rick_chen Posted July 10, 2013 Share Posted July 10, 2013 <p>Hi all,<br> Curious to know what do you guys have for insurance of your gears and equipment? Please refer me some great companies that has a easy claim process, wont break the bank and suit my needs.<br> I am a part time wedding photographer, sticking with my main job but does about half a dozen weddings a year. I talked to my home and auto insurance company (same co.) they wont cover any cameras or lenses for more than $5000 at home, against theft or fire. Then I talked to business insurance people and it gets kind of complicated...because I use the equipment 50% for work and 50% for pleasure, and they are 90% stored at home and 10% in the car. And my business address is technically at home doing post processing or at the wedding venue. I want coverage against theft/fire at home, against equipment failure and breakage at the wedding venue, and maybe (not a must) equipment damage in times of a car accident on the road (I only have general liability insurance for the car).<br> I believe I dont do this often enough to need a business liability insurance, as the couple typically purchase $1M event venue liability insurance to be able to use the wedding venue. Still that insurance doesnt cover my gears. Even though I know it's better to have liability insurance, I am not sure if it's worth it for the amount of income I am making off these gigs. I am charging not very much, and is doing it more of a hobby from referrals. My neighbor recently got broken into, and that's what put me to consider getting insurance, since my equipment current value easily exceeds 45k. Would be horrible if i am to lose them and my homeowner's insurance only gives me 5k.</p> <p>Any help is greatly appreciated!</p> Link to comment Share on other sites More sharing options...
savagesax Posted July 10, 2013 Share Posted July 10, 2013 Check out PPA. Some auto insurance companies offer a Riders extension, stuff in your car. Link to comment Share on other sites More sharing options...
craig_shearman1 Posted July 11, 2013 Share Posted July 11, 2013 <p>"I believe I dont do this often enough to need a business liability insurance, as the couple typically purchase $1M event venue liability insurance to be able to use the wedding venue."<br />Never heard of a couple having to buy insurance for their wedding. It's more the case that the venue has to have insurance in case their customers get injured. But in either case, liability insurance purchased by the B&G would presumably only protect them, not you (or for that matter the catering hall). I'm not a lawyer or insurance professional, but would believe that you need insurance both for your equipment and for liability. If anything liability may be more important -- if the gear is stolen or damaged, you're out a few thousand dollars. If your equipment causes a severe injury to someone, you could theoretically be out millions.</p> Link to comment Share on other sites More sharing options...
e_rin Posted July 11, 2013 Share Posted July 11, 2013 <p>Definitely check out PPA - they offer a variety of services (including equipment insurance) for a pretty low rate. I pay under $30 a month for my membership with them!</p> Link to comment Share on other sites More sharing options...
rick_chen Posted July 12, 2013 Author Share Posted July 12, 2013 <p>Does anyone have experience with Hiscoxusa.com for photographer insurance? Very first thing showing up on google and every search engine<br> Their quote is $500 a year comes with 45k equipment coverage plus a $1M general liability...rated A+ on BBB<br> I looked into PPA per your suggestion, it's $330 a year but liability insurance is $100 additional a year and it covers only 15k in gear. Their quote is coming out to be $800 a year...not sure by signing up as a member how much will I save</p> Link to comment Share on other sites More sharing options...
Marcus Ian Posted July 12, 2013 Share Posted July 12, 2013 <p>Given that level of eqp., I say that a policy is well worth it. $500 a year is pretty decent, though I've got no experience with that company - and w/ some you get what you pay for. Some locations require you to have a policy, but those tend to be quite upscale locations. </p> <p>Even though you've not experienced a loss, is the peace of mind (and added assurance) worth a freebie wedding a year?</p> Link to comment Share on other sites More sharing options...
savagesax Posted July 12, 2013 Share Posted July 12, 2013 You are getting a bit too deep in the insurance situation. Are you saying that the place that the couple is getting married at is requiring you to have this 1 million buck policy? If they aren't and since you only do perhaps 6 weddings a year, why spend the money? $500 isn't bad, however that probably eats away your profits, so in a sense you are shooting the wedding for free. Maybe 2 weddings for free, I don't know what you charge. If you are required to show your policy to the event planner or the mangement of this place, well I guess you need it. I've been shooting weddings and other forms of photography is 1988 or 1989. Can't recall. I have this policy for only 1 reason and that is because some places, mainly hotels in Beverly Hills and Santa Monica require this. I went many years not needing this. Probably around the year 2000 or higher. Maybe 2003 was the first time. So if you can get away from not having the 1 million policy well skip it. Also be aware of getting the replacement value for your gear, not the ones that depreciate depending on the age of your gear. Those suck. Again, if you don't need this million get a RIDER policy for your car, anything in your car will be covered. It's only maybe $15 a month, probably less. Mine is $8. Yes I have the million dollar policy, but for $8 a month why not get the extra coverage? It's just an idea to look into. If you have house insurance or an appartment you are covered. Hope this helps. Link to comment Share on other sites More sharing options...
rick_chen Posted July 12, 2013 Author Share Posted July 12, 2013 <p>Bob..thanks for your input. Yeah I am asking my insurance agent about the RIDER thing...hopefully that is available for my insurance company. As far as I know, they wont cover any camera in my house for more than 5k..not sure why (part of business? exceed coverage limit?)<br> Yeah exactly...$500 isnt bad at all..but if I am only getting a few grand a year, i have to think twice. I guess i am a bit concerned about getting burglarized after what happened to my neighbor 2 houses away, that's why i am looking into gear insurance</p> Link to comment Share on other sites More sharing options...
savagesax Posted July 13, 2013 Share Posted July 13, 2013 Well Rick, it for sure looks like you have figured out a lot. You've done your homework. Keep us posted. I just got home from a rear Friday night wedding! The people have kids in their mid 20's. Pretty fun, the couple sure had a blast. Well during the wedding the flashhead cracked it 3 places. At the wedding I was able to get some tape. It's one of the quantum flash units so it's going in on Monday. Yes insurance will cover the repair. This is a good reason for the Rider. This wassn't my day. I also dropped my very cool fish eye lens. It won't auto focus. Since it was my fault I will probably have to pay some sort of deductablible. Well let us/me know what you decide to do.. Link to comment Share on other sites More sharing options...
savagesax Posted July 13, 2013 Share Posted July 13, 2013 sorry for the miss spelled words! Well it was almost 4 AM! Link to comment Share on other sites More sharing options...
studio460 Posted July 19, 2013 Share Posted July 19, 2013 <p>Rick said:</p> <blockquote> <p>As far as I know, they wont cover any camera in my house for more than 5k . . . not sure why (part of business? exceed coverage limit?)</p> </blockquote> <p>Yes, most homeowners' insurance policies do not cover single items valued over $5,000 (due to greater risk). In fact, some policies limit single-item coverage to as low as $1,000, $2,000, or $2,500. For items of $1,000 or more, you typically need a "valuable items" policy, which of course, demands higher premiums. For me, I specifically didn't want a homeowners' policy, since they generally exclude any commercial use of any insured items. If you charge money to shoot, you need a business policy (note: I checked some reviews of Hicox--they didn't bode well).<br /> <br /> As far as I could tell, the best deal in equipment/professional liability insurance is right here at photo.net. Join as a paying member to the site, and you receive decent coverage for only $350 a year. You also need to buy the $1 million liability coverage, but that's okay, since most commercial venues require a certificate of insurance before they'll allow you to bring gear and work on their property. The photo.net insurer is Willis Insurance, which I beleive also has a $5,000 single-item maximum (at least at this discounted rate).<br /> <br /> Note that Willis will provide "additional insured loss/payee" certificates of insurance within 24 hours of your request, by e-mail. On the last wedding I worked, the venue required certificates for both shooters--the B&G had to pay for a pricey $600, one-day insurance policy from another provider, since we were donating our services to the bride (a co-worker) as our gift. In contrast, Willis' liability premium is a pretty good deal. I've been using Willis for two years running now, but admittedly have never made a claim.<br /> <br /> Subscription fee to photo.net (required): $25<br /> General liability: $1 million; $2 million aggregate = $175<br /> Equipment coverage costs $10 per $1,000, with a $150 minimum = $150 for $15,000 coverage<br /> <br /> So, for only $350 per year, you get $1 million liability coverage, plus $15,000 of equipment coverage. It's the best deal I've found. Note that the equipment insurance covers "forced entry" only (residential burglary, vehicle break-in, etc.). If you're held up at gunpoint, or drop your gear in the ocean--no coverage. The cool thing about Ellis' policy is that it covers gear stolen from vehicles (some don't)--so you can safely keep unused gear stored in your trunk when working any given venue.<br /> <br /> Here's the photo.net PDF for Willis Insurance:<br /> <br /> <a href="/info/photo_insurance_specs.pdf">http://www.photo.net/info/photo_insurance_specs.pdf</a></p> Link to comment Share on other sites More sharing options...
rick_chen Posted July 19, 2013 Author Share Posted July 19, 2013 <p>Hey Ralph,</p> <p>thanks for thorough your input on photo.net insurance. Definitely sounds interesting, except I am concerned they only cover $15k and no accidental damage coverage. <br> You mentioned break-ins only, how about if the gear was stolen at the venue etc?</p> Link to comment Share on other sites More sharing options...
studio460 Posted July 19, 2013 Share Posted July 19, 2013 <p>Hey, Rick!</p> <p>No problem! Yeah, my biggest concern is robbery, either "armed" or by "bodily force." Not sure who offers such a policy. Accidental breakage/loss policies are available from a number of providers, but are typically prohibitively expensive (perhaps $300/year per body or expensive lens). I can be careful with my gear, but if I'm held up on some street corner, I'm pretty vulnerable.</p> <p>Note that you can cover more than $15K worth of gear at an additional premium of only $10 per $1,000 of increased coverage. The $15,000 coverage is only a <em>minimum</em>. Also, there is no depreciation or pro-rating--you tell them (on the application) how much you think it will cost to replace your two-year-old Nikon D3s, and that's exactly what the pay out will be.</p> Link to comment Share on other sites More sharing options...
rick_chen Posted July 19, 2013 Author Share Posted July 19, 2013 <p>Ralph,<br> Oh I see..that's good. So that's $400/yr for 40k coverage plus the 175 for liability? And that covers only theft at home and in the car? So they dont cover theft at wedding venue or public places where the shoot took place?<br> But you are right...i have never thought of "armed" or "bodily force" robbery, sounds scary hopefully no one gets to go through that. I think we are all vulnerable to that lol</p> Link to comment Share on other sites More sharing options...
studio460 Posted July 19, 2013 Share Posted July 19, 2013 <p>Rick said:</p> <blockquote> <p>You mentioned break-ins only, how about if the gear was stolen at the venue etc?</p> </blockquote> <p>I spoke with the insurer over the phone when I began my policy, and she only mentioned the term, "forced entry." Now that brings up the question of . . . forced entry into how small of a "container?" Does it have to be a room, a car, or is forced entry into a locked foot locker good enough? (If the foot locker is attached to a wall or floor, then, probably yes--it's covered).<br /> <br /> But, if you leave a locked case on a bench in the venue, and the whole case disappears, it's not covered. If you leave a case of gear in a locked room at the venue, and a police report can state that there was a "break-in," then you're covered (door or window is damaged, i.e., "forced"). However, if someone with a master key unlocked the door and stole your gear, that may not be considered "forced entry" (again--not covered). Need to talk to the insurer about these details.</p> <p>I think the safest thing to do at the venue is the following:</p> <p>1.) Return all unused gear to a locked vehicle--you're totally covered here.<br /> 2.) Store any unused gear in a locked hotel room (but there's still the master key issue).<br /> 3.) Store any unused gear in a locked container which is somehow "permanently" attached to some part of the building.</p> Link to comment Share on other sites More sharing options...
rick_chen Posted July 19, 2013 Author Share Posted July 19, 2013 <p>Oh wow...we pay them all these insurance money and they are really good playing with words when it comes to claims. That really sucks. So it covers "forced entry" and not mysterious disappearance, like someone took the whole case at the venue etc. Ok so we're supposed to think of all possible loss and theft scenarios and ask the insurer about whether that's covered or not...good piece of info here thanks so much</p> Link to comment Share on other sites More sharing options...
studio460 Posted July 19, 2013 Share Posted July 19, 2013 <p>No, Ellis' standard policy absolutely doesn't cover "mysterious disappearance" (an actual insurance term). One site mentioned an approximate premium up-charge of $85-$120 per year to add a mysterious disappearance clause to a piece of jewelry worth $10,000 (not sure how current or accurate this estimate is). I don't think Ellis offers mysterious disappearance, though I can't recall if I asked them specifically.</p> <p>As a matter of fact, I've been thinking about the whole gear-at-the-venue issue lately. I was planning to bicycle-lock a steel Rigid tool case to something at the venue, and storing unused gear (or, the to-be-used-later gear) in that. That would probably be a relatively secure solution.</p> Link to comment Share on other sites More sharing options...
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