Insurance On Equipment

[smoke665]

My long time insurance company has revised their policy such that there are some low limits of coverage on cameras and electronics. They will write higher limits, but to do so they either want receipts for purchase, or an appraisal.

My gear has been accumulated over the years, so receipts are sketchy and I have no idea who or where to go for an appraisal in our area.

Any ideas on insurance or appraisals?

 

[10acres]

I would ask your insurance company if you could use an online vendor of used equipment(MPB or KEH) to show the value of what you have. Send them a link to show what your equipment would go for if you had to replace it. Or you could see if a local camera store would appraise what you have. Stabbing in the dark here.

 

[smoke665]

Send them a link

Tried that, no go.

see if a local camera store would appraise

Nearest store a hundred miles away. Not feasible to lug everything there.

 

[10acres]

Appraisal for Insurance Coverage | Fast Turnaround | Best-Price Guarantee

Get a USPAP-compliant appraisal for Insurance Coverage with AppraiseItNow. We offer appraisals for anything including personal propery, equipment & machinery, business assets, and real estate.

www.appraiseitnow.com

 

[smoke665]

@10acres thanks I'll look at that.

Surely there is a specialty company that insures cameras that has their own value guidance.

 

[Overread]

@10acres thanks I'll look at that.

Surely there is a specialty company that insures cameras that has their own value guidance.

I would think any photography specialist insurance is likely linked to working photographers and thus comes bundled with insurance for their company/person and so forth. They might offer gear-only options though; so that's where I'd start looking around if you wanted something very specific to photography

 

[smoke665]

Anyone have experience with PPA Membership Benefits | Professional Photographers of America seems they offer $15k in equipment coverage with the membership.

 

[cgw]

I'd only insure your newest(and presumably most valuable)gear that you can satisfactorily document(via receipts). That's likely the limit for most insurers. Older gear outside what can be reliably valuated by established businesses(e.g., known auction houses) is likely uninsurable. Sotheby's fairly valued a friend's old Dad's trove of mint Leica and Contax gear but passed on an equally nice collection of Nikon rangefinders kits, much of it boxed.

 

[dxqcanada]

Hmm, I have some of my stuff ensured with Dejardins (I was originally with State Farm but they got absorbed) and they have never asked me for proof of value.

 

[cgw]

Hmm, I have some of my stuff ensured with Dejardins (I was originally with State Farm but they got absorbed) and they have never asked me for proof of value.ut

But have you ever had a claim on your gear??? The fun usually begins if/when you file a claim.

 

[smoke665]

@cgw been with the same company for 30+ years, always had good experiences with them. In previous years they covered things like cameras/electronics (up to a point) the max limit was high enough that you could live with it. There is a new policy coming out in May where the limits of coverage for expensive personal property has been substantially reduced so that's the reason for looking. We currently have a rider with them on some high dollar jewelry, and they would write the cameras, but the appraisal is the rub. Wouldn't be an issue if I still had the receipts, but sadly my record keeping on them isn't that great, and finding them would be a chore.

 

[cgw]

Frankly, they count on that. Bashed cars are one thing but looted cameras, audio gear, even premium kitchenware(don't laugh--a relative lost a pile of it recently to discerning crooks)get undervalued or skipped in a claim. Same heist involved some very valuable LPs. Those bandits had taste--hah!

 

[dxqcanada]

But have you ever had a claim on your gear??? The fun usually begins if/when you file a claim.

Ah, no ... though I would expect resistance from any Insurance Company.

 

[smoke665]

Ah, no ... though I would expect resistance from any Insurance Company.

Not all insurance companies are the same when it comes to claims. We've been fortunate to have along term relationship with the company we're with. Had a 5 figure claim on a jewelry rider, paid promptly, didn't hit us with a big premium increase, still have the rider. In contrast had a small commercial property claim with another company. Not only did they refuse to pay, they canceled the policy.