The Importance of Having Correct Equipment Insurance
By: Jace Hadfield, Processing Manager of Athos Insurance Services
Published on: 12/4/2020 12:06:00 PM
Many people may assume that their personal property is covered by their renters or homeowner’s insurance. But what if your personal equipment leaves your home? What if your gear is used for more than just a hobby? And what if it’s used to support your livelihood?
Once these valuable items are considered essential to your business operations, they’re almost always excluded by your homeowner’s or renter’s insurance. These policies typically only cover gear for personal use. Additionally, if you have a business policy with Business Personal Property, sometimes this only covers your gear in a specific location or has many inconvenient exclusions that are unsuitable for someone in the entertainment world. This is where Athos can assist with your personal property coverage.
Also known as Inland Marine Equipment Floater insurance, an Athos Equipment policy covers many risks, including the use of your personal property for commercial purposes.
Our policy (at Athos Insurance) is also widely known as an “equipment floater”, meaning your insurance coverage ‘floats’ to follow your gear wherever it may be, especially if you’re taking your equipment away from your home. This type of insurance can play a HUGE role in the event that you need to make an insurance claim.
Highlights of included and optional coverages:
Accidental Damages - Unintentional damages to equipment such as water damage, drops, and scratches are covered, as well as, damage caused by falling objects.
Theft - Equipment stolen from you is covered; theft could be from set, storage, your home, an auto, etc.
Damage caused by natural events such as lightning, fire and smoke, earthquakes, windstorms, hail and flood is covered.
Damage due to Nationally Declared Acts of Terrorism is covered.
(Optional) – Voluntary Parting and/or Conversion - known as Fraudulent Renters coverage. If you rent out your equipment and the renter just never returns your gear, the renter’s insurance policy wouldn’t cover their criminal act. Voluntary parting coverage is meant to cover this very type of risk.
(Optional) – Equipment afloat or underwater -if you plan to take your gear on a boat or underwater (i.e. an underwater camera operator) you can add the optional Above or Underwater coverage. Snow would also be considered water. This coverage can be added annually or on a temporary basis on your annual policy by endorsement.
Worldwide Coverage - Your equipment is covered worldwide except for in countries with US sanctions. If traveling to Mexico the policy automatically includes coverage for equipment up to $25,000. Additional coverage for Mexico can be added for additional premium.
Damage or theft that occurs during transit and/or shipping is covered.
Replacement Cost Coverage - This means your equipment will be replaced with equipment of like kind and quality - you are not penalized for depreciation.
Learn to Protect your gear and your business investments with better insurance at Athos!
Jace Hadfield, Processing Manager of Athos Insurance Services
Jace’s professional background is heavily focused on finance. However, his finance skills were diversified amongst many industries along his career including an education institution, a large tech company, and a software engineering firm. When he joined Athos, he easily found his groove with our program policy processes and now manages the processing department. Jace continues to improve inefficiencies and always make sure accounts don’t fall through the cracks (something essential at an insurance brokerage and agency). With such varied experience, Jace brings a fresh perspective and an enthusiastic attitude to Athos.