Insurance at Point of Sale

[Gavin Greenwalt]

Red should consider signing up a deal with a big production insurance company to offer equipment insurance. Think Best Buy or Frys (but not as marked up) .

The volume of RED sales would be a giant tasty comission for an insurance broker out there.

Also Scarlet is moving into the sub 20k market. Lots of people will be buying a scarlet as their first "price of a new car" camera. Making the insurance system easy for them seems like a no-brainer. Where REDOne purchasers probably already have business insurance I think the Scarlet will probably be more consumer oriented.

And with a close relationship with RED replacements would become easier. What happens if you get your Scarlet nice and early but then get it stolen? If you're working with a non-RED associated broker then you might be waiting a year before all the pre-orders are fulfilled. A RED associated broker could get you setup with a furbie while you wait. You could also work out a more streamlined insurance system with repairs. If you bust a port on the Scarlet you just return it to RED. Since RED knows you're insured with their 'preferred' RED insurance they repair it and never hastle you with paperwork.

I'm thinking about $200-500 per annum for this service based on how much RED gear you have.

 

[Jeff Kilgroe]

I kinda like the idea of RED working a bit closer with insurance providers, to guaranty replacement of hard to get cameras and other items. I don't like the idea of RED locking themselves into a single big provider though. Also, think that locking into one big provider would not be beneficial overall. It would assume that most customers would have the same insurance needs and what about overseas buyers? For those with established businesses that do more than just own and operate or rent out a RED camera, there are already existing insurance policies in place (or there should be!) and the camera and related gear is just more equipment added to existing coverage.

The waters also become murky in business situations when you start having multiple insurance providers covering different equipment or assets.

 

[Gavin Greenwalt]

It could be more open. A "Red Certified" insurance vendor with a fast track system. Where insurance providers agree to get on a list if they meet certain requirements. That way existing policies could have a "Red Stamp of Approval" for RED support.

But I was thinking that negotiating a bulk agreement for dozens of thousands of RED Cameras and offering a more monopolistic single 'red insurance' might allow them to more aggressively demand a better rate.

If I were an insurance broker I would bend over backwards to pick up a few thousand more clients. Thinking that if the broker makes even a small percentage that would be a huge opportunity. These are also clients who might not have any other gear *now* but are all entrepreneurs looking to grow. And who better to bring their increased asset insurance to than their trusted RED insurer?

And it wouldn't really cost RED so much as a penny. They would have a little bit more paperwork on rentals but if RED took $20 a year for "RED Cert" x 10k cameras that's a nice little side business and would pay the property tax for RED Ranch.

Some ideas for RED Assurance

1) Overnight shipping of replacement camera and accessories for lost or broken camera.
2) No-Additional Paperwork. Just contact your Insurance broker and RED will contact you directly.
3) Repairs handled seamlessly by RED.
4) Less than %5 additional on top of existing insurance options.
5) No waiting for backorders.
6) RedOnly deals with discounts when purchasing a red package. "Choose your plan from one of these available certified insurance brokers."
7) The plan has a good rental liability option on demand since these new baby red owners will probably be renting a lot of glass and grip.
8) Option for additional, non-red gear, to the policy of course. "Red Brain + $[_______] additional assets".
9) RED shipping Account. Print off a ready to insured shiping label for any red gear in need of repair (included in the insurance).

 

[Lawrence Daufenbach]

Insuring a RED

Insuring a RED

Does anyone know of any good and reliable insurance companies? I am looking to insure a RED...

 

[Gavin Greenwalt]

There are a bunch of threads already on the subject. A quick search for insurance should turn them up.