Equipment Insurance

Mark Kenfield · May 29th, 2012, 06:49 AM

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

Chris Medico · May 29th, 2012, 07:35 AM

That is something that will be difficult to get a reasonable snapshot of from a forum such as this one. Insurance pricing is a very localized thing. Here in this USA it can be a challenge to find decent coverage. As an example I had to be referred to a broker by one of their current customers before they would give me a quote for my gear. My insurance agent that handles my home/auto policies would not even discuss it.

Allan Black · June 2nd, 2012, 07:29 PM

I'd look at the use of the gear as a starter, how suseptable is it to getting stolen, lost or damaged.

eg: Is it used with your main business? Do you take it on location jobs every day? In 'bad' areas of Melbourne? Have you had any gear stolen,
lost etc and made any claims? The rates might be based if you declared any of this.

Photographers Insurance | Aon Insurance Brokers and Risk Managers

Cheers.

May 29th, 2012, 06:49 AM	#1
Mark Kenfield Major Player Join Date: Apr 2007 Location: Melbourne, Australia Posts: 470	Equipment Insurance - What %? 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

May 29th, 2012, 07:35 AM	#2
Chris Medico Inner Circle Join Date: Aug 2006 Location: Efland NC, USA Posts: 2,322	Re: Equipment Insurance - What %? That is something that will be difficult to get a reasonable snapshot of from a forum such as this one. Insurance pricing is a very localized thing. Here in this USA it can be a challenge to find decent coverage. As an example I had to be referred to a broker by one of their current customers before they would give me a quote for my gear. My insurance agent that handles my home/auto policies would not even discuss it. __________________ http://www.LandYachtMedia.com

June 2nd, 2012, 07:29 PM	#3
Allan Black Inner Circle Join Date: Sep 2006 Location: Sydney. Posts: 2,930	Re: Equipment Insurance - What %? I'd look at the use of the gear as a starter, how suseptable is it to getting stolen, lost or damaged. eg: Is it used with your main business? Do you take it on location jobs every day? In 'bad' areas of Melbourne? Have you had any gear stolen, lost etc and made any claims? The rates might be based if you declared any of this. Photographers Insurance \| Aon Insurance Brokers and Risk Managers Cheers. __________________ Drink more tap water. On admission at Sydney hospitals more than 5% of day patients are de-hydrated.