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A little useful information on equipment insurance

Posted: Mon May 15, 2023 2:15 pm
by Bill Chambers
Fortunately, I've never had to put a claim in for equipment until recently and I learned something that makes a big difference.  I wish I had known this before!  All of my "big" equipment (bodies, lenses) are "scheduled" but I listed my tripods under Miscellaneous equipment (even though I listed them by brand name & model #). 

Well, last week I lost my tripod, a Gitzo 5 series legs & RRS BH-55 head, approx. $1200 original cost when I purchased them ~20 years ago.  Today's replacement cost is approx.$1600 + tax.  My insurance is through Chubb (via NANPA).  Deductible is $250.  Because my tripod/head was "unscheduled", insurance will only pay a maximum of $500 instead of the larger amount.  Of course, I didn't know this when I listed my equipment.  To be honest. I don't even know the difference between Scheduled and Unscheduled equipment, other than you kinda get screwed on the unscheduled when you file a claim.

Lesson learned - Ask your agent about any difference in payout between scheduled & unscheduled equipment and, if possible, schedule ANY equipment that costs more than the maximum unscheduled payout.

Have a great day!

Re: A little useful information on equipment insurance

Posted: Tue May 16, 2023 8:40 pm
by E.J. Peiker
You can change your insurance for things that you have not put on your list or “unscheduled” gear.  For example mine is set to $3000 with the NANPA insurance.

Re: A little useful information on equipment insurance

Posted: Sun Oct 08, 2023 8:21 am
by Steve Cirone
My AAA renter's policy just came up for renewal.  It prominently lists $35,000 coverage with "some limits***."  I did not see a definition of the limits on the written policy so I went online to view my policy and nothing.  Called the company and the rep was very hesitant to explain things.  Finally, I pulled it out of him that ALL electronics, camera gear, and jewelry were lumped together with a $1,000 limit!  Clever.

Essentially, the policy covers clothes and furniture.

Re: A little useful information on equipment insurance

Posted: Sun Oct 08, 2023 1:01 pm
by Bill Chambers
Steve Cirone wrote: My AAA renter's policy just came up for renewal.  It prominently lists $35,000 coverage with "some limits***."  I did not see a definition of the limits on the written policy so I went online to view my policy and nothing.  Called the company and the rep was very hesitant to explain things.  Finally, I pulled it out of him that ALL electronics, camera gear, and jewelry were lumped together with a $1,000 limit!  Clever.

Essentially, the policy covers clothes and furniture.
Exactly.  Most Homeowners policies DO NOT cover photo equipment to any great extent.  Most will not cover photo equipment AT ALL if you use it to derive income.  At least that is what my homeowners agent told me.  I have my equipment insurance thru Chubb, purchased through NANPA.  I have been happy with it overall.  I wasn't happy when I lost my tripod and discovered the LIMITS of unscheduled equipment, but I have to give Chubb an "Atta boy" because when they sent their little "How did we do" rating email after the settlement, I explained why I was unsatisfied with the settlement and they (almost immediately) contacted me and and asked a couple of questions and then sent me an additional $500 to cover the RRS BH-55 head.  They explained they didn't realize the legs and head were separate items (this was MY fault because I didn't claim the loss as two separate items).  Anyway, Chubb ended up paying out $1000 for the legs and head, I was still out $500/600 dollars but I thought their response was excellent and I certainly appreciated their attitude.  Afterwards, the lady from Chubb went over every piece of equipment with me, and explained what should & should not be listed as "scheduled or unscheduled".  She was VERY helpful and I sensed that she truly had my best interest at heart.  Their coverage isn't the cheapest, but overall, I was very impressed with them and I will continue to use them.