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Old June 26th, 2012, 11:31 AM   #1
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Why you should always keep you insurance policy updated

Ever come across the term "under insured"?

Unfortunately I just have.

Whilst I had a comprehensive insurance/public liability policy, I didn't bother to update it when I purchased new equipment.

So when some of my equipment was destroyed in a fire, instead of getting the full 6,300 back, I'm probably only going to get 33% of it.

All because I neglected to increase my insurance cover when I purchased a C300 and other equipment.

So I'm posting this up so that any of you reading this won't encounter the same problem.

So if you have insurance cover.....

1. Make a list of everything you own
2. Keep copies of all receipts
3. Make duplicate or triplicate copies and keep a set somewhere else. The insuarnce company will want to see them.
4. Add up the cost of all the items
5. Make sure your insurance is covers the amount in #4 above.

Make sure you are not "under insured".

PS. this is for the UK, not sure if the under insured aspect is also prevalent in other countries.

The storage room that was destroyed.
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Old June 26th, 2012, 11:32 AM   #2
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Re: Why you should always keep you insurance policy updated

Hague K12 jib that I purchased only a few weeks earlier.

Never even got the chance to use it.
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Old June 26th, 2012, 11:34 AM   #3
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Re: Why you should always keep you insurance policy updated

Starlight & accessories
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Old June 26th, 2012, 11:35 AM   #4
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Re: Why you should always keep you insurance policy updated

Main lighting kit with 2 Dedo lights and another background light.
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Old June 26th, 2012, 11:36 AM   #5
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Re: Why you should always keep you insurance policy updated

Hague car mount system & 3 Medalights with stands and dimmers
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Old June 26th, 2012, 11:46 AM   #6
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Re: Why you should always keep you insurance policy updated

Man, I am so sorry,
but I learned that lesson long time ago; good thing you have some losses covered, and as long as no one hurt - it's just money;
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Old June 26th, 2012, 12:18 PM   #7
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Re: Why you should always keep you insurance policy updated

Where do shooters in the U.S. get their camera/gear coverage?
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Old June 26th, 2012, 01:21 PM   #8
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Re: Why you should always keep you insurance policy updated

Quote:
Originally Posted by Tom Gresham View Post
Where do shooters in the U.S. get their camera/gear coverage?
I second that. I live in MA, and currently don't have anything insured. How do you guys go about that? Also: Is there a way to have a policy that would cover borrowed/rented gear? I'm borrowing a friends camera and a few lenses for a few shoots and would love to have peace of mind that I had them covered.
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Old June 26th, 2012, 01:56 PM   #9
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Re: Why you should always keep you insurance policy updated

IF you have homeowners or renters insurance start with that agent. If you have auto insurance with one of the big 2 try them. There are companies out there that specialize in insurance for people like us. I've been insured with RVNuccio for many years and have found the rates fair for the coverage. I also have a liability policy thru them. Now I haven't had to use the policy and hope I never do but I know a couple of folks that did have to and were pleased with the response.
I know this has been talked about before here at DVi probably in the business forum.
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Old June 28th, 2012, 09:22 AM   #10
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Re: Why you should always keep you insurance policy updated

Very sorry to hear about this Syeed. But I thank you for posting those pictures, because this will hopefully get a few people who don't have insurance to think about it in a much more serious way. Evan's question about borrowed gear is a very important one also. I once borrowed an EX3 from a friend as a third camera on a shoot and it got run over in the parking lot when we wrapped. Just like this fire, anything can happen at any time and unless you have cash assets to back up all of your gear and are ready to part with it, you are (literally in this case) playing with fire if you don't have full coverage. My equipment insurance costs me close to $3000 a year and that's not fun but it's just part of the cost of doing business (at least it's deductible at tax time!)
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Old June 28th, 2012, 10:00 PM   #11
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Re: Why you should always keep you insurance policy updated

I went through my State Farm agent. He writes my auto, homeowners, and umbrella liability coverage. Now, I'm retired and don't use my gear professionally anymore so my situation would be different from many of you.

I pay $1.70 per $100 valuation, provide purchase invoices (they copy for their files), and a listing item by item with serial numbers. I was kind of shocked at what gear value total I had just for my personal projects.
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Old July 24th, 2012, 02:20 PM   #12
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Re: Why you should always keep you insurance policy updated

I insure my gear through the National Press Photographers Association (NPPA). I know a number of professional societies and associations have partnerships that offer insurance to their members. I know on the "stills" side of things the ASMP and the PPA do.

And whatever policy you have - make sure you read it closely and make sure you understand what it says. Don't assume.
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Old July 24th, 2012, 03:35 PM   #13
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Re: Why you should always keep you insurance policy updated

Syeed
So sorry for your loss. What happened by the way? How did your storage caught fire?

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