Thanks for the information Rich, I have been looking into this
recently as well and have found that my renter's insurance does not
exactly cover my gear. I have since contacted an insurance broker
that specializes in entertainment policies, including production audio
floaters.
Those of us who are not in the recording business full time seem to be
in a grey area, while it may be a large equipment investment it's not
a business expense per se. And hobbyists, while that term may not
apply to all of us on the list are from my understanding, not covered
by all business floaters.
The document below outlines some of the terminology and potential
pitfalls that was helpful when speaking with an agent. It mirrors
some of the same things that Rich brought up as well. Read it and
call your insurance agent to be sure.
http://www.productionrecording.com/fyi/PDF_fyi/RentIns.FieldMan.11.3.pdf
--greg weddig (not an insurance specialist)
Baltimore, MD
--- In "Rich Peet" <> wrote:
>
> OK, a hard and specific subject. How to insure your recording equipment.
> My discussion here is from a perspective of MN, USA.
>
> Disclaimer:
> My background is that of a licensed and experienced claims adjuster.
> As a condition of that license my state requires that I can not sell,
> recommend, or give specific advise to anyone or help with problems any
> of you may have. This is not intended to be a complete discussion as
> policy wording is complex and varies. This post is to provide
> information on the process I went through within MN to secure coverage
> and that only. This means you are still on your own.
>
> There is more than one way to accomplish the insurance of field audio
> recording equipment. Under the standard coverage afforded under a
> standard HO-3 (homeowners form) there are problems with some
> conditions as it pertains to our recording equipment. Specifically
> you need to watch, Business Use Exclusion, Mysterious disappearance
> coverage, Breakage, Perils covered, Territory covered, deductible, and
> of course price.
>
> I look first at the HO-3 unscheduled personal property coverage. This
> is for my stuff only not others and often based on 50% of the value of
> the insured house within the USA and 10% of that coverage anywhere in
> the world. Problems to look at include a $500 limit on property used
> in business. Named peril coverage (read the form breakage is not one
> of them). Theft coverage often under a higher deductible. Valuation
> unless additional $ paid is based on actual cash value which includes
> depreciation. $5,000 limit on electronic data processing equipment (no
> case law known by me on if digital audio recording equipment falls
> under this). And the big exclusion is partially stated here, "any
> device, accessory ... for recording or playing back ... sound ...
> which may be operated from the electrical system of a land motor
> vehicle... .
>
> Second, I looked at the "Scheduled Personal Property Endorsement" This
> is where you normally would schedule specific property such as your
> camera equipment. Recording equipment needs to go under the section
> for "Miscellaneous Personal Property" What you get for around $17.00
> per $1,000 property per year no deductible and removal of the
> exclusion for "Mysterious Disappearance" as this coverage is not named
> peril but "all risk", with additional exclusions such as electrical
> surge. Business use is still excluded. That strange wording as above
> regarding "which may be operated from the electrical system of a land
> motor vehicle" is still there. Therefore this is not a good option
> for recording equipment.
>
> Third is the choice I made. "Portable Tools and Equipment Endorsement"
> Business use is ok if items are specificall scheduled. $250. per tool
> if not scheduled and you bought an amount of Blanket Coverage. $50.00
> deductible. All risk (coverage afforded if you drop it) but Mysterious
> disappearance is not covered, (that means you can not establish an
> actual theft). Coverage is only within the USA and Canada. Cost is
> around $35.00 per $1,000 property per year. That strange exclusion as
> stated above is gone.
>
> Last thing I should mention is a common "Supplementary Coverage" found
> in HO-3's. This is usually automatic with no additional cost. "Damage
> to Property of Others". Up to $500 per occurrence even if you are not
> negligent or legally liable. This means that when you borrow a chunk
> of recording equipment from a friend and when you return it you hear
> there is something now wrong with it. This is covered without a
> deductible. Still there is a Business use exclusion.
> I am not going any deeper than this on the topic of what happens when
> any of you who damage other people or their stuff.
>
> My advise overall is to be honest with a good insurance agent of your
> choice.
>
> Rich
>
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