Rental insurance

[Gene Crucean]

For those of you renting RED gear, how are you going about insurance? Do you make the renter provide insurance? Or do you offer a service for an additional fee?

What I'm looking for is to be able to offer an insurance program to people that want to rent my gear. Obviously passing the fee onto them. Does anyone know of such a service... maybe even based out of LA?

Thanks guys.

 

[Brian Merlen]

I am interested in pricing for the same thing, I know insurance has been discussed here previously, but knowing more details about insurance and third party users would be awesome, so I too would love to hear peoples advice on this. Thanks

 

[Trevor Meeks]

I am slowly starting to rent my gear. Currently doing trial runs with friends, and friends of friends that i know I can trust.

All of my gear is insured for my own use, and for rentals it covers up to $5,000 worth. For anything worth over $5,000 I require that the client provides me with insurance for the full replacement value of the gear.

 

[Chris McKechnie]

Be wary for rentals...I have heard horror stories about some independant production companies even providing full insurance, then running off with your gear and never coming back. ALWAYS take a photo of the person too..normally RED-Jackers won't want a photo taken and won't rent from you.

 

[Trevor Meeks]

Copy of Drivers License FTW

And yet another reason my rentals are only going to friends and friends of friends currently. Very good points Chris

 

[Greg M]

You really need to talk to an insurance agent that specializes in Entertainment insurance. Rental coverage is a unique speciality policy, and it usually requires that the renter have their own policy in place otherwise it is not valid. In essence the policy is covering your ass in case the renter commits fraud and/or their insurance policy does not pay. It also requires due diulligance on your part to verify this insurance.
Selling insurance to your renters is really just self insuring, which is not a great idea.

 

[Trevor Meeks]

You really need to talk to an insurance agent that specializes in Entertainment insurance. Rental coverage is a unique speciality policy, and it usually requires that the renter have their own policy in place otherwise it is not valid. In essence the policy is covering your ass in case the renter commits fraud and/or their insurance policy does not pay. It also requires due diulligance on your part to verify this insurance.
Selling insurance to your renters is really just self insuring, which is not a great idea.

Agreed

 

[Gene Crucean]

Thanks for the input! So who are you guys using in the LA area?

 

[Dominik Muench]

You really need to talk to an insurance agent that specializes in Entertainment insurance. Rental coverage is a unique speciality policy, and it usually requires that the renter have their own policy in place otherwise it is not valid. In essence the policy is covering your ass in case the renter commits fraud and/or their insurance policy does not pay. It also requires due diulligance on your part to verify this insurance.
Selling insurance to your renters is really just self insuring, which is not a great idea.

agreed, I have all my rental gear covered by a policy, but I obviously expect my rental clients to get their own insurance for the shoot because if anything happens, my policy would go up every time gear gets damaged on an outside job. I have an insurance policy through Allianz and I'm very happy with their service. It covers rental and own gear usage, worldwide, self inflicted and 3rd party damage and a lot more. Easiest thing to do is to write up a list of all the cover scenarios you want and then approach an insurance company or broker and see what deal they can give you.

 

[Gavin Greenwalt]

Does anyone know who does and does not offer insurance that covers people who rent under false identities/driver's licenses etc? I couldn't determine whether insuremygear did or did not cover this.

 

[Greg M]

Does anyone know who does and does not offer insurance that covers people who rent under false identities/driver's licenses etc? I couldn't determine whether insuremygear did or did not cover this.

You need true rental house coverage...be sure fraud is not excluded.

You can try my broker, but any legitimate Entertainment broker SHOULD know what you need:
Eustis Risk Mgmt
Emory Maginnis
504.212.4875

be sure to read the coverage forms before buying. Also its important to understand that the policy is useless if you don't have procedures and contracts in place to mitigate any loss.

 

[Philip Powell]

I have had several rental policies over the years for gear. Just a few notes of warning, usually your gear is NOT covered if you are not WITH it. That means rental to a third party, unless you come along with the gear, is not covered. Also, in addition to insurance you need to draft a rental agreement. This covers things that insurnace does not, i.e deductable, loss of income while the gear is out for repairs etc.

 

[Greg M]

I have had several rental policies over the years for gear. Just a few notes of warning, usually your gear is NOT covered if you are not WITH it. That means rental to a third party, unless you come along with the gear, is not covered. Also, in addition to insurance you need to draft a rental agreement. This covers things that insurnace does not, i.e deductable, loss of income while the gear is out for repairs etc.

That wouldn't be rental insurance then. "Rental" coverage covers rentals. If you go with the gear its not a rental.

 

[Emory Maginnis]

Just to update Greg's post, I'm no longer with Eustis Risk Mgmt. I have a new agency called Maginnis Film & Entertainment Insurance Services. Feel free to call or email me at 504.919.3288 or emory@mfeis.com.

--Emory Maginnis