Wednesday, September 12, 2012

The Importance of Insurance

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Take a look at this image below.  These are the most expensive items in my camera bag.  It obviously doesn't include things like tripods, props & all the little things that go along with this hobby that seems to always have a wish list attached to it. 

insurance for your gear
Now imagine that you have all these things in your camera bag.  It's sitting on the passenger seat of your vehicle. You get out- walk around- open the door & the bag tips over & all these things dump out on to the parking garage floor.  How do you feel??  I know how I felt when it happened to me. My heart raced & then fell into the pit of my stomach.  I felt physically ill & was then in tears until I could get up to the hotel room & try out all my gear to make sure it was still in working order. By the grace of God it was all good. 

Or think of this.  You are setting up for a photo shoot with some kids.  You have your bag- full of all these things sitting on the grass & you are watching the kids as you are setting up your tripod.  You turn back around- and your bag & all your expensive equipment is gone.  Someone swiped it.  Devastating right???  This happened to my friend Kim & when she told me- it sent a panic though my veins. Then she tells me that she has insurance & all will be okay. 

So of course I inquire about this insurance because when I first started my little collection in my bag I knew that I would have a hard time replacing it if something happened to it.  I was originally told by my insurance that all they could offer me was that it was covered under my renter's policy.  If there was a fire or theft- in the house- it would be covered. It wouldn't cover anything else.  So Kim told me that she bought her policy through Shelter Insurance.  I visited the website & found that the kind I was looking for is called Personal Property Insurance or more often called Inland Marine Insurance.  Basically any personal property that can be transported anywhere in the world fits into this category.  

When I talked to them though they kept trying to get me to buy a renter's policy from them & insisted that it would be covered under that.  I realize that they don't make a whole lot from an Inland Marine policy so it's so much more desirable for them to up-sell me  a renters policy.  Once I let them know that I knew they were trying to sell me something that wouldn't cover anything I wanted they said that they could only sell me the Inland Marine policy in conjunction with another policy.

So I went back to my broker- armed with all this knowledge I had just gained through all these calls & asked for the Inland Marine policy.  I told her what I wanted & what I knew that it should cover.  I am happy to say that ALL my gear is insured for $5000 (through Travelers Ins & double what it would cost me to replace it all) & it will only cost me $83/yr.  Granted Kim was able to pick up her $6500 policy for $65/yr- but I have heard that NV has some of the highest insurance rates in the nation. So I am considering myself lucky.  The best part is that it covers EVERYTHING.  When I say everything- I mean drops, kids breaking something, falling in the pool, clumsiness, if it gets wet on an amusement park ride- WHATEVER.  No deductible!!  The only exclusion is wear & tear, war, insect, vermin & nuclear. The nuclear could be a minor issue living where I do- or if it goes through the screening at the airport & it damages something that way- those things would not be covered. Other than that- I'm feeling very calm knowing that I have a little protection against things that could devastate me when it comes to my gear.

Look in to it!!!  It offers great peace of mind!

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  1. Definitely looking into this inland marine policy!! Great tip!

  2. Great tips Gina! So important to have insurance! I have heard many horror stories over the past year. Especially in these economic times when people are desperate for money and theft seems to be on the rise. I never leave my gear in the car. Ever. Even if I have it with me and have to run into the store or something. I aways carry it with me. That doesn't mean someone couldn't snatch it, but they'd have to be a lot more brazen to take it from my person than bust into my car.

    Super post!

  3. oh my! i am so happy to have read this post. I never thought to insure my equipment before. I nearly had a breakdown about a year ago now. i had done my second photoshoot ever with a beautiful mother and her two daughters outside locally. apparently i changed lenses, put the first one down on the ground instead of in my bag and somehow left it behind. I didn't realize it was missing until that evening when it was raining buckets. i freaked! i jumped in the car with my umbrella and a flashlight and found nothing. i went back the next morning and a gentleman saw me looking. he happened to have seen me shooting yesterday, found the lens i left behind and stored it safely for me, knowing i'd be back for it!! i really think he was my angel!!! thanks for the tip ... calling about insurance for sure!!

  4. The best way to protect our investments is through insurance. Though I haven’t lost anything yet, I made sure that upon purchasing each, I already have them insured. Before getting insurance, we have to make sure check the policy; what it covers and if it matches your needs, if it does, then go for it.

    -Barry Bates


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