Is PPA's equipment insurance legit?

<p>I joined PPA for the $15000 insurance for equipment that came with the membership. I was recently told by a fellow photographer that he used to be a member and had the insurance too. However, when his car was stolen with all of his equipment, PPA insurance didn't pay out a penny. Before signing up I called PPA and asked specifically about what was covered. They told me that stolen gear or gear that I say dropped in water at a beach photo shoot would be covered. After my friends experience, I'm wondering if PPA's insurance is really legit.</p>

 

<p>You can get insurance anyplace. Perhaps it'd be best to ask a real insurance company what their rates are?</p>

<p>Can you just add a rider to your homeowners or renters insurance?</p>

<p> </p>

<p>"<em>Can you just add a rider to your homeowners or renters insurance</em>?" It depends. It depends if you are are not using your camera in a business - you most likely can purchase a rider. If you use your gear in your business - you most likely can not purchase a rider to your existing homeowners or renters insurance. The key is to discuss your particular situation with your personal insurance agent.</p>

<p>IT is possible that PPA insurance would not pay if your car was stolen because your car insurance should cover the contents and it would be the primary coverage in that situation. Insurance policies are typically full of exclusions and other terms that limit the liability of the insurance carrier, especially when some other entity is possibly on the hook for the supposedly insured loss. The only way to know for sure is to ask them for a copy of the actual policy you would be buying, read it, and find out what is in the policy. Specifically read the "coverages" and "exclusions" provisions. You cannot rely on what an insurance agent tells you because they are considered to be your agent, and not the carrier's agent, so their representations about what the policy covers do not bind the carrier. But agents typically have "errors and omissions" coverage for themselves, to cover their own "malpractice" mistakes when they harm their client/customer. </p>

<p>Thanks Bob, I will do what you suggested today.</p>

<p>I will also email our insurance rep to see how we compare in that scenario. In case you might be interested in switching - Photo.net subscribers get access to very good insurance as well. We use the power of our numbers to get the discounted rate - but it has been a while since we've done a comparison to PPA. I'll ask him to draft a comparison so we can publish on the site. In the meantime, check out our program at <a href="/info/photo_insurance_specs.pdf">http://www.photo.net/info/photo_insurance_specs.pdf</a></p>

The importan things to read on any policy are Exclusions and Value

 

The policy they tout on here excludes any missing equipment where there want clear signs of a breakin. This means if

you leave your gear in the car and some used a shim to get in, your not covered. If someone steals your gear at

gunpoint your not covered. The a dishonest worker at a hotel uses their mstter key and steals your gear your not

covered

 

On value, make sure you get new replacement coverage, not 'actual value' coverage. Insurance companiriea have

notoriously short life expectancies on cameras. Lenses can have zero value after 3 years. This means if your 3,000

dollar 2.5 year old lens gets stolen the insurance company will give him 1/6th of the lense or $500

 

 

The policy on here refers to replacement value, I would ask them for a lot more detail om exactly that means. My guess is that you think it provides something quite a bit better than it does. What you really want is if your 2 yaer old 70-200 f2.8 is USM gets stolen, you get a brand new exact same model as a replacement. Yes that kind of policy is more expensive, and worth it.

 

 

I had a friend who had a policy, not from here, but similar exclusions, riding a bus between towns his bag with 18,000 worth of gear got stolen, got zero from the insurance company,

Yes PPA's insurance is legit. Read all insurance policies carefully and ask questions, a lot of questions, before signing up

for any insurance policy. Full disclosure: I write For PPA's magazine but am not a member or an employee. My insurance is through USAA.

 

If you get a rider on your home owner's policy and use your photo equipment to make money your claim will be thrown out.

<p>I don't know much about the PPA's insurance, never gave it much of a look. I was unable to add it as a rider to my homeowners policy since it was for business (sources: USAA and State Farm). I had to open a special policy what insurance agencies call and "Inland Marine Policy".<br>

Most companies will not pay anything on a "mysterious disappearance" even with a police report, it opens them to fraud way too easily. If I have a bag with 18k worth of equipment in it and I am on a bus, that bag would be tied to me (literally). Not to mention a cheap GPS tracking unit hidden in the lining of my bag, this helps if you can show a police officer that is tracked and it is going this way, they will usually jump on that one. I have never had to actually track my stuff, but an officer told me that construction companies will often do this for their high dollar equipment and actually the police like this type of situation as it leads them to a major fence or someone sitting on a lot of stolen goods not to mention other illegal activities that the thieves are up to (usually drugs). source: experienced detective that handled high dollar items.</p>

<p>I don't know much about the PPA's insurance, never gave it much of a look. I was unable to add it as a rider to my homeowners policy since it was for business (sources: USAA and State Farm). I had to open a special policy what insurance agencies call and "Inland Marine Policy".<br>

Most companies will not pay anything on a "mysterious disappearance" even with a police report, it opens them to fraud way too easily. If I have a bag with 18k worth of equipment in it and I am on a bus, that bag would be tied to me (literally). Not to mention a cheap GPS tracking unit hidden in the lining of my bag, this helps if you can show a police officer that is tracked and it is going this way, they will usually jump on that one. I have never had to actually track my stuff, but an officer told me that construction companies will often do this for their high dollar equipment and actually the police like this type of situation as it leads them to a major fence or someone sitting on a lot of stolen goods not to mention other illegal activities that the thieves are up to (usually drugs). source: experienced detective that handled high dollar items.</p>

<p>One big difference between the two is PPA has worldwide coverage, Photo.net is US only.</p>

<p>I would avoid PPA membership and insurance. I was a member with PPA for over 10 years and had a situation and needed help with a claim. I filed a claim with PPA indemnification trust and was denied. They have attorneys that will find reasons not to follow through with the claim and being a trust they can make their own rules. I have authentic insurance now with authentic malpractice protection from a insurance company. I feel real dumb after referring so many photographers to PPA as a great way to protect yourself, its not! Its actually just a false security for your business and in my option a was of money. Get your own insurance and avoid PPA! </strong></p>

<p>I originally went with PPA because supposedly they are the best but I have had to work with them and they are not an insurance company I will continue to use. They are not quick on communication (2 weeks to get back to me and I kept renting my lens hoping for something but I just wasted my money and time) and their policy on equipment brakes is disgusting. For my 70-200 L series lens, they only gave me $250! Don't know why I even went with them. I'll be searching for a new insurance company which doesn't try to rape you even after you give so much money to them per year. Not recommended.</p>

<p>I was with PPA's insurance and I had a theft situation where almost 10K of equipment has <br /> been stolen. I was insure with PPA for 15K for thef. They were very slow to process my claim. They didn't accept the original police report because it was hand written. After lots of headache and finally having the record section police supervisor signed and stamp it, they finally accept it and process my claim. Then once the settlement arrived they just settle half of the amount! BE AWARE! Read the fine prints. <br /> <br /> They didn't settle the replacement cost as I was expecting but gave me Actual Cast Value of time of loss. <br /> Due to all my receipts they determine the year of the equipment and calculated the depreciation. They basically devalued my gear and paid less that it was worth. <br /> There was two small prints in the policy that I didn't see.</p>

<p>1.) The Depreciation<br>

2.) Age per Year</p>

<p>They don't explain this to you. Once signing with them, you think you are covered as they lovely website mislead you. You think you will have peace of mind. NOPE.<br>

The Photo care plus policy come with two choices.<br /> <br /> 1) Scheduled Property where they pay the = Replacement Cost (but you need to list all your equipments and submit proof of purchase up front) OR<br>

<br /> 2) Unscheduled Property = Actual Cash Value Where they down value your equipments.</p>

<p>- Depreciation will apply as follows based on the age of lost or damaged property:<br /> <br /> Age means Model Year minus Current Year plus one.<br /> <br /> The calculation is based on model year minus current year plus one.<br /> For instance, the Ipad purchased March of 2014 would be calculated as such:<br /> <br /> Model Year – Current Year + 1<br /> <br /> 2014 – 2016 + 1 = 3 years of Deprecation means 75% of down-valuing. <br /> <br /> For my loss ipad that I paid $665, PPA settle it for just $166 Because they say it's 3 years old.<br /> <br /> For my loss Macbook pro I paid 2014 $2400 + tax. They deprecated 75% off. I GOT $305!</p>

<p>BE AWARE! PPA isn't a good choice. Read the fine prints and ask Insurance companies for the replacement value while signing. I loss out by $5000.</p>

<p> </p>