Insuranace and other info

A

Arcburn

Well-known member
Hi guys

I'm in the lucky club. I now own my own dvx..... :)

But what if it get's stolen, or broken or....... :'(

So here is my question and I know some of it has been covered before but I don't think completely.

So I have my DVX. Eventually I want to shoot a feature, submit it to festivals, try and get it distributed, all that fun stuff.

While I'm shooting and not earning a bean, is that considered for business use? It might be my business if I make money out of it one day.

Also in the mean time if I wanted to start doing wedding videos on the weekends and it is of a limited part time income. Then where does that leave me?

Does anyone have any ideas. Or deal with reputable insurance companies that deal with these scenarios?

I talked to my home/auto agent and he was completey in the dark and said he would get back to me next week. :(

Any help would be gratefully appreciated.

A
 
Re: Insuranace and other info

The insurance biz is a racket - I call it legalized extortion. My wife works in it. If you don't actually set up a business as a legal entity then any loss you incur (ie: stolen camera) might be covered under your homeowner's policy assuming your agent doesn't know you were using the camera for gain - but then, that would be fraud. If you toss your camera through a stained glass window at a church for a gig you're shooting, then your homeowner's isn't likely to cover it or the churches loss.

When you enter the business world then biz insurance (comprehensive liability, etc) comes into play. You get coverage if equipment is stolen, you damage someones property, mame someone, etc. $1-2 million in coverage is common (and required by some clientelle).

If you're operating as a "production company" it's actually slightly harder to get new liability coverage now than it was a few years ago. I guess some insurance companies got wise after some hefty losses in the industry.

There are also small companies the specialize in production insurance of various flavors but those are usually reserved for project specific work like features. In any case, it doesn't surprise me that your insurance guy gave you a blank stare when you brought up the subject. If you're a gambling man, you can probably roll the dice for awhile - but I'm not suggesting that as sound advice.
 
Re: Insuranace and other info

no , you do not need to be making a profit as a business to get insurance for it as a business. you could be a nonprofit org, and its the same thing. or your sales could be down.. same thing. standar business coverage should be available to you as a sole proprietor simply listed under your business name, or your own name, and should cover you from anything equipment related, but is not production insurance.. that is different. and you would have to get that though a production ins co.
 
Re: Insuranace and other info

As far as the IRS is concerned, you're "in business" if you're setting about to make a profit. You don't have to actually MAKE a profit, you just have to be trying. You do have to be profitable something like 2 years out of five, or they reclassify you as a hobby instead of a business. So you can lose your shirt three years in a row and still file as a business, but if you don't make money by the fourth year they pull the plug on you.

(caveat: that's really old information, probably inaccurate by now, so somebody who knows the current rules should speak up).
 
Re: Insuranace and other info

I have a question. Once your business is set, who should I go to get insurance coverage for equipment rental without paying a fortune. A person I called who claimed to know about this stuff told me it's 2000 per year to get covered. hm??
 
Re: Insuranace and other info

If you have biz insurance with liability coverage, a "rider" (a document that names them as the loss payee) should satisfy the rental company.

You may find some rental outfits who will sell you their own insurance too on a rental by rental basis.
 
Re: Insuranace and other info

I too just purchased a whole bunch of equipment (DVX, $1000 monitor, $1000 VTR) and I have my existing gear, $3000 computer/monitor, etc. And they are all sitting in my tiny studio apartment that I rent for $380. I have renters insurance which basically covers damages via fire, theft, etc. At the moment I am still practicing with this gear and am not making much money, except for the occasional wedding and graduation. These gigs are outside my apartment so my renters insurance won't cover my equipment. A friend of mine has insurance for his music equipment. What is the equivelent for freelance videographers? Is there a freelance insurance company type of thing where small biz folks like me can tell them, "This is how much gear I have, insure me please." Is it that easy or am I going to have to fill out a whole bunch of stuff and make a fuss about being a "legit" business?
 
Re: Insuranace and other info

For insurance for a freelance videographer, contact WEVA and see what they offer. I seem to remember they have some sort of group policy that is supposed to offer full coverage at reasonable rates.

As far as renter's insurance not covering you outside your apartment, that may not be true. With homeowner's, if your camera gets stolen out of your car, insurance will still cover it. Renter's insurance may be the same way, but the only way to know is to read your policy and talk with your agent.
 
Re: Insuranace and other info

Yeah, I would double check your renters insurance agreement. I have renters insurance, and it covers all my stuff, even if it gets stolen or damaged while I'm carrying things around in another country.
 
Re: Insuranace and other info

[quote author=Barry_Green link=board=MesPhotos;num=1090432166;start=0#8 date=07/29/04 at 23:19:34]For insurance for a freelance videographer, contact WEVA and see what they offer.  I seem to remember they have some sort of group policy that is supposed to offer full coverage at reasonable rates.

As far as renter's insurance not covering you outside your apartment, that may not be true.  With homeowner's, if your camera gets stolen out of your car, insurance will still cover it.  Renter's insurance may be the same way, but the only way to know is to read your policy and talk with your agent.[/quote]

Really... that sounds good. I have renters insurance but it just didn't make sense that it would cover events outside my apartment. I will check into that. I may have to upgrade it too considering the value that is in my apartment now. As for using WEVA as a resource for all things wedding/freelance related, I was under the impression that you need to actually be a member in order to even access their forums. I've gone to the site and when I try to check something out it seems that I need to be a member. Is this true?

Thanks all for the information on insurance.
 
Re: Insuranace and other info

I checked with my insurance agent. As long as I'm not using for business my DVX is covered under my homeowners/renters policy anywhere in the world. for fire and theft. but not damage. I am still looking into a policy for that. I will look up WEVA
 
Re: Insuranace and other info

I'm sure you'd probably need to be a member to actually get their insurance rates and stuff, yes. Otherwise what would be the point of charging a membership fee, y'know? ;)

But I would guess that there should be some "membership benefits" page that spells out what they offer... seems like a good group, they put on big events and get group health & production insurance and stuff like that...
 
Re: Insuranace and other info

Arcburn who are you with??Anybody knows how much weva charges on top of their membership??
 
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