Archived posting to the Leica Users Group, 1999/01/19

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Subject: RE: [Leica] Insurance
From: Michael Leitheiser <>
Date: Tue, 19 Jan 1999 20:49:09 -0800

Close, but no single malt.  If you are in the states and have a "form 5"
homeowners policy you have "all risk" or "open perils" coverage on your
contents, including cameras.....this gives you "misplacing or losing" as
well as theft and more importantly even covers that little known peril
known in the insurance trade by that highly technical term of
"stupidity"....for example, accidentally dropping your new Noctilux off the
balcony of your mother-in-laws condo while trying to catch a shot of the
peregrine nesting on the balcony below.  Or falling off the back of the
boat while 3 sheets to the wind trying to get happy snaps of your
brother-in-law on water skis.  All subject to whatever your deductible is
of course.  

Serious questions will get serious list please.  I do not do
business outside of Oregon and am not soliciting business inside or outside
Oregon, but will attempt to answer any technical questions relating to
insurance (confined to US).  29 years in industry, underwriting/marketing
on the company side, broker/agent, attorney.

At 09:41 AM 1/19/99 -0800, you wrote:
>I checked with my insurance agent the other day on this one.  Here's what he
>1) It's all covered under the personal property part of your homeowner's
>policy anywhere in the world.  The amount of your coverage is usually
>calculated as a percent of your home's value.  If you need more, you have to
>buy a rider.

The amount of your contents coverage(personal property) is a perecentage of
the value of your home.  There is no sub limit for camera equipment.  You
would not need a "rider" unless 1.  want to avoid the deductible 2.  Cannot
obtain "all risk" coverage via a "form 5"

>2) Good idea to have receipts.  Lacking that, all your serial numbers,
>description, and even a picture of your gear.  The good news with Leica,
>Hasselblad, Nikon, etc. is there is a ready market in used gear so
>establishing a value is easy.

Huh?  You should have Replacement cost WITHOUT deduction for depreciation
on your homeowners policy.  Your coverage would be on an "actual cash
value" basis if you schedule your camera stuff on a "rider".

>3) You need a police report or similar to make a claim.

For theft.  

>4) It's all subject to your deductible.
>That's what I was told.  Might even be right.
>Kevin Hoffberg
Mike Leitheiser

"When the trout are lost, smash the state."
                                   Tom McGuane