Renting out Scarlet, Insurance & Rates

[Ben Garvey]

I have gotten several requests for renting my Scarlet, and was wondering how others have handled the insurance when renting their scarlet out? One production said they will send my their insurance certificate, is there anything I should look for to make sure my Scarlet will be covered? Also what is the 'typical' rental rate of a basic Scarlet package?

My Scarlet package includes:
BOMB EVF
-Side Handle
-DSMC Tactical Top Plate
-DSMC Tactical Left Plate
-DSMC Modular Assault Plate for 15mm Rod System
-SWAT Rail & Sliding Top Handle
-1x 128GB REDMAG SSD
-1x 64GB REDMAG SSD
-Anton Bauer Battery Adapter
-Travel Charger
-2x RED Volts
-REDMAG Station

I was asking $550/day, is that a fair rate?

 

[Nick Timmons]

Ben,
When you get a COI from a client, you'll want to make sure your name or company name and address are listed under additional insured and loss payee.
What I do when I get an insurance cert is to call the company insuring it, and make sure the policy is as stated. Some people aren't very scrupulous when it comes to these things.

The rate for your camera is what it should rent for, but it's probably not what you're going to get. I rent an Epic here in NYC, and some clients pay 'proper' rates, and others pay less.
I frequently rent the camera for the price of your Scarlet, but with more AKS.
Your market and clients may be better than mine, though!

 

[Angel Alcantara]

I think $550/day is a fair price. As far as insurance, there are a few sites I've found on this forum that insure camera equipment like https://www.insurentertainment.com/

Just make sure you collect the client's information and have them sign some sort of contract if you have time to write one, or have a legal agent write one for you. And make sure your client provides verified means of communication. Personally I'd rather go as Camera Operator if I were to rent out a camera, just for my own conscience, but it isn't always they'll require the camera + camera operator simultaneously.

I hope this helps.

 

[Michael Panfeld]

What Nick said is true. Calling the Insurer and confirming that policy is paid up and active is known as "due diligence". It should be done in all cases. You should also look at the value of coverage for rented equipment. Its probably at a much higher level than your Scarlet package, but check. More importantly, check the deductible amount. If its not listed on the COI, then ask the insurer. Deductibles can range from very low ($250) to very high (Several thousand dollars). The higher the deductible, the cheaper the policy. Some producers will buy cheap insurance and prefer to gamble on not having an issue.

However, note that the insurance company will not cover claims (or the portion of a claim) below the deductible. So that portion is uninsured. Suppose your Bomb EVF gets dropped and breaks and there is a $3,500. deductible. That basically means the producer owes you the money. Trying to collect from a person or company can be easy, or it could be a nightmare that involves you going to court, getting a judgement, and either garnishing wages or placing a lien on some asset. If the producer is broke or unscrupulous, you may never see a dime and, that COI is worthless.

In addition, most insurance policies will not cover certain things. For example, if your Scarlet is stolen from an unattended car, they will not cover a dime. In that case, you are back to square one and will be trying to collect from the producer/company and will likely need to go to court.

If you do go to court, if you want any chance of winning and collecting you will need some items to prove your case. First, you will need a contract that spells things out. Next, you will need the producer's address or the company address. This will be used to serve notice of a lawsuit. If you don't have a valid address for service of the lawsuit - your case will get tossed. Make a photocopy of their driver's license and keep records of all communications such as texsts and emails. If you are dealing with a damage claim, you will also need to document the condition of the equipment at pickup and return. Pix help, as does a description block on the contract noting any damage and initialed by the person picking up the gear.

Some additional things that I recommend are to require a cash deposit in the amount of the deductible, that avoids the small claims/deductible issue and puts an extra incentive for the renter to get the gear back ASAP and in good order You would be surprised how much of a motivator getting that deposit back can be.

Perhaps most importantly, you need insurance for gear that you rent out. This will cover those situations where your don't get your gear back, but for some reason the renter's insurance is not going to cover the loss (example is the theft from an unattended car). A policy like that will cost a nice chunk of change, probably 1-2 days of rental, depending on the insurer/gear covered/state. But it gives you peace of mind.

Not quite as simple as you thought, eh?

 

[Doug Beatty]

Perhaps most importantly, you need insurance for gear that you rent out. This will cover those situations where your don't get your gear back, but for some reason the renter's insurance is not going to cover the loss (example is the theft from an unattended car). A policy like that will cost a nice chunk of change, probably 1-2 days of rental, depending on the insurer/gear covered/state. But it gives you peace of mind.

Not quite as simple as you thought, eh?

Also consider adding a rider on your policy for 'Voluntary Parting and False Pretense' - If you willfully give your equipment to a renter that turns out to be fraudulent and disappears into the night, you are not covered.

Standard policies only cover gear that is lost/broken/stolen from the lessee, not if the lessee is the actual thief.

 

[Michael Panfeld]

Thanks Doug. I did not know the name for that rider, but was describing it in general. That will cover the situation where the guy takes your gear and moves to Africa and never returns it. Doug is correct, the renter's insurance does not cover that, nor is that considered theft.

 

[Rob Moog]

Hey Ben,

I'd suggest doing some research into what other Red owners are renting their gear for in PDX. I know there's three or four Epic owners in town (including myself) and I believe more Scarlet owners. Not everyone is renting out their package but like Nick said, everyone has a different AKS package to offer included in the overall rental price. I'd cross check the other packages in town with your own in regards to price and AKS and go from there.

That said, I don't think you're too far off asking $550 (not sure if you have any brick batteries to go with the package as that would certainly help justify the price). But I also agree with Nick that it's also dependent on what local shooters want to spend and what the demand is in town.

Hope that helps.

 

[Oje Unuigboje]

Michael.

Errrr.... why does he move to AFRICA ?? I do not think that was fair at all.

Thanks Doug. I did not know the name for that rider, but was describing it in general. That will cover the situation where the guy takes your gear and moves to Africa and never returns it. Doug is correct, the renter's insurance does not cover that, nor is that considered theft.

 

[Ben Garvey]

Wow! Thanks for the great, and well thought responses everyone! This is proof why I love the RED community.

 

[Michael Panfeld]

Michael.

Errrr.... why does he move to AFRICA ?? I do not think that was fair at all.

Ha! I hope you are kidding. I have mad respect for Nollywood. Especially for the unique financing/distribution model. One that could be applied to indie films in other countries. Truth is, there are only 6 continents other than the one you are renting from, so Africa is going to come up 16.67% of the time.

 

[Brian Merlen]

I have insurance through Wong like most people here on RU. I do not do rentals unless I am on set, the insurance won't cover if they renter defrauds you (but will cover for anything else I can think of contingency wise). You need to have some collateral worked out ahead of time if you are doing this on your own. Not sure exactly how to do it on my own so I am interested in doing rentals through a rental house but I found the market to be saturated and no one gives me the time of day for a cosign. I have since basically given up on the concept, and only want to do rentals if I am on the crew in some capacity, or if they are paying me well enough to want to sit on the set all day.


So just watch yourself, lots of sketchy people these days