Insurance for Photography Equipment
Mar 17, 2023 14:05:05 #
I have a business policy with State Farm Insurance that covers all my photo and computer gear, worldwide for all loss and includes liability insurance of $2 million. Premiums are reasonable and based on the total value of all my insured gear. I can increase or decrease the total value of all my gear at any time, and the premiums will be adjusted.
I found the rates for this coverage were much more affordable for my large amount of gear, and for being covered outside the USA also, than dedicated photo gear policies like through PPA or NPPA, some of which only cover you within the USA. And it also includes the liability coverage that many venues and clients require of photographers nowadays.
Cheers
I found the rates for this coverage were much more affordable for my large amount of gear, and for being covered outside the USA also, than dedicated photo gear policies like through PPA or NPPA, some of which only cover you within the USA. And it also includes the liability coverage that many venues and clients require of photographers nowadays.
Cheers
Mar 17, 2023 14:18:19 #
Peteso
Loc: Blacks Hills
I think most, and perhaps all, insurance for photographic equipment is for fair market (i.e. used or depreciated) value, not replacement value. You should check your policy terms carefully before assessing the cost-benefit considerations.
Mar 17, 2023 14:21:27 #
Peteso wrote:
I think most, and perhaps all, insurance for photographic equipment is for fair market (i.e. used or depreciated) value, not replacement value. You should check your policy terms carefully before assessing the cost-benefit considerations.
Since mine is a business policy, my coverage is for replacement value, not depreciated value which would not be enough to replace my gear and keep me in business,.
Cheers and best to you.
Mar 17, 2023 14:26:10 #
If I remember right, Florida has laws other states don't making it harder to get insurance. What works elsewhere doesn't necessarily work in FL.
Mar 17, 2023 14:34:25 #
Peteso
Loc: Blacks Hills
Rhetorically, if coverage is for "replacement" value, then why isn't it enough to "replace" your gear? Perhaps your coverage is the estimated cost to replace your old gear with used gear, which is the "used" value I referred to in my post. In theory, that would make you "whole," if 1) your equipment can really be replaced for what the insurance company is willing to give you for it and 2) if the used replacement gear is in good enough condition to meet your needs. There are two insurance policy issues here. There is a big difference between the value of 1) replacement cost with COMPARABLE NEW gear (as with some homeowner insurance policies) and 2) replacement cost with second-hand used gear. Hope this helps...
Mar 17, 2023 16:32:01 #
Aloysius
Loc: Tampa, FL
Not covering maintenance is also true of automotive extended ‘warranties,’ which are really insurance policies.
Case in point: years ago I had a valve spring break at 100,000 miles on a BMW 530i protected by an extended warranty.
They covered the repair to the tune of $3500. As the head was off, my mechanic asked if he should replace the other valve springs as well, since a valve spring breaking at 100,000 was unusual & he suspected there might be a bad batch in the engine. He quoted a price of $600. When I contacted the warranty company they declined, stating that they covered only repairs, not preventive maintenance.
I asked them if next week another valve spring failed while under warranty, would they spend another $3500? “Yup,” they answered.
I sold the car.
Case in point: years ago I had a valve spring break at 100,000 miles on a BMW 530i protected by an extended warranty.
They covered the repair to the tune of $3500. As the head was off, my mechanic asked if he should replace the other valve springs as well, since a valve spring breaking at 100,000 was unusual & he suspected there might be a bad batch in the engine. He quoted a price of $600. When I contacted the warranty company they declined, stating that they covered only repairs, not preventive maintenance.
I asked them if next week another valve spring failed while under warranty, would they spend another $3500? “Yup,” they answered.
I sold the car.
Mar 17, 2023 20:38:38 #
tcthome
Loc: NJ
I use State Farm. The rate goes up very little every year but they automatically raise the coverage to the current replacement cost. Never had to use it but I hear there is no problems if you have to.
Mar 18, 2023 06:47:57 #
Old Coot wrote:
Not sure if any Insurance will cover maintenance problems. Usually Damage and Theft only
OK How do you perform maintainance on a photographic lens?
Mar 18, 2023 09:14:59 #
jbk224
Loc: Long Island, NY
Judy795 wrote:
Bill the new company that took over when UPC tanked won’t accept any riders. My jewelry is already on a separate rider. In August when this policy expires we can find a new policy that takes riders. Meanwhile unless my insurance agent can do something I will need to find something for the next 6 months and I have two Europe trips coming up.
You should have the ability to find a new policy now and cancel you current policy for a pro-rata refund.
Something does not sound right anyway. You have a policy with specific coverage for the year. When a company purchases another company--the policy you have remains in force until it expires. And, if they claim otherwise, they are obligated to give you back your money on a full pro-rata basis. i.e. Policy cost $450 for the year. 6 months to go and they refuse to honor your riders. Cancel and get $225 back.
Find a new company now.
Mar 18, 2023 09:32:35 #
Sidwalkastronomy
Loc: New Jersey Shore
I would be extremely cautious about submitting small claims to homeowners policy. Few claims and they will cancel and others don't want high risk people like you. Save claims for important stuff
Mar 18, 2023 14:18:59 #
Larryshuman wrote:
I had my 600mm F:4 G VR and my 200-500mm F:5.6 g V... (show quote)
Insurance is not for fixing things that breakdown.
Does your car insurance replace brakes, oil changes or an electrical fault?
NO, so you better cancel your auto insurance.
Mar 18, 2023 15:04:20 #
Mar 18, 2023 16:49:56 #
MattW1 wrote:
I use Amica for home & auto with a rider for photo equipment. Have been happy with them overall, but have never needed to file a photography claim
You will never know if you are happy with your Insurance Co until you file a claim
Mar 18, 2023 16:51:12 #
Sidwalkastronomy
Loc: New Jersey Shore
Old Coot wrote:
You will never know if you are happy with your Insurance Co until you file a claim
Lots of luck. I saw what happen on my area after Hurricane Sandy. Nickel and dime you.
Mar 18, 2023 22:38:30 #
MattW1
Loc: Baton Rouge
Old Coot wrote:
You will never know if you are happy with your Insurance Co until you file a claim
I've filed claims with them...just never for photography issues
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