Insuring used equipment

[KevC]

Hey,

Do insurance companies insure used equipment? Bodies depreciate very much... so if I bought a used 1D classic (which I'm planning on it) and I insure it if I go professional.... if it gets stolen/lost/damaged... etc, what do I get reimbursed for? Purchase price of the used item?

Is it even possible to insure used equipment?

I suppose it requires the receipts.... but the original receipt would have a value that's way more than the value purchased. Isn't that a form of fraud? I don't want to be behind bars!

thanks!

[ssim]

I have my gear insured for replacement value. I had to supply receipts to them to validate that I had bought everything new.

I'm not too sure how they would handle used equipment, particularly when there can be such a wide window of difference between what a replacement would cost versus what one would have paid for it used. I would think that an artificial receipt would be frowned on and might be viewed as fraud. You might get away with it at the beginning but if you ever tried to claim a smart adjuster would catch up to you.

[Simon Harrison]

My policy in the UK is new for old. For the purposes of the policy, I had to value my second hand 1D for what it would cost to replace it, and as you can't buy a new 1D Classic, that meant the value of a 1D Mk II N. Means my premium is a little higher, but if anything happens to my 1D classic it will be replaced with a 1D Mk II N.

Cheers,

Simon.