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Camera equipment Insurance?

Jon Carr

Jon Carr

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I recently graduated from film school and I own a Canon 7D and a Brevis 35mm adapter, which I been renting out recently to friends when I don't use them on my shoots. I'm also planing on buying a RED soon which comes to the question. What is the options of getting Camera Insurance? Insurance Companies, plans, rental vs. owners insurance, location requirements? I shoot in the NYC and Philadelphia areas if that affects anything. Thanks for any info.
 
thanks I'll look into both.
 
You may want to pick up insurance enough to cover rental gear as well.

I also make sure the policy covers loss/theft.

Also, make sure they are paying out full replacement value. Some policies only cover "real" values, i.e. the depreciated cost of gear. So, if you happen to own RED #200 (as an example), and it falls off the dolly and breaks, insurance might want to pay $12000. Which means you are out a RED camera, and possibly out of business. A policy that covers replacement values will pay whatever the current retail cost of a RED is, so you'd get #8000 with the insurance paying $17,500 - your deductible.

I'd check with the rental houses you want to use and find out what type of coverage they'll want for a 3 ton truck a light kit (whatever you like to order) and a Fisher 10/11+track. I'd have to ask my producers the details, but that's what I usually end up getting for most small -medium jobs.

If you expect to have lots of low end work, its worthwhile because a lot of low end producers have enough budget to work with, say $500-$1000 per shoot, but they don't even know they even need insurance to do rentals. They, of course, don't have a relationship with the rental houses.

So, if you are covered, then you can often be more price competitive on low end jobs. It also makes life simpler for those folk- and thus gets them to choose you over the next guy who needs them to hire gear and provide insurance.

I am un-insured right now, but when I carry insurance, I try and make sure that I purchase an amount so that I break even, for the year, on 1-2 low end jobs.

Typically that's an insurance budget of $400-800 per year, which can buy you up to around $65,000 USD of coverage where I am.

I never worry about insurance on larger projects. The producers, usually much more competent as well as well funded, take care of that for me on a per project basis.

Now if you are renting that is a different matter. Most insurance in this price range doesn't allow you to offer "dry hire" rentals, i.e. rentals without you or an authorized agent (say your 1st AC) going out with the gear.

So, I usually require the producers get insurance, or hire me to be on set looking out for the gear. If the renter is providing you insurance, then you absolutely must look up the insurance company, call them and verify coverage. You should also find out if there is a deductible on the policy, and if there is I usually require a deposit to cover that deductible with any new clients.

Hope that helps.
 
R. Schorman said:
I have insurance for my equipment through State Farm. $40,000 coverage for $300 a year.
Click to expand...

But don't just expect your state farm home owners insurance to cover it! Make sure you get business insurance. Most policies don't cover professional equipment used for commercial purposes. Specifically many don't even cover cameras or lenses.
 
I would love to hear more advices regarding insurance. I'm trying to get my epic kit insured right now.

Tom, your link goes to One Beacon Insurance Company. They quoted me a good price but googling their name gives me bad reviews. I don't see Kat Wong anywhere on that website?
 
Kat is now with Francis L. Dean & Associates. (888) 416-9091 ext 106. Significantly cheaper than other options we looked at, highly recommended.
 
prevention is better than cure: self insurance is best (cheapest) in the long run
Spend money preventing or eliminating potential loss.
 
Pawel Achtel said:
prevention is better than cure: self insurance is best (cheapest) in the long run
Spend money preventing or eliminating potential loss.
Click to expand...

Pawel, I'll agree with you when you are in your home; on your own boat and control completely your surroundings. BUT, when you travel; are on a shoot w/others on a boat or location....lot of people, lot of gear getting moved/touched used....And things just add up to something disappearing or in some cases....an entire case gets hijacked while on an airlines in say S.Africa or Hawaii.....having a $50k case go bye bye or falling off a truck is hard to self insure. BUT, i do think we all know what we are willing to risk.

....that said, i cover myself of catastrophic cases of around $200k insurance....of my "line Item equipment" only.....which is anything over $5k or $7.5k depending on the insurer.
 
Also, with many insureres...there's a lot you need to look at and compare....will they cover your gear when you MAIL something via fedex or ups? That saves a BUNDLE buying insurance through the carrier. Will they cover your gear while in transit or in foreign countries....Also, will they offer up a rider for rental gear at affordable rates.....a lot to compare when you get down to really working commercially. AND in some cases you cannot even come on a working set w/out liability insurance.
 
Sam Eilertsen said:
Kat is now with Francis L. Dean & Associates. (888) 416-9091 ext 106. Significantly cheaper than other options we looked at, highly recommended.
Click to expand...

I also use these guys.. I have 95,000$ in coverage, 250 detuctible, full replacement cost, worldwide.. About 1250 a year
 
Starting research to get insurance for Epic. Kat at Francis L. Dean & Associates is recommended a number of times in this thread. Is there any other alternatives that can be recommended?

thanks
 
Hey Justin, I am looking to insure some of my equpment that I will be using for personal use and renting. I just talked with Kat today and I'm considering insuring with her.

I was wondering if you have had to make any claims and what your experience was. Also are you insured for rental or personal use.

Thanks in advance,
Jacob
 
Agreed

Agreed

Gotta agree with you Pawel but mistakes happen too. What are your thoughts on renting your gear out to strangers?

Pawel Achtel said:
prevention is better than cure: self insurance is best (cheapest) in the long run
Spend money preventing or eliminating potential loss.
Click to expand...
 
DeWitt-Stern....I've had them for years. They are one of the top agencies in the US. For your photo gear now I would look into some of the still associations that offer cheap plans. As you need more coverage the cost is going to go up (so will the deductible). Insurance is a necessity in this biz.

~Marque
 
I've dealt with Kat Wong for a few years now. As mentioned earlier, she is now at Francis L Dean & Associates and her direct phone number is 626-379-6280.
 
Is anyone familiar with a "Due Diligence" clause in the policy? Should it be a point of concern?
 
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