Equipment Insurance - DPChallenge Forums

01/17/2005 12:02:45 PM · #1

Does anyone here (I'm sure someone must) have their equipment insured? What sort of damage/loss will the insurance company actually cover?

Thanks, Lori

01/17/2005 12:25:15 PM · #2

I have mine insured twice. Once from any factory defects which was added at the time of purchase. This is a pretty limited insurance that covers only things that might break as a result of normal every day use. I use my camera a lot, so this is my protection from broken buttons and dead pixels and such.

The real insurance is a floater added to my homeowners policy. It covers damage from dropping the camera or water damage or theft. This is really the best way to go. (Replacement insurance, not pro-rate). I shoot a lot of boat races and wanted protection just in case I fell in the water with my camera. It's not too expensive if your equipment is only a hobby but if it's a profession, the price was outrageous.

01/17/2005 12:31:51 PM · #3

Really? I never thought of the vocation being important. Is that just because pros tend to have more expensive equipment? Hmmmmmm.

I have a business licence but not a business account, would they consider that amateur or professional? *crosses fingers*

Canon EF 28-135mm f/3.5-5.6 IS USM

01/17/2005 12:37:17 PM · #4

I'm not sure; I thought it was a pretty lame rule myself. If the equipment is identical, I'm not sure why the extra cost. Insurance is as big of a rip-off as the guy who steals your stuff. (Or girl) (Politically correct) ;)

Nelzie

Canon EOS-30D

01/17/2005 12:45:08 PM · #5

Depending on your state/province/what-have-you it is a distinct possibility that standard homeowner's or renter's insurance will provide or have available some if not full replacement coverage for personal items.

It's been my experience that you have to be quite direct about the insurance coverage you are looking for. When I was shopping for homeowner's insurance, I purchased a seperate rider policy that would cover the replacement of my really geeky extensive computer collection, home electronics and other gadgets.

I checked and confirmed that it covered damages and theft that occurred out of the house, for things like my laptop, digital camera and so on.

Check with your local insurance agents, the laws for insurance vary from State to State and likely vary from Province to Province in Canada to, eh.

ButterflySis

Canon EOS-50D

Canon EF 50mm f/1.8 II

01/17/2005 01:01:04 PM · #6

Originally posted by Gringo:

It's not too expensive if your equipment is only a hobby but if it's a profession, the price was outrageous.

When I checked the rates for having my equipment insuranced under a business I was quoted about $30 per year.

Spork99

OM System OM-1

01/17/2005 01:01:55 PM · #7

If you have ever had a loss, you should know that insurance can be a godsend.

Insuring your equipment through your homeowner's or renter's insurance is fine IF you are just doing photography as a hobby. If not, and you file a claim for damages to your camera equipment (regardless of whether the damage occurred while you were actually working or not) your insurance company doesn't have to pay you a dime. And if they don't have to, they won't.

Dealing with insurers is a PITA for stuff like this and it's easy to get screwed into huge premiums, high deductibles etc. I suggest joining the PPA and getting equipment insurance through them. They also have "malpractice" insurance, so you are covered in case someone's wedding or other shoot goes totally wrong.

PPA Member's Insurance

You can always just be careful and be "self-insured", but if you depend on your equipment to generate income, that may not be a wise choice.

01/17/2005 01:06:21 PM · #8

Originally posted by ButterflySis:

Originally posted by Gringo:
It's not too expensive if your equipment is only a hobby but if it's a profession, the price was outrageous.

When I checked the rates for having my equipment insuranced under a business I was quoted about $30 per year.

Heck, that's not bad at all. Is it replacement value? and does it cover rain damage and all? I pay more than $30.00 a year right now as a hobby. (Gringo scratches his head)

01/17/2005 01:14:08 PM · #9

Originally posted by Spazmo99:

PPA Member's Insurance

I checked out the PPOC (professional photographers of Canada) and in order to be elligible you first have to be a member of one of it's affiliates..a long process. Not sure what requirements I'd have to meet but I'm looking into it. I'd probably be required ot have more formal education than I currently do.

Will keep you posted. Sounds like there's quite a few perks.

L

tfaust

Canon EOS 80D

01/17/2005 01:26:04 PM · #10

When I told my insurance company I use the camera as a part time business use they rejected it in underwriting. Standard Homeowner's Insurance would not cover my equipment at all from that point on, regardless of what happened to it and where it happened.

When we moved last month, I had to update the Homeowners Insurance and I told them that photography had turned into a hobby and I wasn't doing it as a business anymore.

Tamron SP AF 28-75mm f/2.8 XR Di for Nikon

01/17/2005 01:34:23 PM · #11

I guess it's sort of the same thing with my business licence. It costs $100 a year as long as I'm using less than something like 16 sqft of space..soon as you go over that in you're into the big time money.

ButterflySis

Canon EOS-50D

Canon EF 50mm f/1.8 II

01/17/2005 01:41:26 PM · #12

Originally posted by Gringo:

Originally posted by ButterflySis:

Originally posted by Gringo:
It's not too expensive if your equipment is only a hobby but if it's a profession, the price was outrageous.

When I checked the rates for having my equipment insuranced under a business I was quoted about $30 per year.

Heck, that's not bad at all. Is it replacement value? and does it cover rain damage and all? I pay more than $30.00 a year right now as a hobby. (Gringo scratches his head)

From what I understood, yes to all of the above. If you want I can call and ask again and let you know. The price difference between hobby and professional was small. At first I thought she meant $30/month but she said per year. Maybe the girl gave me the wrong info...? I currently don't have a business name set up but it's something I plan on doing soon. (If I could ever come up with a name! :-D) Right now I'm covered under homeowners.

blemt

Nikon D70

01/17/2005 02:18:56 PM · #13

If you are using the gear in a professional capacity, don't try and do an endrun using homeowners or something similar. Insurance fraud is a big problem, and companies are pretty agressive about checking if you make a claim.

If you are using for professional purposes- get pro coverage. It sucks starting out, but just consider it part of the cost of business.

Clara

tfaust

Canon EOS 80D

01/17/2005 03:29:56 PM · #14

I'm really not doing it pro - it's just a hobby and every now and then someone wants to buy a print.

Spork99

OM System OM-1

01/17/2005 03:34:37 PM · #15

Originally posted by tfaust:

I'm really not doing it pro - it's just a hobby and every now and then someone wants to buy a print.

Just make sure you understand how your insurance company sees it.

Canon EF 70-200mm f/2.8L IS USM

01/17/2005 04:24:36 PM · #16

Originally posted by tfaust:

I'm really not doing it pro - it's just a hobby and every now and then someone wants to buy a print.

My insurance company said it would continue to be classified as a hobby until it accounted for something like 30% of my income.
;) So it seems I won't need to wory about that for a while yet.

Jason

Canon EOS-1D Mark II

01/17/2005 05:22:08 PM · #17

//www.groupinsure.com/

ClubJuggle

Canon EOS-400D Rebel XTi

Canon EF 28-135mm f/3.5-5.6 IS USM

01/17/2005 05:33:23 PM · #18

Originally posted by GoldBerry:

For purposes of insurance, you are a professional. The reason for the higher price on the business insurance is that the equipment is exposed to more rigorous use AND that they typically are also ensuring your for business liability, errors and omissions and stuff like that. For example -- you're shooting a wedding and your memory card corrupts, causing you to lose all the pre-ceremony posed shots. Your client sues and wins a judgment against you -- you'll want insurance to pay for that.

As an amateur shooting for my own enjoyment, if I lose a card full of images it sucks, but no one is going to sue me for it.

-Terry

Canon EF 28-135mm f/3.5-5.6 IS USM

01/17/2005 05:36:02 PM · #19

Funny you should mention that, aside from being sued, I did have a corrupt card that lost all the family photos at a wedding. And most of the couple shots, bridal party, etc. Part of the reason I never use cards more than 512mb...there's just too much data to be lost :-(

ClubJuggle

Canon EOS-400D Rebel XTi

01/17/2005 05:38:19 PM · #20

Originally posted by Gringo:

I'm paying a little more than $30/year, but I'm covering $3k in equipment at replacmeent value.

In late November I dropped 2 lenses and my State Farm promptly paid the cost of the repair. I faxed them the estimates and I had a check in a couple days. When the repair went slightly over the estimate, they sent me a 2nd check for the difference.

-Terry

Gordon

RIM BlackBerry Curve

Canon EF 85mm f/1.8 USM

01/19/2005 11:47:47 PM · #21

Originally posted by Gringo:

Originally posted by tfaust:
I'm really not doing it pro - it's just a hobby and every now and then someone wants to buy a print.

My insurance company said it would continue to be classified as a hobby until it accounted for something like 30% of my income.
;) So it seems I won't need to wory about that for a while yet.

Who's your insurance company for this ?

Gordon

RIM BlackBerry Curve

Canon EF 85mm f/1.8 USM

01/19/2005 11:51:45 PM · #22

Originally posted by ClubJuggle:

This is for non-profit use though, right ? State Farm just recently told me they don't cover equipment used in any earning capacity (stock, assignment, portrait, studio, etc)

I also hear they tend to cancel homeowners/ renters properties after you make more than one personal articles claim on camera gear, so would be interested in partitioning the two.

Message edited by author 2005-01-19 23:52:38.

elsapo