Insurance ?

[Steve H]

All,
Do any of you insure your cameras, etc ? Eventhough I am purchasing most of my items 2nd (3rd, 4th, 5th...) hand, I still have a large sum of money invested in my photography items (especially now with LF equipment). Furthermore, I travel with it frequently. Anyone else give this a thought or two ?

[Joseph O'Neil]

I just got my house insurance renewal for the year in the mail today, so your question is topical for me. I do have my cameras under my home insurance, and i pay a bit extra for that.

To get just insurance for your cameras alone, depending on circumstances, can be almost just as much money as a policy for business or home owners, so IMO, I have found it's best to take an existing policy and have your cameras added extra to it.

joe

[darr]

A rider to the home owners policy should take care of it if you have the cash. If you have a business that you can legitimize the use of the equipment in, you can depreciate the cost of the gear over a five year period, write off repairs, and if the equipment is lost or stolen, you can write off the loss. Speak to a reputable CPA for that. Any CPA's hanging out in the forum?

[Jim Ewins]

The rider on my vehicle/homeowner costs less than 1%/yr. Not exactly cheap, but when you're parked at a trail head and much of your gear is in the vehicle!!!

[Ron Marshall]

I have my equipment under my apartment policy, on a floater policy so that they are covered wherever I take them. It is about $30 more per year.

[Ted Harris]

Rates for cameras, lenses, etc. as a scheduled items rider on your homeowners policy should be relatively inexpensive. This is ony a viable option if you are an amateur.

If you are a professional there are various options. One of the more common is often referred to as an 'Inland Marine Policy' if I correctly remember the obscure insurance industry terms. It is an all risk policy and costs will vary but I believe the $3.00 per $1000 of declared value that I pay is fairly typical ..... anyone who has dramatically lower rates I wanna know! I have only had to file one claim in the past decade but that claim was for a couple of thousand for a Horseman FA that was creamed on some rocks when a tripod got knocked over. It was paid promptly with no hassle and no change in rates.

[Steve H]

All,
Thanks for all your help. Im going to call my insurance co. this morning and see what they have to say.

Thanks again

[Ralph Barker]

Ted makes a couple of good points, I think - points that should probably discussed with one's insurance agent in detail. As Ted mentioned, one key factor is the pro/amateur question. From an insurance perspective, however, the definition of "pro" versus "am" may not be what you'd expect. The insurance company may consider "professional use" to be the generation of any income, even if one isn't a full-time professional photographer. And, while Ted's claim experience with his insurance company has been good, it's helpful to ask one's agent about what happens when a claim is made, and a second or third. Depending on the nature of the policy or rider, the insurance company may not be particularly tolerant of actual claims - a fact that can lead to either rate increases, or policy cancellation. That, in turn, can be a potential nightmare if the coverage is in the form of a rider to a homeowner's policy.

[Ted Harris]

A quick addendum to Ralph's post. AFAIK most insurance companies will consider "professional use" to be the generation of ANY income, as he mentioned. Further, if you do generate any income from your photography and add the equipoment to your homeowner's policy and then file a claim at some later date you are running grave risks of cancellation.

[Jeff Morfit]

Also, it is a very good idea to keep a detailed list of all your photography equipment. This should include serial numbers and a very detailed description of each item, especially if you bought anything used. Since sometimes used equipment may not be in mint condition, your descriptions should include any nicks, dents, scratches, etc. Update your list whenever you buy or sell a piece of equipment. I keep three printed lists handy. One is at home, another with my insurance agent, and a third at the office. I keep all of my records on a floppy disk so that it is easier to keep my records up-to-date.