Insurance value for equipment?

[Johnnyfive]

Im looking to insure my equipment and my insurance company has asked me to value such equipment. Now Im not sure if I should value it at the price I bought it, the MSRP, or the current market value. Any ideas or suggestions please? Thank you!

 

[SilverWolf]

I would value you at what it goes for new right now. I think they check the current prices in the event you need to fill out a claim

 

[capitalP]

You should value it as what you paid for.. tax included and all, in case your insurance company would have to replace it they would get you the upgraded/latest version of what ever you're claiming... so it doesn't matter if you value it at the current price it is now... they will also ask you for reciepts, but if you don't have a reciept then value it at what it is now... they will check anyway...

 

[Eric Papa]

Yes value it at the total price. You will more than likely have to fall into a certain bracket of $ amount, so insuring $13K as opposed to $19K may only save you $50.00...

 

[maestro1d]

Im looking to insure my equipment and my insurance company has asked me to value such equipment. Now Im not sure if I should value it at the price I bought it, the MSRP, or the current market value. Any ideas or suggestions please? Thank you!

Hey JohnnyFive.

I would insure for full current replacement value- if insurer underwrites their policy with depreciation included, that's up to them... and up to you whether or not you want to go with them as insurer.

If you want to be able to sleep the night before the shoot, insure for as much as you can, but still with a reasonable premium. If the extra 5 or 6 K replacement costs you another 70 or 80 bucks, I say go for it.

Bottom line is, if your stuff goes over a cliff, you need to replace it.

If this happens, how much is this going to cost you, and what level of risk are you willing to accept to gamble that nothing will get damaged? I'd insure for top dollar- especially if other people (who may not care about your personal bottom line) will be using your stuff.

Best of luck.

"five is alive!"