Insuring photographic gear

[seanw]

I'm not really a beginner but not sure where this topic would fit.

Anyway, I have all of my camera equipment insured with several expensive items listed separately under my home owners policy. It covers theft and accidental loss / mysterious disappearance. But it does not cover any type of damage, such as dropping a camera in a river or on a rock, etc...
I'm not a careless person, but since I am paying extra for the coverage, I'd like to insure against accidental damage which is probably the most common type of loss to occur. A lot of articles I've read on the web about insuring camera equipment include such coverage but they never list any insurance companies by name. My friend has a policy which does cover such damage but it's not an insurance company I've ever heard of and I am hesitant to consider switching to them.

So I was wondering if anyone out there has a policy that covers damage and if so, with what insurance company?

I don't know if it matters, but this would be personal coverage and not commercial. With my insurance company it doesn't matter in regards to damage.

Thank you.

[DarkPenguin]

Dunno, but I saw this thread the other day at dpreview ...

http://forums.dpreview.com/forums/read.asp...essage=26387623

[kkovak]

I have all my cameras and optics covered by a Personal Articles Policy written by State Farm.  It covers me for "any loss" except wear and tear.  So if a part just 'wears out" you are not covered but if you knock it off a table, you are covered.  There is no deductible.  There is some question in my mind that if I started selling photographs, would they still cover me.  

This policy even covers my wife's hearing aids.  She left one in a pocket once and ran it thru the wash.  They covered the replacement.

Ken

[seanw]

I have all my cameras and optics covered by a Personal Articles Policy written by State Farm.  It covers me for "any loss" except wear and tear.  So if a part just 'wears out" you are not covered but if you knock it off a table, you are covered.  There is no deductible.  There is some question in my mind that if I started selling photographs, would they still cover me. 

This policy even covers my wife's hearing aids.  She left one in a pocket once and ran it thru the wash.  They covered the replacement.

Ken
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Thanks Ken.

May I ask is this a separate policy or a part of another policy such as homeowners. Just wondering if it's something I can get without having to switch my homeowners and auto insurance over.

[jecxz]

Thanks Ken.

May I ask is this a separate policy or a part of another policy such as homeowners. Just wondering if it's something I can get without having to switch my homeowners and auto insurance over.
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Sean,

I recently up'ed my insurance for new gear and one thing you should pay attention to is what they will pay you in the event of the loss: depreciated or replacement cost. Make sure to ask your broker which your policy offers. I asked for replacement cost. Good luck.

[Jonathan Wienke]

With State Farm, and I think most other insurers as well, if you use a camera for personal purposes, it will be covered under standard homeowner's/renter's personal property loss/damage coverage. BUT, if you use the camera gear for professional purposes, then they are NOT covered unless you get a separate rider specifically for the gear used for business purposes. Talk to your agent for details and coverage exclusions, etc.

I had State Farm coverage on my camera gear while I was using it professionally.

[Colorado David]

If you shoot professionaly and especially if you travel to shoot professionaly you will need an Inland Marine Policy written by a commercial insurer.  Many companies won't write you the policy you want or don't understand what it is that you want.  The best way to get the insurance you need is through a professional association.  Both ASMP and NANPA have Inland Marine policies available through a third party for their membership.

[larryg]

Actually I am in the insurance business and this is sometimes a bit murky
I have all my equipment insured along with my homeowners under a separate list (this doubled my homeowners premiums).

My agent says ok for me  but I would lean towards playing it safe and doing as David suggested.  There are no doubts of coverage when a claim arises.
I would also take photos of all your gear along with having a separate sheet (this is usually also listed on the policy list) with the gear and any serial numbers (along with price paid).

[luong]

At the start, I also used a rider with State Farm, but when I officially started my business, to play it safe, I switched to and Inland Marine of Rand/Chubb Insurance, which is offered by NANPA. The yearly rate is around 2% of the gear insured, and it covers everything except the usual acts of war/terrorism.

[Jay Kaplan]

It is always best to use a separate Inland Marine policy, not just an add on to your homeowners' insurance. If there is a claim, then it would not effect the premium if the items were insured under a separate Inland Marine policy.

Inland Marine policies are available for both personal and commercial coverage. If you are not a professional, get the personal inland marine policy separate from your homeowners. If you are a professional, then either a separate commercial inland marine policy or as a rider to your CGL [commercial general liability] policy. Commercial packages for liability and business operations go by many names specific to each company such as Flex, Spectrum, BOP [business on premises] Five Star etc. Just a name for essentially the same coverage.

Most of your major insurers offer both types and some of the companies that write this kind of coverage include The Hartford, Erie Insurance Group, Chubb, MetLife Auto and Home and State Farm.

Keep in mind that if you write the coverage as a rider to your homeowners' insurance policy, then it will increase that premium, and if you have a mortgage, then your monthly payments, principal, interest, taxes and insurance will increase. And, if there is a claim, the cost of your homeowners' coverage will also increase.