Insurance
I hope I'm in the right place for this post. I am currently looking into insurance for my equipment. My homeowners insurance, state farm, won't cover all perils. The want to sell me a policy that would cover all and sounds pretty cheap, $2.50 per $1,000. I could use some input. Since Katrina I have learned some hard lessons about insurance.
Thanks
John
John,
That sounds pretty good $$ wise but may not be a good option.
I joined NANPA and have insurance through my membership with Chubb. It is more expensive but is in no way with a company with any connection with my HO carrier. I discussed this with my agent and he advised me to do this for two reasons. First, if you have a large claim (I had $10,000 in 2006), even if it is a different policy from the HO insurance, your HO insurance could be affected at renewal. Secondly, now your HO carrier will know you have all this expensive equipment in the home.
Being in Florida and HO carriers fleeing the state, that is not a good position to be in.
BTW: My claims in 2006 were due to breakage (Canon 500mm and 1D Mark II trashed). My rates did not increase. Checks were sent right away after the equipment was sent to Canon for determination repair was not an option. In all instances Chubb handled it great. This policy is geared towards photographers and they understand the risks and the cost of replacement. My policy is for replacement at full cost. I insure for what I paid. No quabbling from them and no reduction for equipment age. Thats is why it costs more.
I Had A Rider On My Homeowners
And they cancelled me after 2 losses in 14 months.
I now have to be in a HIGH RISK homeowners insurance pool for 3X what homeowners was costing me.
I also joined NANPA and am now insured through Chubb.
I have my policy through State Farm (I have no HO insurance) and they have treated me well so far. They recently raised my rates a bit as they converted me to a "business" policy, but it is still reasonable and has no deductible.
I have a policy through Firemans Fund
It is a pure photography business policy and covers everything including the digital goodies necessary to do business such as laptops, hard drives, desktop computers, etc. They also cover location shooting problems to a limited extent. The policy runs around $700 per year for $20K of photo equipment. There is coverage for rental or loaner equipment also up to $8K. Deductible is $500.
My agent is Tom C. Pickard & Co., Inc. in California. They specialize in such insurance. The minimum cost I have found for professional level coverage is around $400 per year. NANPA, as mentioned also has a very nice program for members.
Fred
I looked at NANPA/CHUBB first before checking with my agent. How do the figure the cost of the premium?
I will look at that again before I go with State Farm, insurance here is doing the same at Fla since katrina.
I have a page on my web site called "Good Neighbor" that contains signs placed by homeowners after katrina.
Thanks for the info
John
You cannot beat the Nanpa Chubb insurance company program. If you ever have a loss, there is no better company in terms of settling/paying than Chubb.
your premium is the equipment value replacement cost total x 0.0230. Policy premium minimum is $350.00Originally Posted by John Wilkerson
I also joined NANPA primarily for the insurance benefit, but then my State Farm agent came through with excellent coverage and I'm currently insured with a rider on my home insurance.
Jim....
The rider on your homeowners police is risky---One claim and I would bet that you would be cancelled. I don't know anyone in Fl who has put in a claim and not been cancelled....I know lots of people especially on the coast who have been cancelled w/o putting in claims...
Another vote for NANPA. Price is reasonable for what you get and your HO is not affected by any claims. Many HO policies will not cover you if they think you are in any way a "pro" even if all you do is have a web site hosted and operate at a loss..
Does NANPA cover just about any reason for loss? Like, "I dropped it in the lake :(" I've been wanting to go on the water a bit, but am nervous about it without good insurance.
State Farm
The quote I posted is not for a rider on my homeowners its for business insurance.
My agent said the rider would not cover if I lost it as in oops it fell in the water:(
I meet with him tomorrow and can report back all the particulars. After I talk with him I will be comparing it to the NANPA insurance. So far I'm leaning toward it. I like forums for just this reason, talking to people who have already experienced what I am just looking into.
Thanks
I have a rider thorough State Farm that I have filed two claims on, the most recent for a flooded Nikon D200 for $1,600. My premiums have remained the same after both claims. I have two close friends that also have filed claims on their riders for cameras that were flooded on dive trips. One was thorough a different State Farm agent and the other was thorough Farm Bureau. Neither had their premiums raised or policies cancelled. In fact among the circle of photographers I know, many which are underwater photographers, I have never heard of one having his premiums raised or policy cancelled for filing a claim for photography gear. If you are a working pro I would use some caution in purchasing a rider as the one I carry does not cover a working professional. Which might be what Judd was referring to above.
On the other hand I could see where the $440 for NANPA insurance could offer some peace of mind. I for one would be more concerned about the claims I would have to file with my insurance company for the airlines losing a piece of my luggage than I would be for any gear I damaged except in the example Robert mentioned above. OUCH. Robert was the the loss that occurred when you were being a good Samaritan?
Another vote for NANPA Can't bet them !!!
Hi Rocky -
home insurance cancellation was (and still is) a BIG concern of mine since I live within a mile of the coast. However, my agent has been a friend and I have two policies with him now and have had policies for the last 33 years. I was assured that my equipment is completely covered and that a claim would not effect my coverage.
....am I being gullible? I still may switch over to NANPA since the concensus here is good for their coverage!
I don't profess to be an expert but I have worked in the insurance industry for 30 years handling claims. I support the general theme that insuring your camera gear separately from your HO policy. If you have limited equipment values, the gear is covered under your HO policy in most cases without a rider but coverage is limited. If you use the gear in a business, you generally can't insure it under a HO policy, even with a rider. A business camera floater, such as the one offered by NANPA, may cost a bit more but it probably provides broader coverage. When looking for coverage, compare these things:
1. What are the covered causes of loss? If coverage is provided on an "all risk" perils basis, carefully read the exclusions, the definitions and any limitations because they will define what won't be covered. Note that most HO policies provide coverage only for specifically named perils and dropping your camera (on the ground or in the water) is not one of them.
2. What is the "coverage territory." Most HO policies limit coverage to the continental US altho some provide worldwide coverage on contents. Most "floater" policies provide worldwide coverage but be sure you know, especially if you travel outside the US.
3. What is the "valuation" provided. Replacement cost (used replaced with new) or Actual Cash Value (used value or depreciated value). Fortunately, camera gear holds it's value pretty well but understand what they'll pay you if you have a loss. Another option might be Stated Value or Agreed Value, especially on old or rare camera gear, where it would be hard to establish a fair value (these items are often whatever someone else is willing to pay).
4. Deductible: Like most insurance, the higher you will accept the lower your premiums.
5. Miscellaneous accessories. Most floater policies will permit you to include a category where you don't list the specific items of lower value under a single limit of coverage. This is usually indicated as an overall limit with no item being valued at more than $XXX. This is great for things like media cards, remote cables, cables and stuff you use, some filters, etc. Just realize you'll pay premium for this limit so if the per item limit is equal to your deductible it may not make sense to do this. On the other hand, if you were to lose $2500 in misc stuff and no single item was more than $500 when you lost your camera bag, then this is money you would not be out.
Hope these guides are helpful.
Does NANPA provide "all risk" coverage? I read somewhere that they dont' cover "mysterious disappearance." Isn't that the definition of theft?
What about replacemet value? Their application tells you to fill in your own value. I'm not sure that's what you'll get though.
mysterious disappearance would be without a police report. in otherwords you cant just say my photo gear is gone. you would need to file a police report.
That makes me feel better. Thanks.
Jim
Jim, I would disagree with this distinction. Theft is the taking of property by stealth and without any threat of physical harm. Robbery is the forceful taking of property by threat or actual physical violence. Burlglary is theft where there is evidence of forceful entry or exit from the location of the property. Mysterious Disappearance is very broad coverage, generally understood as loss of property from a known place with absolutely no evidence of what happened to it. One would not normally file a police report in the case of mysterious disappearance but most policies require filing a report for the other types of losses.
Nikonians
I see a lot of metion about the NANPA insurance. Do any of you Nikon shooters use, or know anything about the plan the Nikonians group offers?
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