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Best Insurance for Equipment/Photography

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snowdrft

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Apr 9, 2003, 4:36:31 PM4/9/03
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I need to purchase equipment insurance mainly for my underwater camera gear.
I am currently looking at DEPP or H20insurance offered by Dan. I currently
have my items under my homeowners policy. Any thoughts on the best company
to go with? Will either one drop should you ever file a claim?

Thanks,
Wendy


Chris Painter

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Apr 9, 2003, 5:56:28 PM4/9/03
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"snowdrft" <mil...@uwp.edu> wrote in message
news:b720ds$nve$1...@wiscnews.wiscnet.net...

Insurance premiums = ( cost of claim / risk of occurrence ) + profit.
Chance of claim actually being paid by insurance company is near 0
typically. ( you know... Oh I'm sorry Mr. Painter, this is a named casualty
policy only. I don't see anything in here about a Mako shark biting your
leg off and you dropping your camera. Denied )

As such I tend to "self insure" everything except for things that a) I
couldn't possibly afford the cost of the claim or b) someone's underwriting
requirements force me to have insurance.

Chris


Ron T

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Apr 9, 2003, 6:13:07 PM4/9/03
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I've had DEPP insurance for several years and have filed two claims
without any problem at all.

One claim was for a computer that was accidently dropped overboard and the
other for a camera flood. Both were paid quickly and as promised. The
process was easy and friendly.

I highly recommend DEPP.

Ron T


In article <b720ds$nve$1...@wiscnews.wiscnet.net>, "snowdrft"

Dan Bracuk

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Apr 9, 2003, 10:23:23 PM4/9/03
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"snowdrft" <mil...@uwp.edu> entertained us with:
:I need to purchase equipment insurance mainly for my underwater camera gear.

:I am currently looking at DEPP or H20insurance offered by Dan. I currently
:have my items under my homeowners policy. Any thoughts on the best company
:to go with? Will either one drop should you ever file a claim?

My thoughts?

Don't insure it.

Dan Bracuk
Dive for a Cure - http://www.diveforacure.ca/
Make me spend money - http://www.pathcom.com/~bracuk/sponsor.htm
The Best of Rec.Scuba http://www.pathcom.com/~bracuk/RecScuba/


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Grumman581

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Apr 10, 2003, 5:33:57 AM4/10/03
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"snowdrft" wrote ...

>>Any thoughts on the best company to go with?<<

Smith & Wesson is good... So is Colt... Remington is not bad either...

>>Will either one drop should you ever file a claim?<<

Nawh...


Charlie Hammond

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Apr 10, 2003, 9:18:15 AM4/10/03
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In article <gG0la.5442$e97....@nwrdny03.gnilink.net>,
"Chris Painter" <vze2tnc...@verizon.net> writes:

>Insurance premiums = ( cost of claim / risk of occurrence ) + profit.

You left out selling and administrative costs. (A.K.A. GA&SE --
General Administrative and Selling Expense) While it is possible
for profit to be zero (mutual companies) GA&SE is alwasy greater
than zero. Therefore premiums always exceed claims paid. Which
is to say that, in a sense, casualty insurance alwasy costs more
that it is worth. (N.B. This does NOT necessarily apply to Life
Insurance!)

>As such I tend to "self insure" everything except for things that
>a) I couldn't possibly afford the cost of the claim or
>b) someone's underwriting requirements force me to have insurance.

I agree. I say it this way -- You should not buy insurance against
any loss that you can afford to sustain. You will almost certainly
come out ahead in the long run.

Note that "afford to sustain" means that you either could round up
the money to replace it, OR that you could do without. If you have
US$10-20,000 in underwater camera equipment and it is your livelyhood,
then insurance may be appropriate. If you have US$1-2000, and it is
a hobby, then insurance may not be appropriate.

--
Charlie Hammond -- Hewlett-Packard Company -- Ft Lauderdale FL USA
(hammond@not@peek.ssr.hp.com -- remove "@not" when replying)
All opinions expressed are my own and not necessarily my employer's.

Chris Painter

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Apr 10, 2003, 10:57:20 AM4/10/03
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"Charlie Hammond" <hammond@not@peek.ssr.hp.com> wrote in message
news:raela.597$4u4...@news.cpqcorp.net...

> >Insurance premiums = ( cost of claim / risk of occurrence ) + profit.
>
> You left out selling and administrative costs. (A.K.A. GA&SE --
> General Administrative and Selling Expense)

True, I really meant to say overhead.

Chris


Alan Street

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Apr 10, 2003, 3:57:17 PM4/10/03
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In article <kbl99vsm907hk58lk...@4ax.com>, NOTb...@pathcom.com
says...

>
>"snowdrft" <mil...@uwp.edu> entertained us with:
>:I need to purchase equipment insurance mainly for my underwater camera gear.
>:I am currently looking at DEPP or H20insurance offered by Dan. I currently
>:have my items under my homeowners policy. Any thoughts on the best company
>:to go with? Will either one drop should you ever file a claim?
>
>My thoughts?
>
>Don't insure it.
>


Why? I flooded my NikV and 20mm lens a couple of years ago, destroying the lens
(~US$850) and requiring a $500 repair for the camera. I wish I'd had insurance
at that point. It's easy to make a mistake with an underwater camera,
especially when you're first starting out.

Alan


Dan Bracuk

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Apr 10, 2003, 9:13:04 PM4/10/03
to
alan@nonono_irsi.com (Alan Street) entertained us with:
:Why? I flooded my NikV and 20mm lens a couple of years ago, destroying the lens
:(~US$850) and requiring a $500 repair for the camera. I wish I'd had insurance
:at that point. It's easy to make a mistake with an underwater camera,
:especially when you're first starting out.

In many cases, the accumulated insurance premiums become more than the
replacement cost of the item.

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