Topic: Insurance for our Expensive MF Digital Gear? (Read 5449 times)

Lust4Life · « **on:** July 17, 2007, 08:03:49 am »

I was adding up the investment I've made in Hassie 503CW, Phase One P45Plus back, lenses, Hassie Flexbody, etc. Quite a chunk of cash to fuel my personal obsession as I'm not a commercial photographer with a decent income stream from this passion.

Talked with State Farm who carries my homeowner policy, cars, etc but felt their quote was high to insure my gear.

Would like to hear from others as to how you are protecting your investment - risks when hiking/traveling domestically and internationally from theft, damage, etc. Believe it's called Inland Marine but may be other ways to cover.

Thanks,
Jack
http://www.shadowsdancing.com

Craig Lamson · « **Reply #1 on:** July 17, 2007, 08:13:13 am »

Quote

I was adding up the investment I've made in Hassie 503CW, Phase One P45Plus back, lenses, Hassie Flexbody, etc. Quite a chunk of cash to fuel my personal obsession as I'm not a commercial photographer with a decent income stream from this passion.

Talked with State Farm who carries my homeowner policy, cars, etc but felt their quote was high to insure my gear.

Would like to hear from others as to how you are protecting your investment - risks when hiking/traveling domestically and internationally from theft, damage, etc. Believe it's called Inland Marine but may be other ways to cover.

Thanks,
Jack
http://www.shadowsdancing.com
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I insure my commercial photography business with The Hartford. Rates are the best I have found.

[a href=\"http://thehartford.com/]http://thehartford.com/[/url]

ternst · « **Reply #2 on:** July 17, 2007, 09:11:42 am »

My "all risk" pro scheduled camera items with Met Life are about $12 per $1,000 ($300 deductible, plus a credit or two). It might be helpful if others listed the actual cost for comparison to see if we are getting a good deal or not from our insurance company.

SecondFocus · « **Reply #3 on:** July 17, 2007, 09:31:29 am »

http://groupinsure.com

They specialize in insurance for photographers.

larryg · « **Reply #4 on:** July 17, 2007, 09:40:33 am »

Quote

My "all risk" pro scheduled camera items with Met Life are about $12 per $1,000 ($300 deductible, plus a credit or two). It might be helpful if others listed the actual cost for comparison to see if we are getting a good deal or not from our insurance company.
[a href=\"index.php?act=findpost&pid=128602\"][{POST_SNAPBACK}][/a]

I am in the insurance business but still ended up listing the equipment on my home owners policy for $11 per $1,000 of value (Met Life)
I checked several commercial policies, including photographic association plans but they were not any less costly.

If you use you equipment for hire (income) you need to be sure that it is covered with that purpose in mind.

clawery · « **Reply #5 on:** July 17, 2007, 10:19:11 am »

Quote

I am in the insurance business but still ended up listing the equipment on my home owners policy for $11 per $1,000 of value (Met Life)
I checked several commercial policies, including photographic association plans but they were not any less costly.

If you use you equipment for hire (income) you need to be sure that it is covered with that purpose in mind.
[{POST_SNAPBACK}][/a]

I went with an insurance company through my local APA chapter here in Atlanta.
Here is the link on their page:

[a href=\"http://www.apanational.com/i4a/pages/index.cfm?pageid=3501]http://www.apanational.com/i4a/pages/index.cfm?pageid=3501[/url]

Chris Lawery
Sales Manager
Capture Integration

Lust4Life · « **Reply #6 on:** July 17, 2007, 10:34:02 am »

Great idea to post cost by companies we know - here is what I learned from State Farm for Professional Camera Equipment:
Rate: $2.40/$100.00 of value for the first $15,000.
There after $1.60/$100 of value from $15,001 to $50,000.

Deduct 10% for a $500 deductable.
Covers all risks.

To me, that's expensive and eliminates State Farm!

Jack

ternst · « **Reply #7 on:** July 17, 2007, 10:51:46 am »

OUCH! That is pretty high. Thanks for the info. It really doesn't do too much good for folks to post companies that insure camera gear without listing what rates they are paying, so I hope more folks will post some useful info like this...

SecondFocus · « **Reply #8 on:** July 17, 2007, 11:15:59 am »

As with most things I am not a price buyer.

The company I use, TCP thru Firemans Fund, specializes in professional photographers. They insure my gear including computers. When I rent equipment I add it to my insured list by e-mail and it is insured as of that e-mail.

If I need a liability insurance endorsement for a permit or a studio rental, I send them an e-mail and it gets faxed out the same day. And they know the permit requirements and endorsement requirments for most of the major jursisdictions.

I have had friends who have had anything from small claims to very large claims with them and to a person they have been treated extremely well and in one case, above and beyond to get equipment covered that missed being on the list (thru oversight by the insured) and to get the claim paid quickly.

What does it cost? Well not much different than what you might pay with a homeowners policy or elsewhere. But I must tell you that I don't worry about how I might be treated if I have a claim or if I need something taken care of.

Anyway they are at http://groupinsure.com like I mentioned before. And they are also a provider thru one or more of the asscoaitions, ASMP or PPA or ?. I just don't remember which one, I am a member of all of them.

bradleygibson · « **Reply #9 on:** July 17, 2007, 11:58:26 am »

Several years back my gear was stolen while photographing in China (halfway through a 5-month trip--it still hurts to think about that day). I was insured by Rand Insurance through North American Nature Photography Association (NANPA).

They did a superb job of getting my case taken care of even though I was halfway around the world. (Even the the police report was all in Chinese, with no english translation!)

Unfortunately I do not remember the cost of the policy, but I felt it was quite reasonable at the time. Worth checking out as well.

Highly recommended,
-Brad

ternst · « **Reply #10 on:** July 17, 2007, 12:03:33 pm »

Cost certainly IS a consideration and one of the topics of this discussion that is important to other folks. My insurance company is terrific and I don't have to give them any notice of additional equipment for a certain time - I am automatically covered when I purchase or rent equipment, and their service is first-rate. A lot of that part has to do with your agent, and how much he/she is willing to go to bat for you - so I pick my agent first, then shop for the best policy - with price being the major factor (as long as that policy will do what I need). I hope more folks will include their rates - that is really the only way to compare apples and apples...

mmurph · « **Reply #11 on:** July 17, 2007, 06:46:27 pm »

I pay about $450 a year on Inland Marine through a local company.

That provides $40K in coverage, $20K stationary in the studio, including computers and fixtures, and $20K on location (no digital back, just a 1DsII.) It also provides liability for my studio.

Not sure about deductibles, liability limits, foreign coverage - I'll have to look. My household insurer would not cover me - even with an additional policy - in a commercial building, so he referred me to someone else locally.

I will probably go with a company that specializes in photographic equipment coverage when my policy expires in September.

Best,
Michael

Craig Lamson · « **Reply #12 on:** July 18, 2007, 03:05:46 pm »

Quote

OUCH! That is pretty high. Thanks for the info. It really doesn't do too much good for folks to post companies that insure camera gear without listing what rates they are paying, so I hope more folks will post some useful info like this...
[a href=\"index.php?act=findpost&pid=128626\"][{POST_SNAPBACK}][/a]

My Hartford policy costs $3800 a year. $1500 for business owners (equipment, liability, business interuption, customers product while in studio( some of the stuff I shoot goes for 500k), location coverage, etc), $1000 for workers comp, and $1300 for business truck and trailer.

No claims in 8 years so I can't rate their service.

jecxz · « **Reply #13 on:** July 18, 2007, 05:16:12 pm »

I'm also using The Hartford - about $1,600 for about $50K in equipment, liability and more; $500 deductible. No claims either. I drop a lens and break it I get a new one. It is separate from my home-owners policy.

nicolaasdb · « **Reply #14 on:** July 21, 2007, 12:42:08 pm »

I use state farm and felt their rates were pretty good...I think I pay about 1600 for 150K in euqipment and 2million in liability

Gary Ferguson · « **Reply #15 on:** July 21, 2007, 12:50:57 pm »

Here in the UK, with seven years no claims bonus and a £200 excess, I pay about £1 for every £60 insured on a pro/all-risks policy; although this does include laptops, unlimited overseas travel, and thefts from vehicles between 6.00am and 9.00pm.

Jack Flesher · « **Reply #16 on:** July 21, 2007, 03:06:11 pm »

Most casualty insurance companies have what's called a "Personal Articles Policy" or "Inland Marine Floater" or "Scheduled Property Policy" . These may be a stand-alone policy or riders attached to an existing home or renter's insurance policy. Use any of these terms and your broker will know what you want.

If you are in business, you can usually get an equipment rider for your existing business policy and in many instances it may be covered adequately with your existing basic business policy -- have your agent or broker clarify for you becasue coverage varies by provider.

I can tell you that State Farm offers both personal and commercial (business) coverage for photographers and phptpgraphic equipmet, sudios, etc, at reasonable rates. A call to an agent near you will get you a quote.

Cheers,

nicolaasdb · « **Reply #17 on:** July 22, 2007, 01:24:27 am »

when I didn't have a studio and stored my equipment at home, state farm gave me a special discount for small businesses operating from their home....but when I got my studio this discount was no more and almost doubled my rate.

Author Topic: Insurance for our Expensive MF Digital Gear? (Read 5449 times)