Gear Insurance Again

[Rob Lewis]

This topic has been covered in the past a few time, but I would like to revisit.  I have spoken with 3 different companies: Dewitt & Stern, Robertson-Taylor, & Supple-Merrill & Driscoll, Inc.  They all seem to offer the Fireman's Fund Mcgee policy.  The coverages seem to cover all the same losses and exclusions.  Dewitt Stern and Robertson Taylor are the more affordable and offer no territorial restrictions, but Supple-Merrill does not cover much of the Middle East.

Robertson- Taylor : for $42,000 of coverage its is about $620 year with $250 deductible per loss

Dewitt Stern: for $42,000 coverage is $617 per year with $1,000 deductible per loss

Supple Merrill & Driscoll:  for $42,000 of coverage  per year is $735 with $1,000 deductible per loss.

All policies are for replacement cost, cover water damage, and have the locked car clause where if stolen the car has to show visual evidence.  All require a schedule of equipment & serial numbers.  The exception is no serial # is required for any thing under $10,000 with Supple Merrill & Driscoll.

After reading some of the sample policies, they all tend to put the coverage under a musical instrument floater, but offer a Cameras, Projection Machines, Films and Related Equipment floater as well.  It seems that our equipment world fall under the Cameras, Projection Machines, Films and Related Equipment floater, as it is not a musical instrument.  No one at these agencies seem to know the difference, or understand our business.  Does anyone have any understanding of what is the right coverage, or have any clarity on the subject at all?  Maybe some of the rental house guys can chime in.

Thanks,

Rob

[David Waelder]

I am somewhat conversant (although hardly an expert) with the subject of equipment insurance because it was the subject of an article in the 695 newsletter and I had to do considerable research to write that article. It might help for you to read that article. I believe it is available from the 695 website (695.com) but it is also posted on my website. Go to:

http://www.productionrecording.com/fyi/IndexFYI.html

I can't comment on the differences in policies from the specific sources you cite. I can tell you that a "floater" policy is exactly what you want. Most household (i.e. non professional) policies insure the gear in your home. They may offer coverage outside the home but it is in the context of taking your camera with you on vacation. They may balk at making a payoff if you suffer a loss while working on a remote assignment. The "floater" policy, on the other hand, insures the equipment wherever it is. The location of the policy "floats" with the equipment.

I'm surprised that you were told that all companies require an itemized schedule of equipment. Just last year, in a letter dated February 1, 2008, DeWitt Stern revised their policy and required scheduled listing only for items valued at more than $5000 each. Any item valued at less than $5000 could simply be tallied up and covered as miscellaneous under a "Blanket Unscheduled Limit." So, you might "schedule" your Deva recorder and your Sonosax mixer but your assorted Lectrosonics wireless would just be, say, $12,000 of ancillary equipment.

Of course, DeWitt Stern may have changed their policy yet again.

David Waelder

[Rob Lewis]

Thanks David for the article.  It seems that others have mentioned not having to schedule equipment under $5000 with Dewitt & Stern, but it seems the people I talk to there know nothing about that.  I'm assuming that they either changed their coverage or, don't understand the product they are selling.  It also seems that all the agents mentioned on this forum in similar discussions have left Dewitt & Stern.  I need to get my gear covered, but would also like to know exactly what I'm paying for as well.

Thanks,

Rob

[David Waelder]

Yes, the situation at DeWitt Stern has become a bit fluid in recent years. I can't say if this is a good or a bad omen. (And that's why I offer no advice about which company to favor with your business.)

I notice that they have again changed their office; the local office is now in Glendale rather than Studio City.

New office location:

DeWitt Stern of California Insurance Services

801 N. Brand Boulevard - Suite 650

Glendale, CA 91203

Tel 818.623.5400

Fax 818.623.5500

License #0C28262

http://www.dewittstern.com/

They've handled my insurance affairs well for some years now. However, the quote from Heraclitus about not being able to step in the same river twice comes to mind. There have been personnel, policy and location changes in recent years that compel me to qualify my recommendation.

David

[drpro]

Does anyone have contact information for robertson-taylor.  My current policy with SF is coming up for renewal in March.  It might be time to shop around.

Thanks

David Rogers

[Phil Palmer]

Not sure if anyone else who has been with DeWitt Stern has had their policy moved as I have.  I have had my gear insured through DS for about 10 years.  Mid way through last year I received notice that my DS policy was now handled by Heffernan Insurance Brokers/Internet Business Division.  It is the same Fireman's Fund Floater that I've always had with DS, but I no longer have all the contact that I did prior to this move.  My policy is up for renewal in the next couple of weeks, and I am shopping around due to this change.

I will report my findings as they unfold.

[ProSound]

Phil,

It is the same same people as before Dewitt sold the whole division including the employees. I still deal with Brandy and the same office crew just a different company

[Rob Lewis]

Philip & everyone.  The people you are looking for are Kat Wong & Brandy Mcgrew.  They left Dewitt and took the policy with them.  I spoke to Kat today and they have started www.insuremyequipment.com.  This is the same policy that they had at Dewitt & Stern with some added coverages.  They also provide policies for people who rent production gear.  This seems like an awesome program, that is a totally online process from coverages, to quotes to purchases, 24/7.  Their contact info is on the front page!  Give them a call.

Rob

[David Settlemoir]

Is there a difference in price or policy (or lack of) if you don't have a monitored alarm system?

David

[Rob Lewis]

Yes, I was told what the dollar amount was, but I cant remember. It is not a huge amount but there are some savings.

Rob

[RPSharman]

Is everyone here insured?  I had insurance for a few years, but the MAJOR issue was the fact that the deductible when the gear was under a rental contract was $10,000!  So if production would not cover insurance, a battle I have so far won, then my insurance was pretty useless except for massive loss.

My homeowner's insurance covers the gear in my house.  My gear is ALWAYS in my house or on a production, so I have decided to remain uninsured.  Is this stupid?  I will look into the policy above.

Robert

[André Boisvert]

I gave up my gear insurance 8 years ago. It was too expensive. IIRC, it was 4% of the insured value, plus 8 or 9% of provincial tax. For $25,000 of gear, I was paying $1,100 with a $1,000 deductible. With the purchases I've made since, it would be around $1,500 a year today.

My gear never leaves my sight. When we break for lunch or go for a beer after a job, I bring all my expensive pieces with me.

I'm insured by the production company on longterm projects, but I have nothing on all the day jobs I do. It's a gamble I'm willing to take.

And I really like the $10,000 I've saved over these 8 years. I just don't know where it went.

I think I'll look in my other suit...

[Philip Perkins]

I go back and forth on this--I've spent a lot of money on equipt. insurance over the years.  4% of value seems very high to me--I just ran some numbers on the website mentioned above and the number was closer to 2%.  It's still a lot of money and I've never had a claim.  I guess it's important to think through what you'd do if you had a major loss--that's why I've had the insurance in the past (my whole loaded-up van being stolen or the studio being cleaned out).  For the small stuff it isn't worth calling them since there's the deductible and the black mark by your name in their files....  I know several location sound people who haven't had regular equipt. insurance in many years, although anyone in the rental business and camera owners all have it.  The premiums are a write off on your taxes.  If this year is like others, I'll get a few estimates, they'll all be within a few dollars of each other, I'll go back and forth about how good an idea it is and then end up buying another year of insurance, without enthusiasm.

Philip Perkins

[John Blankenship]

Being "self insured" is a viable alternative to paying an insurance company.  It's a matter of being comfortable with the 'numbers vs risk' equation.  In the most formal implementation, it would mean you'd set aside the amount that you'd otherwise pay an insurance company and that fund would build over time.  If you maintained zero equipment loss, after several years you'd be way ahead, money-wise.  The huge downside would be in a total loss situation.  The key is to compare the numbers vs loss possibilities and decide what you're comfortable with.  There are no absolute guarantees in life, so it's a matter of balancing the "what-ifs" with your own unique situation.

I used to go the "self insured" route, but am now covered (equipment, liability, workman's comp., etc.) via my production company.

JB

[chrisnewton]

My insurance rates are similar to Andre's. Here in Canada our rates seem a lot higher than in the US. It frosts my ass to pay out the $1200 CDN or so every year, but it's just another cost of doing business. On many shoots the production company carries insurance, but I still carry my own as well. I write off the cost at tax time. I've never filed a claim and hope never to do so, but it's that chance of catastrophic loss that keeps me on the hook. On a semi-related topic: why are Carnets so freakin' expensive? Talk about a ripoff, but they've got us by the balls. If you need to travel for your work, you need one. Makes little sense to me.

end of rant. Chris

[Rob Lewis]

I choose to finally get insurance because I an mostly an ENG/EFP guy.  I work on jobs where I may take all my gear, but leave some in a car in a deck or a lot during the shoot. I may leave my cases in the car and take the bag rig into the hotel. Most of my jobs, the production company is not paying insurance on my gear because they are day jobs, or 2-4 day shoots.  I feel that my gear is at risk and if someone were to rip of my car or steal my rig while at lunch on location will put an end to a means of making a living. 

On the other side, folks who work on features, commercials, Tv series,(Philip & Rob for example) who have contracts or I.A.T.S.E. jobs are typically asking for a certificate of insurance from the production to cover their gear during the duration of the project.  I know this isn't always the case,  and things are changing, but for most of this kind of work you are covered when gear is at the studio, or loaded on the grip truck after a shoot day.  It makes sense to me that if your gear is covered by the production and is covered at home by homeowners insurance, than there is really no need for the coverage.

My biggest reason is fear of my gear getting stolen out of a car, or getting damaged on location during an ENG/EFP/Reality shoot, where coverage isn't provided by production.  I cant afford to replace a $40,000 package.

Rob

[Izen Ears]

  So has anybody researched this Heffernan agency that Mr. Lewis recommended?  Are they legit?  It seems too easy and cheap to get such great coverage.  Anyone called the Better Business Bureau or checked their public financial records?  I'd hate to pay for it and think I've got awesome coverage and then have the insurer go bankrupt...  Anyone have them and filed a claim?

  I always figured I'd get a local agent but this online thing seems way easy and the coverage is just great.

  And wow RVD that is tragic!  Just tragic I'm so sorry to hear that story.  Glad you've recovered.  I actually just heard a similar story from an Atlanta mixer who got every shred of gear stolen out of his car in a good neighborhood.  No insurance, total loss.  So he put himself in $80k debt to build back up a kit to get working again.  THEN, 4 months later he got a call from 'the fence' guy who had all his stolen gear - the fence guy had found god and he returned all the gear!!!  Can you believe it?!  True story.

  Dan Izen

[Phil Palmer]

I currently have my policy through the Heffernan Agency, formerly Dewitt Stern.  They are legit.  Or as legit as any insurance company.

[David Waelder]

  So has anybody researched this Heffernan agency that Mr. Lewis recommended?  Are they legit?

I've checked my records and discovered that, like Phil, I am also insured with Heffernan. I had the policy with DeWitt Stern but it was ported over to Heffernan when they acquired the accounts. I guess I wasn't paying attention when the notice came in the mail.

It's worth noting that Heffernan isn't actually insuring any gear. They just act as agents for the actual underwriter. In this case, that would be Fireman's Fund, affiliated with the Allianz Group. Of course, the way these things change, I can't be certain of anything without a scorecard. And any company could go belly-up these days. But Fireman's Fund and Allianz seem to be pretty stable players in this field.

David Waelder

[Phil Palmer]

Okay...  This discussion has caught the attention of the folks at Heffernan Agency.  I've just traded email with my rep there and they are very much in the business of insuring our sound equipment packages.  The websites for setting up the policy online has been mentioned before, but here it is again www.InsureMyEquipment.com.  The main phone number there is 213-236-0511.

[ProSound]

Dan and all others,

They are Legit, and very friendly along with being fair priced. I have had my insurance with them for 3 years now

[Rob Lewis]

I appreciate Dan's point, as you should always do you research before you just send someone a bunch of money!!  I did research as well as got quotes from 3 other well named companies like Dewitt & Stern.  All the companies had competitive prices in the same range.  I have seen here in previous post that many people went with Dewitt. Dewitt & Stern had a serious attitude problem which I did not really appreciate, so they didn't get my business. The people who sold the Dewitt polices to Dave, Philip and Whitney are the same folks who are now at Heffernan.  All the policies from all the companies are Firemans fund policies.

The purpose of the online purchasing of both rental and owned gear is so it is available to us 24/7.  They understand the needs of the production business and don't want to be "closed for the weekend" when we need insurance during non business hours.  Rather convenient for us.

Rob

[Izen Ears]

  That's good enough for me, I'm going to purchase a policy with them.  In fact I'm going to call them tomorrow as I've been putting this off for a while.  Thanks for another great jwsound thread, just what I needed in 2009 - a modicum of peace of mind!

  Dan Izen