher amount. So what
does one do in cases where the (used) item comes available
infrequently, seldom, or rarely?
How do *you* handle your equipment insurance? Are you happy with it,
have you gotten burned, and if so, how? All feedback and advice
appreciated.
Regards,
Stephen Moore
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