Reader's Comments - Index of - Free

Camera and Equipment Insurance
would be interested in participating in the photo equipment insurance program exclusively for
photo.net members, please fill out this survey.
I want to add a floater to my homeowners or renters policy
Items of value, including photography equipment, that are not covered or have limited coverage on
standard homeowners policies may be scheduled on a personal articles floater. Rates for insuring your
equipment on a personal article floater vary among companies. Generally, you should expect to pay
about $1.35 - $1.75 per every $100 dollars of equipment with no deductible. Coverage is usually in
addition to your unscheduled property, giving you more coverage if there is a total loss. Most
homeowners and renters insurance policies provide coverage against named perils only. If your camera
falls off a shelf and breaks, it is not necessarily covered. Personal article floaters are usually written on
an all-risk basis, meaning your equipment is insured against everything except specifically excluded
perils. So, if you're leaning over the side of a boat to get the perfect shot, your strap breaks and your
camera falls to the bottom of the ocean, it should be covered unless that peril is specifically excluded in
your all-risk floater or if you intentionally threw the camera overboard. With a personal article floater,
the burden is on the insurance company to prove that a claim is not covered. With a standard
homeowners policy, the burden is on the insured.
Personal article floaters provide broad coverage, usually with no deductibles. Generally, you're
agreeing on the value of your equipment prior to loss. When you apply for a floater, your insurance
broker will ask you to list all your equipment, the market value/replacement cost, serial number and
other information on your equipment. The market value of an item is the replacement cost of the item
in its current state, not a new piece of equipment. Generally, insurance companies replace insured
equipment and do not pay cash for the value of the item. If you want cash to replace the item yourself,
generally you will have to negotiate with your insurance provider.
Personal article floaters can also cover items you've bought even if you have not told your agent.
Policies can provide coverage for newly acquired items for up to 30 to 90 days if you pay a pro-rated
premium.
I need a commercial policy
If photography is your primary income, or a source of income, a commercial policy might be right for
you. Generally a commercial policy is more expensive than a personal article floater attached to your
homeowners or renters insurance policy. You should expect to pay between $1.75-$2.25 per every
$100 dollars of equipment with a deductible between $250-$500 per claim. A commercial policy offers
a similar level of coverage for equipment as an all risk personal article floater, but eliminates the
potential exclusion of equipment if used professionally.
Additional coverage available on a commercial policy includes general liability, commercial property,
http://www.photo.net/learn/insurance (3 of 12) [5/15/2002 7:16:03 PM]