Equipment Insurance Rate Is my quote Fair

[ProSound]

Fellow Mixer,

I just got an insurance Quote from Dewitt Stern and wanted to see if everyone thought it was fair. The quote was $645.00 for $30,000 in coverage and $15,000 in rental coverage if I rent any gear to others which I do . Does this pricing seem fair I thought it did. I am based in Ga and the equipment is being stored at my home. 

[Jeff Wexler]

That seems quite reasonable but you did not mention the actual terms of the coverage --- this is an area where you really need to be sure what you're getting. Things like direct replacement at current cost, whether the equipment is covered if it is in a vehicle, etc., etc.

-  JW

[ProSound]

I emailed my Dewitt Stern Rep those questions and await her response. I didn't think about asking about direct replacement at current cost though thanks for bringing that up. 

[Philip Perkins]

I emailed my Dewitt Stern Rep those questions and await her response. I didn't think about asking about direct replacement at current cost though thanks for bringing that up. 

My big beef w/ equipment insurance is how the gear is covered when it is in a vehicle.  I do a lot of short jobs mostly, so I move my stuff around in my own van most of the time.  Just before "firing" a very well-known movie insurance company years ago, having had them up the deductible for equipment stolen from vehicles to about what my package was worth, I asked them why they thought I had insurance coverage--when was my gear the most vulnerable?  They didn't want my business.  Make sure the vehicle exclusions etc are something you can live with.

Philip Perkins

[ProSound]

$645.00 per year

[Eric Toline]

$645.00 per year

That works out to $1.77 a day, about the same price as having a junk yard dog to guard your stuff.

Eric

[Eric Burge]

Does this pricing seem fair I thought it did. I am based in Ga and the equipment is being stored at my home. 

DeWitt Stearn actually dropped their annual premiums beginning 1 Aug 07 so, yes, that is a fair price. I assume $500 deductible. Also, any items under $5K don't need to be scheduled separately as they used to, which means no need to itemize every little widget. Coverage is global so it doesn't matter where "home" is per se. Coverage is for replacement cost (not depreciated value), including tax and shipping so keep tabs and consider that when calculating total value of your package.

Something to consider is that you don't necessarily need to insure your entire kit since all gear under $5K unit price is protected under blanket coverage. I change my configuration often depending on the job and as I travel (which is my main loss concern) and I'm not too worried about theft or fire or ? when at home so I only insure about 3/4 value of my package. Very rarely do I expose more than that to a higher chance of loss than I'm willing to assume risk for.

I do need to bump up my coverage amount before returning to L.A. this winter however as I'll have a lot of gear and a sound sleep is worth something too. As Eric T noted, you can't feed a dog for much less. ;}

EB

[r.paterson]

Hello

Here in the UK i pay $3,500 Apprx a year for Insurance on $75,000 of Kit, so it seems like a fair price,

wish we could get that price Here.

richard paterson

[ProSound]

I often travel with most everything I own so I wanted fully 100 percent coverage and the neighborhood I live in isn't the greatest so I wanted everything protected in my home as well. I traveled last month without any insurance and lost sleep over it. I would rather sacrfice one day a years worth of work to know that if everything including all my electronics laptops, sound gear was stolen or gone I could continue on. I guess I have this mind set because I had more expensive top level Allstate car insurance and every month I was thinking "I can drop my coverage a little bit and save about $100.00 a month" But I never did then I had a serious car accident multi care pile up on I-95 and everyone sued me because I was the only driver under 40 in the accident even though I wasn't ticketed or found at fault by the police the insurance company had to spend over $50,000 defending me because of the level of insurance I had and I wasn't worried the 4 years it took to sort out all the legal stuff because all the lawsuits were only seeking the value of my policy which was high because I paid alittle more. I could have lost sleep for 4 years but because I paid alittle bit more I did I have the same attitude for this insurance.

[mikefilosa]

Whitney - Is your policy considered an "inland marine" ....  ?

That is a very good price, and you certainly want to be covered for any and all travel, fire, and theft ... 

Mike Filosa, CAS

Atlanta

[ProSound]

Yes Mike it is. YOu still owe me a phone call 561-two-one-two-one-four-four-three