Stephen, I put mine on a "Schedule" as part of my Homeowner's Policy, and it covers all risks. I specify the value of the equipment, pay a premium based on that dollar value (about $1.15 per $100 valuation) and if something should happen, I get reimbursed for that dollar value. I provide the insurer with a spreadsheet of all my equipment and it's current replacement value. Much of it was bought and can be replaced with used equipment, so report the used value. If I want new equipment, I have to specify the value of the new equipment, and pay a premium based on that. I pay the amateur rate, the professional rate is about double. You have to earn a substantial portion of your income to be considered pro, or at least hold yourself out to the public as working for money. If you shoot for your own enjoyment, but occasionally someone is willing to buy your efforts, you're still an amateur. Your agent should be able to provide you with the carrier's definition of "pro" as it must be specifie! d somewhere in the contract (policy). By necessity, insurance companies define all terms.
One concern I have currently is how to insure my newest acquisition, an A* 600mm f5.6. I paid $2400 used from KEH. I made certain it was covered during shipping by faxing the "receipt" to my agent/broker as soon as the transaction was finalized. I pay a premium based on the declared value of $2400, and if it should be broken or stolen, I get reimbursed $2400. But it is not a lens one sees often on the used market, so I might get the money, but not be able to replace my loss. B&H still lists this old lens, new, for about $5800. If I want replacement value, I have to pay a premium based on this price, not what I paid. I suspect I will advise the agent of the "new" price, and pay the additional premium on that, for the peace of mind. Hope this adds some clarification. Much of this I learned from John Mustarde of this list (John, are you still out there - we haven't heard from you in quite some time.) > -----Original Message----- > [mailto:[EMAIL PROTECTED]]On Behalf Of Stephen Moore > Sent: July 11, 2002 2:33 PM > > Hello PDML -- > > May I get some feedback from the group on the ins and outs of > insuring one's equipment against damage and theft? (The archive > hits on the word "insurance" are mostly about shipping insurance.) > > I've made some preliminary calls to agents, including the one who > handles my homeowner insurance. The first question they all ask > is, "Is it for personal or business use?" I don't know how to answer > this question truthfully. > > I'm not a pro shooter, hope but never expect to be -- but if somebody > wants to buy a print, or offers me money to go shoot some event (and I > think I can handle it), I'm certainly not going to say no. Especially > with my racing stuff, when I'm at the track I tend to think of it as > shooting "on spec," and the business part -- when it happens at all -- > happens after the fact. So is the best strategy simply to lie to the > agent? ;-) > > The extent of coverage also varied from company to company. Worst > case was the actual price paid for the specific covered item. > The rest would pay actual cash value of a comparable item, e.g., > if I paid KEH $200 for a used item 4 years ago, and it now goes > for $300, it should be insured for the higher amount. So what > does one do in cases where the (used) item comes available > infrequently, seldom, or rarely? > > How do *you* handle your equipment insurance? Are you happy with it, > have you gotten burned, and if so, how? All feedback and advice > appreciated. > > Regards, > Stephen Moore > - > This message is from the Pentax-Discuss Mail List. To unsubscribe, > go to http://www.pdml.net and follow the directions. Don't forget to > visit the Pentax Users' Gallery at http://pug.komkon.org . - This message is from the Pentax-Discuss Mail List. To unsubscribe, go to http://www.pdml.net and follow the directions. Don't forget to visit the Pentax Users' Gallery at http://pug.komkon.org .
