InsureMyEquipment.com - Rental Insurance...

[Michael Hoffman]

Hey; everyone.

Question - I've seen LOTs of posts about them on the forum; but I have a few questions that haven't been answered - especially in regards to the Rental Insurance section.

Anyone out there use them that can help?

Their customer service will not talk to me via phone; and I am REALLY confused.

I carry $30K in an annual rented insurance policy. Whenever I go to rent (which is rare) - it forces me to issue a certificate for the full policy amount for the rest of the year on the policy.

There's no date range to choose from; etc - and now my Owned Equipment Policy also shows the rental house as a loss payee on that insurance too?

Is there a way to cancel the certificate after the rental is done... or; split it up - like $10K for the lenses at this house - $15K to my gaffer - etc?

I am REALLY confused.

Thanks!

 

[Michael Hoffman]

They did email me and I got my answer. If anyone ever has the same question - their response is below:

"Thank you for your email.

The certificate holder will be issued the cert for the full amount but in the event that a claim occurs, they will only be able to claim the loss amount for the value of the equipment that you rented. The value of the equipment rented will be displayed on the rental receipt.

In short, the cert does not need to list the specific amount you are renting from a cert holder.

Additionally, certs do not need to be deleted or removed. Issuing new certs is free of charge so you can simply issue another when you are ready to rent again."

 

[Louis Maddalena]

Just as a quick heads up, Myself as well as a few other NYC people have stopped accepting InsureMyEquipment.com Insurance.

The reason behind this is that anybody can buy insurance from them relatively easy online. We have found that this is the insurance carrier many scammers and thieves are using. I highly recommend when your current policy expires checking out a different insurance agent. It will broaden who you can rent from.

 

[Jeff Kilgroe]

I would be curious as to the actual coverage through this InsureMyEquipment place. It smells of a scam in and of itself. Anyone out there used them and had to file a claim?

 

[John Shofner]

Ive used them on rentals, never had to file a claim. LensRentals.com has accepted their certificate. Thats all I can offer.

 

[Hal Long]

If it's a known scammer insurer I'd avoid the headache even if the options cost a bit more.

 

[Michael Hastings]

I would be curious as to the actual coverage through this InsureMyEquipment place. It smells of a scam in and of itself. Anyone out there used them and had to file a claim?

I had a policy through Heffernan in 2012 - underwriter was OneBeacon. They paid my $12000 claim on a dropped Zeiss 10mm with no problem. Not necessarily a firm endorsement as it has been 5 years and without knowing the underlying insurance company - but they probably shouldn't be dismissed out of hand.

It is a good idea to carefully check the broker and carrier since later on we found out we were NOT covered for water damage on our underwater systems and had to go to another company. Fortunately never had to make a water damage claim.

 

[Jan Balster]

I used to be with InsureMyEquipment.com for a few years and filed a claim for a damaged laptop, which they took care of in a speedy and fair manner.

Communication is another matter. I tried to get in touch with them, while I was still a customer, to inquire about a discount for having an alarm system and never got a response from them. If I can't communicate with my insurance broker, there is a problem. Another thing that is a little shady is the fact that they say in the FAQ on their website that "voluntary parting" (that's where you rent your equipment to a 3rd party) is covered under their policy. When you start reading the fine print there is no mention of "voluntary parting". I'm pretty sure that when push comes to shove, they will not honor voluntary parting.

That's my 2¢

- Jan