How to Buy Equipment Insurance for the Gear You Own
By: Lauren Castillo, Assistant Vice President at Athos Insurance
Published on: 12/17/2020 10:58:00 AM
Here's what you should know when insuring your gear to protect your business.
Finding the right equipment insurance used to be a difficult and tedious task, calling insurance companies, listening to bad music while being put on hold, and of course, trying to navigate through that confusing insurance language. Now you can visit our site any time of the day, get instant insurance quotes, and customize your equipment policy to your liking. Here are a few key items to consider before buying your Owned Equipment policy.
Things you should consider when looking for the right equipment insurance policy
1. Coverage: One of the first things to consider when shopping for equipment insurance, is understanding what equipment insurance policies typically cover. Typically, these policies are meant to cover your gear for accidental damages and theft. Equipment insurance policies typically won’t cover wear and tear or if your equipment breaks or malfunctions
2. Common Exclusion to Look Out For: Some equipment insurance policies will have an exclusion for theft of equipment from an unattended or unlocked vehicle.
This means that if your equipment is stolen from a vehicle and that vehicle was either unlocked or unattended, the policy will not cover this loss.
Be sure to always check if this exclusion exists so you can either take the necessary precautions to protect your gear, or you can look for a policy that includes coverage for theft of equipment from a vehicle.
3. Valuation: Different insurance policies will have different methods of determining the claim payment amount in the event of a loss. A good equipment insurance policy will include Replacement Cost valuation. This means your equipment will be replaced with equipment of like kind and quality. When a policy uses a replacement cost valuation, you are not penalized for depreciation.
It’s always important to know the current replacement cost of your gear since it may be different than what you paid for it.
4. Extra Equipment Insurance Coverage Options for the Entertainment Industry: Depending on your business operations, you may need to look for extra coverage to protect your equipment properly. If you have any specialized business operations, you may want to consider talking to a representative when shopping for insurance to ensure you’re properly covered. Below are just a few examples:
Rental Houses Operations: Do you rent out your gear to other people to make some extra money (i.e. sub-renting, using peer-to-peer platforms like ShareGrid, etc.)? If yes, one of the biggest risks you face when renting out your gear is fraudulent renters. If you rent your gear to a renter who never returns your equipment, the renter’s insurance policy will not pay for their crime. If you have rental operations, you should look for an equipment insurance policy that can offer voluntary parting or conversion coverage to protect you against this risk.
Filming above or underwater: If you are an underwater camera operator or frequently use your equipment above water (i.e. on a boat), make sure that your equipment is covered when using it above (afloat) or underwater. This may be extra coverage that can be added to your policy.
5. Deductible: In the event of a claim, the deductible is the amount you, as the policy owner, are responsible for before a claim payout is made. When a claim is paid out, the insurance carrier will subtract the deductible from the total payout. Some equipment insurance policies will offer you different deductible options, which gives you more flexibility in choosing an amount that works for you.
6. Customer Service: While most of your research for an equipment insurance policy can be done online, it’s important to know that you can talk to an actual person at the insurance company if needed.
Are you able to get in touch with a representative via email only or can you give the company a call and talk to a team member?
When you have questions, is the company able to respond promptly?
Always value the importance of reliable customer service when it comes to insurance. At Athos, we work to provide the most reliable customer service possible. If you have any questions, feel free to visit our customer service center here.
Athos Equipment Insurance Program Highlights
Our equipment insurance program includes the following coverages and options:
Lightning and/or Explosions
Replacement Cost Coverage
Hail and Flood
Nationally Declared Acts of Terrorism
Smoke and/or Accidental Water Damage
Transit and Shipping
Voluntary Parting or False Pretense - OPTIONAL
Equipment Used Afloat or Under Water - OPTIONAL
Short-Term Policies: For rented equipment only
Starting Price: $225
Annual Policies (Owned/Rented):
-For Hobbyists or Private Event Photographers Starting Price: $175
-For Commercial Use (i.e. Production Companies) Starting Price: $450
Deductible Options: $250, $500, $1,000, or $2,500
Instant Online Quoting Platform
Online Certificate Issuance: You can issue certificates online as needed 24/7!
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Lauren is the external assistant vice president at Athos Insurance. In her 3 years at the company she has developed a passion for client services and marketing. At Athos, Lauren has honed her skills for client retention, underwriting, and also helped launch the company’s social media and marketing efforts.