Equipment Insurance

[Alexis Hanawalt]

What are folks using for equipment insurance on the Red One? Any recommendations? I plan on renting mine out occasionally, but I've never dealt with insuring something like this before. No idea who to call, or what a policy goes for...

Along those lines, does the red team have provisions for a dedicated maintenance and repair department?

[Steve Gibby]

I'm sure that the cost will vary from in different parts of the world, but in the USA, a $1,000,000 USD All-Risk liability insurance policy, with equipment replacement coverage for maybe $50,000 worth of equipment ranges from maybe $1,600 to $2,500 per year. If you're going to get permits to shoot at any public places, most government agencies require a copy of a $1,000,000 All-Risk insurance policy. If your crew or equipment injures someone, and they bring a lawsuit against you, having All-Risk insurance can mean the difference between keeping yourself in business, or going bankrupt. There are several good all-risk insurance companies in L.A. and NY. Do some Google searches.

I also travel with an International Carnet, where I sign my equipment into and out of each country with Customs. That way if the equipment is stolen or destroyed while you travel, I have a way to prove to the insurance company that I took it with me on the trip. It is not expensive.
Link: http://www.atacarnet.com/

You can insure cameras with a rider to your homeowners or renters insurance for a few hundred dollars per year, but going that route you get no liability coverage, and you won't be able to pull permits at public venues without the $1 million dollar all-risk insurance. RED One, when accessorized isn't going to be able to be passed off as a consumer camera to permit-hungry municipalities.

[Alexis Hanawalt]

"all-risk"... very good to know. Thank you.

I tend to go permit-less when I shoot around LA unless I'm blocking streets or parking trucks, as the first amendment doesn't say anything about $450 fees, (and the EIDC principals were all indicted on embezzlement charges...)

[Zakaree Sandberg]

"all-risk"... very good to know. Thank you.

I tend to go permit-less when I shoot around LA unless I'm blocking streets or parking trucks, as the first amendment doesn't say anything about $450 fees, (and the EIDC principals were all indicted on embezzlement charges...)

be prepared to get shut down!

[PaulClements]

Gibby does that insurance cover you for loss of earnings? If for example your camera gets damaged on a job will it cover the time spent between getting the new one/replacement/old one mended?

[Steve Gibby]

Gibby does that insurance cover you for loss of earnings? If for example your camera gets damaged on a job will it cover the time spent between getting the new one/replacement/old one mended?

Good catch..that is available in some policies. You get what you pay for, so if that is included, the policy will cost a little more - but it could be money well spent if you face a situation like you descibed.

[I Bloom]

What if you want a policy that would allow you to rent another $200,000 worth of gear, like a Fisher dolly and an HMI package. Can you reccommend some brokers?

[Steve Gibby]

I'd rather not specifically recommend a broker or agency. Expandable rider policies for adding in rental coverage for one-off programs definitely exist. Another way to go on that, and the way I've usually gone, is to simply pay the nominal insurance rider through the equipment rental company when you rent the equipment. I've used Bexel and others alot for equipment rental, and they all seem to have individual insurance riders available with the equipment they rent. It's not that expensive either...

There are many insurance agents/companies in L.A. and NY that specialize in production insurance. I'd suggest that when you do a search and finalize a short list of contenders, that you ask them for contact info for a few of their clients, call those clients, and verify the customer experience.