sanyasi Posted February 4, 2010 Share #1 Posted February 4, 2010 Advertisement (gone after registration) I had never given much thought to insuring my camera equipment, but a number of posts to this forum have referred to insurance. I called my insurance agent to inquire about insurance. I was a little stunned by the low cost of the coverage. From a top of the line company, the premium is just over $200 per year for an M9 and a couple of Leica lenses. I asked whether that covered theft or accidental loss (leaving it on an airline seat, for example). It does, although I will want to read the rider when it comes to verify that. This company requires the equipment to scheduled before coverage takes effect, i.e. umbrella and household policies don't cover loss. Seems to me you can't go wrong for $200 a year, particularly because I suspect many M9 owners travel with the camera and lenses. Should we get to a point where you are forced to check camera gear (which could happen unexpectedly if there is no overhead space because you got to the plane late and you are sitting in a bulkhead seat), having the insurance in place could make for a less stressful airplane flight if your camera gets checked. Jack Siegel Link to post Share on other sites More sharing options...
Advertisement Posted February 4, 2010 Posted February 4, 2010 Hi sanyasi, Take a look here M9 and Insurance. I'm sure you'll find what you were looking for!
noah_addis Posted February 4, 2010 Share #2 Posted February 4, 2010 Insurance is definitely a must, unless you can afford to lose $25k worth of gear. Some questions I've learned to ask over the years: Does the insurance cover your gear internationally? Some US policies don't. What about 'conflict zones' or the like? (This may not be relevant for everyone, but definitions of such terms may vary and could include countries the company deems unstable.) Does it cover your gear checked as baggage? Does it cover your gear if stolen from a car? Some policies I know of only do if it's locked in the trunk. Does it cover damage if you drop it? You're absolutely right--homeowner's policies won't cover professional equipment unless specifically scheduled on a rider. And even if you're not a pro, the company will surely argue that your $7k camera and $4k lens are professional equipment. I wouldn't leave the house with an uninsured M9. It's just too expensive to take the risk. Link to post Share on other sites More sharing options...
vanhulsenbeek Posted February 4, 2010 Share #3 Posted February 4, 2010 Insurance is definitely a must, unless you can afford to lose $25k worth of gear. Some questions I've learned to ask over the years: Does the insurance cover your gear internationally? Some US policies don't. What about 'conflict zones' or the like? (This may not be relevant for everyone, but definitions of such terms may vary and could include countries the company deems unstable.) Does it cover your gear checked as baggage? Does it cover your gear if stolen from a car? Some policies I know of only do if it's locked in the trunk. Does it cover damage if you drop it? You're absolutely right--homeowner's policies won't cover professional equipment unless specifically scheduled on a rider. And even if you're not a pro, the company will surely argue that your $7k camera and $4k lens are professional equipment. I wouldn't leave the house with an uninsured M9. It's just too expensive to take the risk. Indeed: alle very valid questions. Especially the world-cover may cost extra. It upped my insurance premiums with one/third Link to post Share on other sites More sharing options...
wparsonsgisnet Posted February 4, 2010 Share #4 Posted February 4, 2010 Jack, if you don't use your cameras for work, you may be ok with a rider on your home insurance, but the coverage is limited compared to a "commercial policy." As an example, my particular home insurance company (a mutual insurer) won't cover cameras that are use for commercial purposes. I have a commercial policy that covers all my camera stuff, and in addition anything I might be renting for a job up to another $10k. This costs just over $500 a year and covers everything including stupidity: damage, theft, breakage, and loss. Basically, except for the $500 deductible, I get a new camera. This coverage is world-wide. It really helps you sleep at night. Link to post Share on other sites More sharing options...
sanyasi Posted February 4, 2010 Author Share #5 Posted February 4, 2010 Jack, if you don't use your cameras for work, you may be ok with a rider on your home insurance, but the coverage is limited compared to a "commercial policy." As an example, my particular home insurance company (a mutual insurer) won't cover cameras that are use for commercial purposes.. Thanks. I am just a hobbyist. In any event, I will take a close look at the policy rider or endorsement. I do travel internationally so that is a concern, particularly because I suspect everyone who works for a hotel knows how to open the in-room safes. Jack Link to post Share on other sites More sharing options...
swamiji Posted February 4, 2010 Share #6 Posted February 4, 2010 It really helps you sleep at night. I could really use some sleep. Can you recommend a good insurer (or two)? Link to post Share on other sites More sharing options...
smb Posted February 4, 2010 Share #7 Posted February 4, 2010 Advertisement (gone after registration) I contacted my insurance company. As a non-professional the camera can be added to your home owners policy. All that is needed is the bill of sale. Link to post Share on other sites More sharing options...
wparsonsgisnet Posted February 4, 2010 Share #8 Posted February 4, 2010 I could really use some sleep. Can you recommend a good insurer (or two)? I use Arts & Entertainment for my broker. They arrange the policy. If you want to contact them: Andy McDonough at artent@aol.com They were recommended by the video rental place I use and I've been using them for 3 or 4 years. Recommended. [Added] Oops, my apologies to the Forum if I should have pm'd this. Link to post Share on other sites More sharing options...
rob_w Posted February 5, 2010 Share #9 Posted February 5, 2010 Hi Bill I am happy you posted the name of your insurer rather than used a PM -- am I missing a forum rule or a point of etiquette? We are all concerned about insuring our equipment. Sharing information about rates/policies/best deals is just part of the forum's value, I would have thought. Actually, I am following this thread hoping to hear about a range of insurers who provide good policies in UK/Europe/international, and make an informed choice. Cheers Robert Link to post Share on other sites More sharing options...
michali Posted February 5, 2010 Share #10 Posted February 5, 2010 Hi Bill I am happy you posted the name of your insurer rather than used a PM -- am I missing a forum rule or a point of etiquette? We are all concerned about insuring our equipment. Sharing information about rates/policies/best deals is just part of the forum's value, I would have thought. Actually, I am following this thread hoping to hear about a range of insurers who provide good policies in UK/Europe/international, and make an informed choice. Cheers Robert +1 My insurance company in France (one of the biggest insurers) only covers my gear in the event of theft from the house i.e. break-in. I'm looking for a company in Europe that provides all risks cover. Link to post Share on other sites More sharing options...
GMB Posted February 5, 2010 Share #11 Posted February 5, 2010 Hi Bill Actually, I am following this thread hoping to hear about a range of insurers who provide good policies in UK/Europe/international, and make an informed choice. Cheers Robert + 1 I asked a question on European insurers a few weeks ago in the customer forum. While I got some helpful advice on insurance in general, the only recommendation for an insurerer was this UK based company Glover & Howe Insurance Services - Colchester - Welcome... It seems to me that the offers on the continent are much fewer. Some people also alerted me that if you sell even only a few shots, you risk being considered a professional. Link to post Share on other sites More sharing options...
yanidel Posted February 5, 2010 Share #12 Posted February 5, 2010 +1 My insurance company in France (one of the biggest insurers) only covers my gear in the event of theft from the house i.e. break-in. I'm looking for a company in Europe that provides all risks cover. MAAF was ok to include my camera in the out of the house thefts, yet it was restricted to €3'000. The only one in France specific to camera I could find was this one : Pérès Photo Assurances : spécialiste de l'assurance des matériels photographiques et vidéo But I find it a bit expensive, 5% per year of acquisition price if you want the theft coverage (which in my case is the main risk to cover). Also, when you add in the deductible, plus depreciation scheme, I am not sure you even get a big reimbursement in case of problem. Link to post Share on other sites More sharing options...
wparsonsgisnet Posted February 5, 2010 Share #13 Posted February 5, 2010 I checked with my guy and he can't write outside of the US. Link to post Share on other sites More sharing options...
wparsonsgisnet Posted February 5, 2010 Share #14 Posted February 5, 2010 My guy mentioned that insurance companies tend to prefer large buyers. Maybe the Leica Forum could have insurance subgroups by country or area. Link to post Share on other sites More sharing options...
ballyscanlon Posted February 5, 2010 Share #15 Posted February 5, 2010 bill. i will have to try your insurance broker for a quote. as it stands, i am only covered for fire (at home) and any theft on my equipment. i was stuck with a $1500 hasselblad lens repair bill after it crapped out on me in the studio during a shoot. my claims adjuster deemed that it was "industry standard" that you get 1-1.5 years out of a lens in the fashion industry before it is expected to fail.............i left the insurance company after my year was over. @sanasi's original post, regarding checking in a leica kit on a plane. its amazing how much camera equipment you can carry on your person when forced to. ive fit hasselblad kits in my pockets and on my lap on puddle jumpers in the carribean when confronted with restrictions. the possibility of something going "missing" was not an option. Link to post Share on other sites More sharing options...
scc Posted February 5, 2010 Share #16 Posted February 5, 2010 + 1 I asked a question on European insurers a few weeks ago in the customer forum. While I got some helpful advice on insurance in general, the only recommendation for an insurerer was this UK based company Glover & Howe Insurance Services - Colchester - Welcome... It seems to me that the offers on the continent are much fewer. Some people also alerted me that if you sell even only a few shots, you risk being considered a professional. I use G&H too, never had to make a claim, but they seem very good. As for professional cover, some places will allow you to sell shots and still cover you, but you'll pay a higher premium. The concern as you say, is if you get a non-professional cover, and only ever sell one shot, you may be refused a claim. Link to post Share on other sites More sharing options...
MartinEB Posted February 5, 2010 Share #17 Posted February 5, 2010 I recently started a policy with Imaging Insurance in the UK, because of the sorts of concerns raised here, & my house insurance had also come up for renewal. A big problem with my ordinary house insurance was cover outside the home; when I checked it was more limited than I thought (e.g. look at cover for equipment left in the boot of a hatchback car). The policy I have now specifically for photographic equipment - I am classed in a semi-professional. (That gets over the problem of selling one photo moving you out of an "amateur" category. In practice, there was no difference in premium between the two categories for my level of cover needed.) There is a requirement to identify items over £1500 value in a schedule at new value, but that was no real problem (my M6 was insured at an M7 value). I found them helpful in setting-up the policy. As others have said, the important thing is to go through the detail and see if it meets your individual needs. Link to post Share on other sites More sharing options...
wparsonsgisnet Posted February 5, 2010 Share #18 Posted February 5, 2010 One requirement with the Leica kind of equipment is that I have to get a reappraisal avery 12-18 months so that the insurance really covers replacement value. Link to post Share on other sites More sharing options...
ballyscanlon Posted February 5, 2010 Share #19 Posted February 5, 2010 i discovered a year after having a policy that i was not covered for replacement value. they were basing my premium on the new replacement value of equipment i was giving them in the schedule of equipment, i learned that my policy would only give me the current depreciated value of my equipment. i was able to get that changed, but only after i asked for it. it is a point worth asking you agent. Link to post Share on other sites More sharing options...
swamiji Posted February 5, 2010 Share #20 Posted February 5, 2010 i discovered a year after having a policy that i was not covered for replacement value. they were basing my premium on the new replacement value of equipment i was giving them in the schedule of equipment, i learned that my policy would only give me the current depreciated value of my equipment. i was able to get that changed, but only after i asked for it. it is a point worth asking you agent. Sounds good. I paid 6k for my Nocti, and the going price for a New F1 is 16k, for F.95 is 10k. OOPS, you said depreciation... what about appreciation? Link to post Share on other sites More sharing options...
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