Archived posting to the Leica Users Group, 2000/05/04

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Subject: Re: [Leica] Leica camera & insurance
From: Mike Leitheiser <>
Date: Thu, 04 May 2000 06:25:51 -0700

The "repair or replacement" language is boilerplate that is standard when
property is insured on an ACV basis too....Reread the ENTIRE
policy...State Farm is going to pay you ACV from what you wrote.  What
your agent is telling you is that they want to collect a premium for
$2,500 in coverage (as an example) and then give you only a small portion
of that in the event of a total loss based on what they claim they can get
it replacing your 2 year old M6 with a grey market job.

Brougham wrote:

> Bill Satterfield <> wrote:
> > 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!!!!!!!!
> Mine is for replacement.  It says in the fine print that if it is
> damaged, State Farm has the option of repairing or replacing.  My
> agent told me that State Farm would use its connections to find the
> best price, and then reimburse me what it takes to buy the camera and
> set me up with that dealer.  They are counting on being able to pay
> close to wholesale.
> Mine also covers mysterious disappearances, which my homeowners
> doesn't.  In other words, if I leave my car unlocked, and it's stolen
> from my car, the rider will pay out whereas my homeowners would not.
> The amount of my coverage will be automatically adjusted for inflation
> each year, so that it will continue to pay out the cost for a new
> camera.  (In other words, they'll raise my premiums every year but
> sell this to me as a feature.  <grin>)
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- --
Mike Leitheiser
Lake Oswego, Oregon

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