Equipment Insurance - What %?

[Mark K.]

Hi Guys,

I'm looking at equipment insurance for my new gear, and seem to get quite a wide variance in pricing. One quote came in with a premium worth 5% of the combined cost of the gear (and didn't even cover it for fire damage).

Other quotes seem to come in with premiums around 3.5% and 3% the value of the gear.

However I was told that 2.5% is about as much of a premium as you should pay for equipment insurance.

If anyone could share their experiences and what their gear-value/premium ratio has been, that'd be much appreciated - I simply can't figure out what's a reasonable rate.

Any help would be much appreciated.

Cheers,

Mark

 

[paulherrin]

my premium + fees works out to less than 2% on $25k with a $500 deductible - i chose to go through heffernan/one beacon via buymyinsurancenow.com

 

[Evin Grant]

Just switched to Fractured Atlas from Hefferenan, much cheaper.

 

[Mark Pugh]

Evin Do you have any name/ number contact details.
I don't see equipment insurance mentioned on the website.

 

[Stivan Widick]

Mine worked out to about 1.4% including broker fee for $125K equipment coverage and $500 deductible with Frankel & Associates (filmins.com) Coverage is on a replacement cost basis that includes theft from an unlocked vehicle, worldwide coverage, and all risk- including earthquake, flood, and equipment In transit.

 

[Mark K.]

Oh wow, sounds like we really get stung on insurance down here.

 

[Gavin Greenwalt]

Mine works out to 6% for $25k but it's covered for conversion and fraud in addition to damages. That seriously hikes the rate up.