Gumby
Mentor
I "self-insure", meaning that I take all reasonable precautions and if something gets lost/stolen I'll replace it with my own funds.
Calzone
Gear Whore #1
Somewhat here also, even though I have the insurance mentioned above. What is rude about making any insurance claim is that there is a high likelihood that you will incur a loss anyway, even if you think you have full replacement cost.
Cal
sepiareverb
genius and moron
Full replacement coverage here, no matter where the equipment is. So I can send a camera to Germany and it is covered even in transit. Take a camera to Montreal and it is covered. Take a camera to Detroit and it is covered. One trips shipping & shipping insurance costs to Germany for my FW would have been more than the yearly premium for all my equipment.
I wrote the list with values I expect for replacement, it gets updated every year, or if there is some big change.
I wrote the list with values I expect for replacement, it gets updated every year, or if there is some big change.
mervynyan
Mervyn Yan
my insurance is to just take one body and two lenses when on the road.
richardhkirkando
Well-known
My homeowners insurance covered all of my stolen gear last year, they ended up paying out over $10k in replacements and reimbursements. So yes.
edit:
That's pretty much what happened to me. Had an M2 and a bunch of lenses stolen, they offered me a new M7, latest Leica lenses, and updated versions of my CV lenses.
Alternatively, they also offered to give me a check for the depreciated value, but also issue a second reimbursement check for the difference once I purchased the replacements and sent them a copy of the receipt (they called this recoverable depreciation). One of my lenses was out of stock with their preferred vendor, so they sent me $400 up front, I purchased a new one from another vendor, and they sent me another check for the difference.
edit:
That's pretty much what happened to me. Had an M2 and a bunch of lenses stolen, they offered me a new M7, latest Leica lenses, and updated versions of my CV lenses.
Alternatively, they also offered to give me a check for the depreciated value, but also issue a second reimbursement check for the difference once I purchased the replacements and sent them a copy of the receipt (they called this recoverable depreciation). One of my lenses was out of stock with their preferred vendor, so they sent me $400 up front, I purchased a new one from another vendor, and they sent me another check for the difference.
DtheG
Established
I don't have insurance. Yes, that is adequate. Only insure losses which you could not bear. Over the years I have saved a lot of money by not buying insurance. Therefore I can afford to replace what I have or do without.
Carterofmars
Well-known
Well, I've just inventoried, photographed all gear (including serial numbers), and uploaded all pics and data to my insurance companies website where I've created a personal profile/inventory list. I'm covered in my Home insurance- deductible is 1K (that sucks). Premium is 305.00/yr.
The personal Property section states the following:
Personal Property: Amount of coverage to cover personal property in your home like clothes and furniture. Also provides protection for your personal property with you away from home in many places around the world.
I'm going to call my agent just to have him clarify this statement to be sure this will include cameras while in the street. From how this reads above, I think gear in the street will qualify. Also want to be sure I'm covered for 'REPLACEMENT VALUE'.
And here's the best part, I don't think bankrupt governments will be coming after camera gear, so I recommend emptying your bank accounts (before your government does) and buy all the gear you can. If they come after my cameras, they'll have to pry them outta my dead hands.
The personal Property section states the following:
Personal Property: Amount of coverage to cover personal property in your home like clothes and furniture. Also provides protection for your personal property with you away from home in many places around the world.
I'm going to call my agent just to have him clarify this statement to be sure this will include cameras while in the street. From how this reads above, I think gear in the street will qualify. Also want to be sure I'm covered for 'REPLACEMENT VALUE'.
And here's the best part, I don't think bankrupt governments will be coming after camera gear, so I recommend emptying your bank accounts (before your government does) and buy all the gear you can. If they come after my cameras, they'll have to pry them outta my dead hands.
raid
Dad Photographer
Tower Hill has this on the homeowner insurance:
Your personal property is covererd anywhere in the world. No limitations to outside of the country or outside of the home. The coverage amount is $2,000, paid on a replacement cost basis, not actual cash value. The covered perils are listed on the first attachment (for example, there would be coverage if your camera was stolen while vacationing in Australia up to $2,000, subject to your deductible of $1,000).
Your personal property is covererd anywhere in the world. No limitations to outside of the country or outside of the home. The coverage amount is $2,000, paid on a replacement cost basis, not actual cash value. The covered perils are listed on the first attachment (for example, there would be coverage if your camera was stolen while vacationing in Australia up to $2,000, subject to your deductible of $1,000).
Matus
Well-known
I have though about insuring the camera stuff, but I have no idea where to turn (Europe, Germany).
Anybody with separate insurance in Germany or Europe around here?
Anybody with separate insurance in Germany or Europe around here?
Kent
Finally at home...
hepcat
Former PH, USN
I have about $50k (replacement value) worth of equipment inventoried by serial number. I have a professional insurance policy through the company I have my homeowner's and car insurance through. It covers physical liability and personal injury issues on and off premises when shooting, as well as full replacement value for my equipment. It also covers professional liability for non-performance claims so it's a valuable policy. The premium is about $700/year.
I've worked as an underwriter (Commercial Insurance not Personal / Home Insurance) for 34 years. I'm now an underwriting manager for a major UK insurance company, working in the City of London.
I post on a number of photographic forums and there's a thread about insurance on most. The extent of cover - and, consequently, the price you pay - will vary dependent upon:
1. Professional or Amateur?
2. Where is the kit kept when not in use / not with you?
3. Do you travel extensively overseas?
4. Claims history
5. Sum insured*
6. How is the property secured (a) in your home and (b) when you are away / overseas
*sum insured is an interesting one. Most insurers offer "reinstatement cover". This means that so long as your sum insured is adequate to replace your kit - AS NEW - then the insurer won't reduce the claim payout proportionately. If, however, you insure for £10k but your kit would cost £15k NEW, you would receive £6,666.66 (less any excess / deductible) as you'd only insured for 2/3rds the value NEW.
The "AS NEW" value also needs to reflect the fact that your kit may not still be in production. If we're talking about, for example, a Leica M6TTL, these are no longer made. Don't fall into the trap of thinking, "Oh, I could get one of these for £xxx" and insure for that amount. As the M7 is still being made, that would probably be the "AS NEW" replacement. Therefore, although you own an M6TTL, you would need to insure at a value capable to purchase an M7 with bradly the same functionality.
If you have kit that is no longer made and there is no "AS NEW" alternative, you should contact your insurer / broker and ask if they can arrange for an agreed value option whereby you insure for the cost of the same item as you own - but as if you were replacing it with one of the same age and condition.
Don't mess up with what is referred to "the basis of claims settlement" condition as that is where many claims come unstuck and it all comes back to getting professional advice - and I would always recommend using a broker / intermediary.
Also, consider the potential for you to cause injury or damage when taking photographs (Public Liability Insurance) or for professional negligence - i.e. photos don't turn out on a paid job or you screw up in some other way that costs money but doesn't cause injury or damage).
View the responses on these websites and then do what's right for YOU.
Finally, be completely honest and open with your insurer / broker. Hide no facts that might influence their decision on whether to provide you with cover. the company I work for has a very effective and efficient anti-fraud team. We hate increasing our honest policyholders' premiums as a result of the selfish actions of a few fraudsters.
Cheap insurance obtained fraudulently usually ends up very expensive when the insurance company refuses to pay your claim - and it makes it incredibly difficult for you to obtain insurance from another insurance company when you have to disclose that an insurer refused your claim and/or cancelled your previous policy.
I post on a number of photographic forums and there's a thread about insurance on most. The extent of cover - and, consequently, the price you pay - will vary dependent upon:
1. Professional or Amateur?
2. Where is the kit kept when not in use / not with you?
3. Do you travel extensively overseas?
4. Claims history
5. Sum insured*
6. How is the property secured (a) in your home and (b) when you are away / overseas
*sum insured is an interesting one. Most insurers offer "reinstatement cover". This means that so long as your sum insured is adequate to replace your kit - AS NEW - then the insurer won't reduce the claim payout proportionately. If, however, you insure for £10k but your kit would cost £15k NEW, you would receive £6,666.66 (less any excess / deductible) as you'd only insured for 2/3rds the value NEW.
The "AS NEW" value also needs to reflect the fact that your kit may not still be in production. If we're talking about, for example, a Leica M6TTL, these are no longer made. Don't fall into the trap of thinking, "Oh, I could get one of these for £xxx" and insure for that amount. As the M7 is still being made, that would probably be the "AS NEW" replacement. Therefore, although you own an M6TTL, you would need to insure at a value capable to purchase an M7 with bradly the same functionality.
If you have kit that is no longer made and there is no "AS NEW" alternative, you should contact your insurer / broker and ask if they can arrange for an agreed value option whereby you insure for the cost of the same item as you own - but as if you were replacing it with one of the same age and condition.
Don't mess up with what is referred to "the basis of claims settlement" condition as that is where many claims come unstuck and it all comes back to getting professional advice - and I would always recommend using a broker / intermediary.
Also, consider the potential for you to cause injury or damage when taking photographs (Public Liability Insurance) or for professional negligence - i.e. photos don't turn out on a paid job or you screw up in some other way that costs money but doesn't cause injury or damage).
View the responses on these websites and then do what's right for YOU.
Finally, be completely honest and open with your insurer / broker. Hide no facts that might influence their decision on whether to provide you with cover. the company I work for has a very effective and efficient anti-fraud team. We hate increasing our honest policyholders' premiums as a result of the selfish actions of a few fraudsters.
Cheap insurance obtained fraudulently usually ends up very expensive when the insurance company refuses to pay your claim - and it makes it incredibly difficult for you to obtain insurance from another insurance company when you have to disclose that an insurer refused your claim and/or cancelled your previous policy.
Carterofmars
Well-known
Paul- thanks for your input. Very valuable info. Pardon the pun.
Sid836
Well-known
Fortunately I do not own something really worth of being insured.