Archived posting to the Leica Users Group, 1996/10/06
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]In article <v01530500ae7d99863f22@[205.218.86.6]>, Ken Wilcox <wilcox@umcc.umich.edu> writes >Replacement value was calculated (at my insurance company's instruction) by >adding together the value of NEW, not similarly used, equipment. Anything >that was no longer available was replaced with the nearest NEW equivilant. >kw > >>I've gone blind reading Shutterbug ads looking for equipment similar to that >>which I've lost. I'm faced with calculating a replacement value for each >>item. My method has been to take all examples and calculate an average >>price. Does this fly with insurance companies? Anyone ever have such an >>experience? Any suggetions for finding more prices (the larger the sample >>the better the numbers)? >>ben.holmes You need to be clear about your insurance policy; you need to know whether you are insured for replacement by new items or by used items or whether it will be a mixture of both in this instance. For example, I don't use my household policy but have the camera equipment insured separately elsewhere and the company usually insures for replacement by new items- I asked if that could be changed in my case since almost all my stuff was bought used and much of it is no longer made- I asked if it could be insured for replacement by used items and they said yes. So if mine got stolen that's what I'd be looking for. With the exception of a couple of things like my Minilux, which is insured for its new replacement value. I had to submit a list with all serial numbers on it and the insured replacement value of each item (this needs to be updated periodically!) so in my case the sum in question would be pre-determined by whatever got stolen. My previous insurance experience was with a burglary of household stuff, computer and hifi equipment, and that was insured for its new replacement value. So that was what I had to find out and tell them. I also had to tell them where I'd bought these things. They followed my trail pretty closely and even ferreted out that I'd got a particular (new) tape deck at a large reduction and when I added everything up and looked at my receipts I saw they in effect had only offered what I'd paid for it, although I had to deduce that from the lump sum offered. Actually I bought a book (for the general public) on domestic insurance and read up on it before I returned my claim form; it helped me to understand what was happening, and how to deal with it. -- joe b.