Camera Insurance

[CavalierLady]

Hi Folks,

I know that insurance has been discussed here before. I searched some of the threads here, and looked at some other forums. It has been said that some companies, like State Farm, or your local home owner's insurance, will actually ~drop~ your home owner's insurance if you have two or three claims within a certain period of time, and then you won't be able to get a major insurance company to insure your home for three years. My insurance agent told me any company will do that.

My home owner's insurance company does not offer a separate floater or all all risk floater or inland marine policy. It would be added to my home owner's insurance, all receipts have to be provided, and there is a deductible. I checked into a commercial policy, even though I am not in business. I have read that one ought to expect somewhere around 1.50 to 2.00 per hundred for personal and perhaps 2.50 to 2.75 per hundred for a commercial policy. But I was most surprised to get H&U's quote for 569 per year! And this was supposedly the cheapest commercial policy they could offer (general liability and other commercial interests were included). I was reading on the photo.net forum that they offer a policy for subscribers to their site. Do anyone have any experience with their plan? It looked feasible, affordable, and general liability could be left off if not needed.

I really don't want to risk my home owner's insurance if my gear is stolen or if I were to drop camera and lens (shudder!). Commercial would be nice, but that price is cost prohibitive for me. Does anyone know of any other companies a decent policy? Does it need to be someone licensed (?) to offer insure Texas residents (if the company is in another state) or should one look for a company that deals specifically with Texas residents? I sat down and added up all my purchases over the last year, and I really need to find a good but affordable policy.

Thanks for your time,
Maria

[johnastovall]

I use what's called an "Inland Marine" or "Personal Articles policy." It has no dedectiable and is 1.37 per hundred. I get it from State Farm.

[Pascal]

I use TCP to insure my gear. You can set the deductable and insure for the amount you choose. Covers everything from rain damage to theft to accidentally dropping your SLR into the ocean (and yes - that has happened :) )

Seems like quite a few professionals use them as well. Just have to provide them with the gear list, serial number, and the value you want each item insured for.

http://www.groupinsure.com/

Contact info:
Tom C. Pickard & Co., Inc.
(800) 726 3701

[CobyPhoto]

I didn't go with H & U as their Deductible for All Risk Equipment Floater, is 1,000.00 per incident. That is a little useless as alot of lenses and such are less than or slightly more than that. I would have to loss my entire bag of gear for that deductible to be reasonable.

I use Marsh Affinity Group for my All Risk. It is a commercial policy, thou only available if you are a member of PPA. I would think they would write smaller policies as well, however, at comparable rates for individuals as well.

It covers ALL risks, including mysterious circumstances, to dropping and theft of all kinds. It is also good for all of the US and most foriegn countries excluding a few (ones I would never go to anyway) so it is very comprehensive.

CJ

[CavalierLady]

Thank you very kindly for your replies. I will check into those and see what I can find. Good point about foreign countries, for those vacations out of the country that everyone hopes to take in the future. I appreciate it, thanks folks!

[CobyPhoto]

Just an update, TPC's MINIMUM deductible you can get, no matter what you pay, is 500.00 per claim. For many that would work. However, the Deductible for the Marsh Affinity Group policy via PPA is ONLY 100.00 per claim. (Another Great reason to be a member of PPA if you do this for a living.)

For the Professional that makes his living at this:
It makes better economical sense to go with the Marsh Affinity Group Policy and the 100.00 per claim deductible. (Marsh is a few cents more per 100/Value than TPC, but they are very close.) It would have only saved me about 28.00 a year to go with TPC w/500.00 deductible over the Marsh Affinity Policy.

As a professional, your risk, of loss, damage, theft etc. is FAR greater than as a casual shooter (hobbist, advanced ametuer etc.) and you will be glad your deductible is only 100.00 if you have to use this insurance. The greater risk factor (for equipment used in the line of business) is why Home Owners Floaters will not cover your equipment, rather only cover personal camera Equipment.

CJ

[CavalierLady]

Thank you, CJ. I had done some checking and saw the high deductible on TCP's plan. Their yearly rates also appear to be in line with the H&U rates, as well. I had also found several forum posts that recommend joining PPA, if only to have access to their insurance plan.

I am not a professional nor in business. Anyone who invests several thousand dollars in this "hobby" would try to be as careful as possible with their equipment. But accidents do happen. I once tripped over an electrical cord and my laptop crashed to the floor. I certainly hope I won't trip up while holding my camera, but if I were to, it would be nice to know that I could replace my equipment. I've called several companies recently, and things like mysterious disappearance, butterfingers, and foreign countries are not covered. Even with the price of joining PPA for one year, the rates would be much cheaper than some of the better known names already mentioned. I am leaning in that direction as of now.

Thank you for the advice and suggestion.

Maria

[CobyPhoto]

Originally Posted by CavalierLady

Their yearly rates also appear to be in line with the H&U rates, as well.

Hill & Usher have a 1,000.00 per claim deductible! I don't think you can get it any lower than that either. Definitely not under 500.00 per claim.

CJ

[CavalierLady]

Yes, I realized that. Rather than being sarcastic and saying "as expensive as", I was trying to be polite by saying "in line with". :)

[CobyPhoto]

Understood! To me, unless you lose your entire bag of equipment, 1000.00 is too much per claim. I am always going to have at least 2 of my bodies and better lenses with me at any given time when working on location, so I woldnt lose everything. More likely, someone grabs a single lens or something else in the bag and runs.

I have a trick for scum bags trying to steal my entire roller bag. I haven't tested it, but I think it will sure give them something to think about should they try!

CJ

[TxChick]

Maria, Great info!! Thanks for the thread on this..

[CavalierLady]

It was explained to me by one insurance agent who didn't offer very many options on their insurance plan, that it is becoming more of a losing proposition, as cameras and/or camera bags are fairly small and easy to steal, making them a much desired theft item. That also explains why better insurance policies cost so much more. A different insurance agent told me that they don't offer "mysterious disappearance" or all risk insurance because too many people were actually using that an excuse to ruin their own equipment just so they could upgrade to something better. I've missed opportunities to get a photograph of something really cool, because I don't take my camera with me if I am going into the DFW area to run errands and would have to leave my bag in my vehicle. (The little point and shoot was handy for that reason). I only take my 30D and gear with me if I am going to a specific location to look for birds and then keep my bag with me. I would be crushed to have all my gear stolen. Even though I don't need a fully commercial policy, I'm willing to pay a little more (within reason!) to be reassured that I can replace my equipment, whether through fault of my own or not. I'm not in a position to "give them something to think about", as you say. So I think I send in the application to join PPA tomorrow. I called State Farm, but they never bothered to call back. Thanks, I appreciate it.

[ol geezer]

I have my epuipment covered with State Farm under a Personal Property policy. Covers all risks anywhere in the world with no deductible. I think the rate is $1.07 per $100.00

[CobyPhoto]

Maria,

That is exactly right and one of the reasons Marsh Affinity is one of the only ones that writes true all-risk, world wide coverage for only PPA members. It is more of a head ache for pro's to try manipulating the system to get new equipment, because they need and use their equipment daily and make a living with it. Pain in the rear to deal with claims and get new equipment! 25 years and only one claim, and that was my fautl...dropped a lens from way up on a commercial shoot! Ops.

Even with true all-risk insurance, there is a penalty if you claim too much a year! Have two or three claims a year and the deductible and premium will increase. No matter the deductible, there will always be those that try to cheat the system. Insurance companies like Marsh Affinity cut their chances of dealing with those idiots by only offering insurance to PPA members.

Originally Posted by ol geezer

I have my epuipment covered with State Farm under a Personal Property policy. Covers all risks anywhere in the world with no deductible. I think the rate is $1.07 per $100.00

For personal use this is great. For business it is a no-no, as it isn't covered under a personal policy. Not to mention, if you have a claim, it increases your home owners insurance and two to three claims, your in a high risk pool and paying WAY too much for insurance.

Moral of the story, pay close attention to your equipment and what you do with it, where you leave it etc. Either way, you will be paying...more insurance cost or buying new equipment.

CJ

[loana0320]

very helpful info!!!!!

[venchka]

Originally Posted by johnastovall

I use what's called an "Inland Marine" or "Personal Articles policy." It has no dedectiable and is 1.37 per hundred. I get it from State Farm.

I do the same. All risk. No deductable. Non-commercial use. I provide a list with serial numbers and insured value. State Farm, who didn't drop me after my home in New Orleans was damaged by Katrina.

[wjmphoto]

If you advertise through wedj.com you can get business liability insurance and equipment coverage for dirt cheap.

[jamesw]

Good thread. I use DEPP (Divers Equipment Protection Program) to insure my camera gear. They are specially set up to deal with flooding claims but also cover for damage and theft. I had a claim w/ them recently for a 5D and it went smoothly. I think the deductible is $300.

I had $14k worth of camera equipment stolen from my house a few years back and made a claim on my homeowners for it (before DEPP). They paid the claim after a LOT of griping, but at the end of the year they dropped me. Just a word to the wise.

Sincerely,
James Wiseman

[Shoshana]

I have a PAP with State Farm too. I talked to them and as long as you don't have more than one claim a year, they're fine. I'm currently on my 3rd claim in 8 years and so far so good.

[Andrew]

I have Allstate and have had a rider put on my homeowners insurance to cover my camera gear. I think I have $6,000.00 insured for $80.00 a year.
Andy