Home owner's rider or inland marine insurance policy?

I currently have a rider on my home owner's insurance to cover camera and astronomy equipment. The gear list is out-of-date, and I need to take a new inventory. Someone suggested that I consider an inland marine policy to cover the gear instead of a home owner's insurance rider. I'm not sure I really understand all the pros and cons, although it seems like an advantage to have a separate policy that isn't tied to your home owner's. Has anyone been through this exercise already that could explain the benefits of using an inland marine policy to cover camera gear? Thanks.

I use our home contents insurance and find it a lot better value than special photo policies. But I've never had to claim on it and thats the only true test of a good policy.

After a lifetime being involved in boats and water, I have to admit I know nothing whatever about inland waters policies. I am aware that for offshore marine insurance, policies written at Lloyds are a safer bet than "others". I'm thinking in particular here of Pantaneus, who flatly refused a perfectly valid claim, even refusing to send a representative out. May they rot in hell.

As you can tell, I don't bear any grudges.

sdipirro wrote in post #7304075
Someone suggested that I consider an inland marine policy to cover the gear instead of a home owner's insurance rider. I'm not sure I really understand all the pros and cons, although it seems like an advantage to have a separate policy that isn't tied to your home owner's.

So if your car is broken into while at the supermall parking lot and full of Xmas gifts begging to be stolen from your trunk, you will claim that your Chevy was berthed at the marina on the lake?

You could get a Personal Articles Floater, totally independent of your home coverage or auto coverage or boat coverage.

Inland Marine and Personal Articles Floater are essentially the same thing. They cover the listed items whenever and wherever they are. My policy is an Inland Marine; covers my gear even overseas (I asked).

Jon wrote in post #7306366
Inland Marine and Personal Articles Floater are essentially the same thing. They cover the listed items whenever and wherever they are. My policy is an Inland Marine; covers my gear even overseas (I asked).

Now I understand why I have this dislike for bloodsucking leeches that drink your blood without even you realizing it.

Jon wrote in post #7306366
Inland Marine and Personal Articles Floater are essentially the same thing. They cover the listed items whenever and wherever they are. My policy is an Inland Marine; covers my gear even overseas (I asked).

Jon, do you mind me asking who your policy is with? I've heard from several professional photographers that they use inland marine policies for their camera gear as well, but it's difficult to find comparison data online about the companies that provide these. So I'm just trying to save myself some legwork by asking others who they use. Thanks.

I am in the industry (I only sell commercial) and I do NOT sell personal lines insurance
(just want to be clear that I am not soliciting business) but I can help in this area. I wish I was more help in the photography arena but oh well.

Inland Marine coverage is designed to cover specific (scheduled) items regardless where they are taken, subject to the terms of the policy.

For example my wife's wedding ring is scheduled on a jewelry floater that is based on an Inland Marine form and is covered anywhere on earth with no deductible at full replacement cost. If you are a hobby photographer you should (most policies) be able to call your agent and schedule your equipment on the policy. This enables you to extend coverage to these items with no regard to their physical location. This means that in the car example above you would be covered. If this is not done then the items would only be covered if they were at the scheduled property on the policy.

If you are a professional most homeowners policies will exclude your BPP (business personal property) or at most give you a separate sub-limit. If this is the case then you need to take out a Commercial Inland Marine Policy (could be called an equipment floater) to cover those items. These items may be covered under the property section of your commercial insurance package (BOP Business Owners Policy) when stored at the scheduled property on the policy.

I hope this helps. Feel free to ask any questions or pm me if you would like to keep it private. I want to be clear that I am in no way soliciting business just offering advice.

That's very helpful, Matt. Thanks. Do such policies require copies of receipts for all equipment to be covered? My first step is to get a current, up-to-date inventory of what I have and need to get covered, and I'm wondering what information I'll need to provide for each item. Thanks.

sdipirro wrote in post #7312299
Jon, do you mind me asking who your policy is with? I've heard from several professional photographers that they use inland marine policies for their camera gear as well, but it's difficult to find comparison data online about the companies that provide these. So I'm just trying to save myself some legwork by asking others who they use. Thanks.

I'm with Erie; we've got all our policies with them, so there's a "frequent buyer" advantage.

If you are an amateur then adding your camera and accessories on your HO insurance as a rider makes sense.

I have a detailed Excel sheet with:

1) Name of product
2) Serial Number of product if available
3) Discontinued or not.
4) If discontinued what is the CURRENT replacement product.
5) CURRENT replacement value for the product from the place it was acquired: B&H, Amazon or eBay.

They don't cover tax or shipping.

I send the Excel file to Liberty Mutual and they pass it on to their assessor. And its added at the itemized level to my policy.

sdipirro- The receipts are not needed to secure the coverage but they may be asked for in the event of a claim. If you can't provide all of them then they should still give you replacement cost (used price). As far as a list you will need the manufacturer, model, and possibly the serial. I would also take pictures of the equipment and include a shoot of the serial number that way in the event of a loss if you do not have a receipt you still have proof that you had the equipment.

gjman- Great catch on adding the current value... I forgot that one!

Hope this helps!

I just added an itemized floater for my photo equipment and it runs ~1.5% per year of total value of equipment insured.
My homeowner's policy covers fire & theft of equipment at home; the floater I took out for my photo equipment covers just about any type of hazard, regardless of location, for my equipment, including accidental damage & theft (e.g. dropping a lens, tripod knocked over, etc.).

Each item is listed individually with serial # and my cost for each piece.
I am paid the price I listed if anything is damaged beyond repair or stolen. I will have to back that up with copies of receipts though.

This really seems like a no-brainer as for most Canon repairs (bodies & L glass), the base rate is usually about 20-30% of the item.
From what I've seen on the forums & quoted repair prices, expect to spend, at minimum, about $200+ on a repair for a $1,000 lens.

For the average gear lists I've seen on POTN, the cost of sending one damaged lens in for repair would probably pay for 3-4 years of premiums on a specific property insurance policy.

A very valuable thread.

Maybe this thread should be insured.

Digging this up from the dead... Who do you guys use for your insurance provider? I am shopping for an insurance policy for my trip to costa rica (and beyond) and have not really found a company that offers what I need... Any help would be great!

My company wants to see receipts. Where one is not avaiable, like buying used, they want an appraised value by an appraiser.

This is giving me some grief at the moment with my 5DII (bought used) and as such is uninsured (well it would fall under my homeowner for now).