Re: [Leica] Leica camera & insurance

[Bill Satterfield <cwsat@cyberhighway.net>]

For little or nothing, you can add an endorsement stating what value will be
paid in the event of a loss. Ask your agent. Also, ACV is defined in the policy.
Usually means the item can be depreciated!!!!!!!!

BOB KRAMER wrote:

> Mike, can you explain the downside to Actual Cash Value?  I mean, if I lose
> my M3 wouldn't the ACV be what it would cost me to replace it with another
> M3 in like condition?  Do I run a risk of not being able to replace my
> camera assuming my max. scheduled amount is sufficient to cover this cost?
>
> The thing I like about the rider is the part where Mysterious Loss if
> covered, as well as no deductible.  My regular HO's insurance has a $500
> deductible, which is fine for my level of risk around the house.  But I go
> out in the streets with my Leicas all the time, and I have been repeatedly
> warned by the "Leica police" <g> that this is an exceptionally bad idea.
>
> don't know what they expect me to do with these cameras other than go out
> and shoot with them, but apparently there really are gangs of thieves in my
> fair city who are very aware of what a Leica is worth.  As explained to me,
> a typical MO is for perp no. 1 to bump into you from the front as a
> distraction while perp no. 2 cuts your strap and dashes off with the goods
> into a crowd.
>
> I love my Leicas, but if someone shoves a gun in my face and says your Leica
> or your, or your wife's, or your dog's life, I will hand over the camera on
> a silver platter and say yes sir while I do it!  I just want to make sure I
> can get another camera if that ever happens.
>
> Bob Kramer
> Atlanta (one of the highest crime rates in the country), GA
>
> > -----Original Message-----
> >
> > From: Mike Leitheiser <flyh2o@worldnet.att.net>
> > Subject: Re: [Leica] Leica camera & insurance
> >
> > Replacement value?  Read the actual polilcy form.  All too many agents
> > think that scheduling items on a marine form means replacement cost as a
> > pay off.  Not necessarily so...Your pay off may well be only "ACV" or
> > actual cash value and is always subject to a max of the scheduled
> > amount.   A good homeowners policy avaolable in most parts of the
> > country already provides coverage for the perils you indicated subject
> > to the deductible on a replacement cost basis.