Insurance

[Kreisky]

Let´s say you buy the red at 17,500 $
Then red makes the price go up in 2008, and the camera suddenly costs about 25,000 $
what is the Camera worth for the insurence company ?
if you buy it at 17500 $ and you smash the camera when it is worth 25,000 $.
that could mean a lost of money !
is this scenario possible ?

[Greg M]

get replacement cost insurance and dont worry about it.

[Brian Ferguson]

I just had a computer and monitor robbed from my independent edit bay last weekend. Here is what my insurance company said about replacement costs.

"The policy provides replacement cost coverage for like, kind and quality if replaced. If not replaced, the payment is on an actual cash value basis which takes into account the age and original price of the items. If the original model is no longer available, it would be the most comparable model."

[Greg M]

I just had a computer and monitor robbed from my independent edit bay last weekend. Here is what my insurance company said about replacement costs.

"The policy provides replacement cost coverage for like, kind and quality if replaced. If not replaced, the payment is on an actual cash value basis which takes into account the age and original price of the items. If the original model is no longer available, it would be the most comparable model."

Yes of course, you cant expect them to give you more cash than you insured for. Normally you insure your equipment so that you can replace it when something happens...not to cash out. In the case of a computer you might reveive less than you paid, because you can buy a faster computer for less...but you still come out ahead as you now have a faster newer computer.

[Kreisky]

. In the case of a computer you might reveive less than you paid, because you can buy a faster computer for less....

well i hope the red two, is going to be cheaper ;D !

[Paintmonkey]

I'm looking to insure some new cameras/lenses and have got two quotes with almost 5K difference. I'm based in NY and my edit suite is currently insured, but I need a different insurer to cover production. Does anyone know a reputable broker who deals in production insurance --- I appreciate any info.

[Greg M]

I'm looking to insure some new cameras/lenses and have got two quotes with almost 5K difference. I'm based in NY and my edit suite is currently insured, but I need a different insurer to cover production. Does anyone know a reputable broker who deals in production insurance --- I appreciate any info.

Why cant the same company insure both?? Its always best to use the same company.

This is who I use:
Bill Blake
Media Plus
888-204-4364

They specialize in our industry. Tell him Digital FX sent ya.

[Brian Broz]

Here's a related question:

Worst case scenario...what happens if a RED is rented to a production and the camera is destroyed/damaged/dropped in the ocean?
Obviously for the forseable future, you can't just drop another $17,500 + accessories and get a new one. So would it be adviseable (or possible) to insure it for more than it's actually worth...to compensate for loss of rental revenue / income?!
Thanks for any experiences or suggestions.

[donatello b]

"what happens if a RED is rented to a production and the camera is destroyed/damaged/dropped in the ocean?"

make sure the production has rental insurance ( get a insurance certificate with you named as payee etc) ... make sure your rental contract includes loss of rental revenue ....

[Brian Broz]

Hi Donatello,
Thanks for the quick response.
I realize all productions should be insured and the owner of the equipment needs to be listed as the "loss payee" (not the producer or production company !!!). The loss of rental revenue clause will be important if not essential for those early RED adopters who may not get a quick replacement.
Cheers,