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Official Insurance Thread

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Eric is right. I wasn't advocating self insurance - just trying to form a framework to analyze the problem.

 

I value peace of mind enough to ALWAYS carry insurance on my gear. Not to mention that I have flooded an S2 before, so I can TRULY appreciate the problem.

 

James

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Eric,

 

I happen to have my USAA rider policy in front of me. No deductible. They will pay me either replacement cost ("replace with property of comparable kind, quality or usefulness, without deduction for depreciation") or the cost of having the item repaired ("restored to the condition it was in before loss"). Only thing of potential concern is that they will not necessarily reimburse the cost of a "set" of stuff because one item gets damaged (IOW, if my outdated camera is killed in a flood but the housing is still usable, they won't reimburse me for a newer model camera plus a housing to make it submersible again). Not sure how DEPP would handle that. At the moment I have $11,898 in declared value insured for $133/year. I've never made a claim against it so I can't speak to the actual claims process.

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DEPP covers complete loss if you get the boat to sign a statement saying that it was because of extraordinary circumstances.  But DEPP doesn't always give you cash, and will sometimes replace lost/damaged equipment with something equivalent.

 

How does this work when you arent diving from a dive boat? Who signs if you have to dump your gear on a shore dive? Or in my case. 80% of my dives are done from my own boat. Can I sign my own statment saying that there were bad conditions?

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How does this work when you arent diving from a dive boat?  Who signs if you have to dump your gear on a shore dive?  Or in my case.  80% of my dives are done from my own boat.  Can I sign my own statment saying that there were bad conditions?

 

I have no idea. But it would be great to find out. Want to e-mail/call the DEPP folk? :D

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Eric, (and guys)

 

No deductible on the policy I have. I specify the amount I feel will be reasonable to buy another toy (and check it often to see how fast digital equipment prices are falling!)

 

I've NEVER insured more than $12,000.00 of stuff even back in the days of several Nikon N90s cameras, lenses, housings for two cameras,etc. I think I've never paid more than $135.00 / year for this policy, but I also may be the exception with not too many claims.....

 

One friend, a State Farm agent and diver himself once advised me: If something floods, tell them it dropped on the deck, looked OK so you went diving. Part way into the dive a massive flood toasted it. I'm certainly not advocating insurance fraud, we all pay higher premiums due to people submitting screen door replacements, tiny car dings, etc. But when I pay premiums year after year and then want coverage I certainly am not going to just walk away...

 

One final note....most of us are part time journalists but more hobbyists with this insane activity. I'm finding as technology progresses I can do more with less.....I posted somewhere on Wetpixel the cost of a Canon EOS 300D is akin to the old days of Nikonos V bodies that you would have 2 or moer for big trips. If one dies throw it away (and maybe claim insurance to get another one.) I like the new toys as much as the next guy but am constantly eyeing new technology (translates into cheaper technology) to deliver images I'm happy with.

 

YMMV

 

David Haas

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One thing also to consider... some home owner's policies will not cover gear if used in a professional capacity, which can be defined in many ways, not always in your favor when it comes to crunch (ie claim) time...

 

brandon

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I'm thinking of insuaring my diving and underwater photography equipments and I'm wondering if there's any agencies in Singapore that's willing to do that?

 

Also, I wouldn't mind if the insurances are purely for traveling to other countries only. i.e. Travel Insurances for dive and photograpy equipments against thiefs, lost, etc, etc.

 

I know that DAN has some insurances for diving and underwater equipments but that's only available to ppl living in the USA.

 

So is there anyone out there that's using equipment insurances as mention above? Wouldn't want to have my baggages worth up to maybe $10k lost in transit.

 

Pls advice.

Thanks

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Hey, guys. I've run the numbers, and here's what I've come up with, as an example. To insure $27,600 worth of equipment:

 

DAN

-----

Premium: $829 (just the photo equipment, valued at around $27,600)

 

Deductible: $100 or max(10% or $250), if water damage

 

No longer covers complete loss of equipment while in your hands/possession -- under any circumstances.

 

Cash settlement.

 

DEPP (UPDATED 5/3/04)

------

Premium: $606.66 (photo equipment, valued at around $27,600, plus an additional $1,900 worth of dive gear) plus $527.66 flood coverage for $13,191 worth of equipment = $1,134.32

 

Items over $5000 are charged an additional 4% in premium, not including flood coverage, which means that it costs 8% to insure an item over $5000 for flood.

 

Deductible: $25 or min(10% or $250), for water damage

 

Covers complete loss while in your custody, given suitable reason, with note from boat owner/witness.

 

Cash or replacement settlement.

 

Case 1:

---------

 

1) Flood 1Ds w/ 15mm, CF card

Value: $9200

 

DAN: $920 deductible

DEPP: $250 deductible

----

 

UPDATE -- not sure anymore which one to use. I'm going to run some numbers where I insure my 1Ds separately, under DAN insurance, because it costs so much more under the DEPP policy!!

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Kira: I just made a contract with DEPP. The insure you no matter where you lives.

 

I'm located in Europe

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OK. I've had a really hard time with DEPP recently. They were responsive up until I gave them my credit card information, and since then, I have been unable to get a response out of them after repeated e-mails (our previous contact method). It's been more than three weeks, with repeated e-mails.

 

I finally left an exasperated voicemail, and we'll see when they get back to me. All I want to get is my policy certificate.

 

Anyone know what is going on with them?

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Nope! This sucks.

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New H20 policies and renewal policies now include the following.

 

"5. Perils Excluded

 

d. Items lost while in your care, custody, and control - while in use

both in and out of the water, dropped overboard, or swept over-board."

 

So I asked DEPP Insurance the following question.

 

"Can you please clarify for me e.g. if, while handing my dive camera up

to the dive master on the boat, the camera is accidentally dropped

overboard and can not be found, will your company replace the camera?"

 

They responded as follows.

 

"We are aware the DAN Program has excluded losses resulting from "lost"

equipment. [However] In your scenario, yes, there would be coverage under the DEPP Program. "

 

Need I say more?

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Peter - that scenario is why I switched to DEPP this year.

 

By the way, they finally got back to me. I'm still not sure what the problem was -- maybe a wrong e-mail address? But my coverage went through. I'm just waiting for a certificate.

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I just signed up with DEPP, $199 for premium on just over $4000 of gear.

 

I didn't insure my housing for flood - is that stupid? I'm just planning on giving it a good wash in frehwater if it does. False economy or is this what others are doing also?

 

I also didn't cover the strobe - figuring that it (a ds-50) is not likely to have a catastrophic flood.

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I didn't insure my housing for flood - is that stupid?

 

Stupid is such a harsh word Rob :wink:

 

A flooded housing will often require more extensive repair than just a good flush with fresh water.

 

<speaking from experience voice>

When a housing floods, particularly if it has a bulkhead connector in the base of the housing (like, say, the Ikelite MD housing), water can be pushed in to the bulkhead, through the connector, up the cable and in to the strobe. It is not unusual to need to replace the housing's wiring harness after a flood, and the internal o-rings will need to be pulled, cleaned and replaced.

</speaking from experience voice>

 

This obviously will cost you... how much depends on who does it. The costs of getting your once flooded housing back to Ike's Illinois mothership will probably be significant, and the repair itself (on a flooded MD, a couple of years ago) was >$200 US.

 

My F100 housing is insured against flood, my pt-10 isn't. If the F100 housing floods, it is getting repaired. If the pt-10 floods, it goes in the junk.

 

Just my 2c, but if I were you, I'd be covering the housing against flood damage.

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I just signed up with DEPP, $199 for premium on just over $4000 of gear.

 

I didn't insure my housing for flood - is that stupid?  I'm just planning on giving it a good wash in frehwater if it does.  False economy or is this what others are doing also?

 

I also didn't cover the strobe - figuring that it (a ds-50) is not likely to have a catastrophic flood.

 

I insured my housing and strobes to insure against catastrophic loss (boat sinks, dive crew drops it overboard, shark takes it from me, etc.). DEPP still insures against loss of gear while in your posession, but DAN does not. (thanks, James -- it was a typo)

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DAN does not. Looks like a typo.

 

Cheers

James

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Well, I've insured my housing, but just not for flood. Craig R has got me scared now! I just looked at the housing before insuring, and it looked pretty low-tech - one wire from the hotshoe to the strobe bulkhead. 'How hard can that be to replace' I thought...so I unchecked the 'flood insurance' box...

 

Now I'm assuming at this stage that insuring the housing as I've done will cover most of Eric's scenarios, just not the salty-water-in-housing scenario. But I haven't read the fine print yet, so don't quote me on this!

 

Also occured to me that Ikelite might cover the housing repair under warranty if it flooded, unless it was obvious user error. I'm not banking on this, though.

 

My strategy was not to insure every last thing (I'll likely dive with some lenses that aren't insured, which I only use occasionally). After all, I have been diving with my gear in an uninsured plastic bag up to now (I just assumed DEPP would laugh at me if I tried to claim after a EWA-MArine flood, but maybe I could have insured it all!).

 

This thread is a great resource, BTW. I spent 10 minutes reading it last night, digested all your opinions, and felt I had enough information to make a decision without further research. So thanks everyone!

 

 

:)

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I just received this from DEPP after inquiring about the necessity of insuring gear and thought I would pass it along.

 

Hello,

 

We did require one BCD, one Regulator and one other dive item be listed. That is no longer necessary as that restriction was lifted 3 weeks ago. Camera gear only is now eligible.

 

Regards,

 

Customer Service

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So what's the verdict guys, DAN or DEPP? Has anything changed since september of last year? I am buying for insurance for my new system now.

 

Thanks for any info,

 

Luiz

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You have no choice Luiz. Dan will not sell you insurence to peopleoutside of the US. So your only choice is DEPP.

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I still have a billing address in the States, and will be moving to Hawaii in a few months. :D

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http://wetpixel.com/forums/index.php?showtopic=7757&hl=

 

Here's my insurence story with DAN. In case you dont want to read it.

 

I had a replacement camera with money left over 7 days after my flood.

 

 

Compaired to this recent description of a DEPP claim. Took 4 weeks to get replacement camera.

http://wetpixel.com/forums/index.php?showtopic=8272&hl=

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I'm not sure why there is so much more discussion about this "specialty" kind of insurance rather than just extending the coverage of homeowners. It's cheaper and there are no hokey exclusions, at least with my carrier. The only issue my agent pointed out was that claims can affect rates. (More on that later on.)

 

I recently spoke to my homeowners insurance agent regarding "scheduling", ie listing specific items to be covered. This process provides a very differant insurance coverage from normal homeowners coverage.

 

Normally my house and its contents are protected from "named perils", fire, theft, windstorm, etc. to the extent the loss exceeds my deductible. Scheduled items are specified (XYZ Camera, serial number xxxx) and are covered for all perils with no deductible . Swept overboard, stolen, lost, flooded, eaten by a shark, you name it, it is covered.

 

As to cost, for me it is about 7/10ths of 1 percent of the value of the covered item, or $7 US per 1,000. I checked the specialty carriers and they were closer to 10%! Just like special cancer insurance and mortgage insurance policies, they are signifigantly overpriced and prey on people's ignorance. Sorry if I've stepped on toes, but that is the truth.

 

Claims can affect the rates of my overall homeowners insurance. For me that is unlikely to happen or, if so, will be a minor issue. If you have few claims over time and your credit score is good you are pretty safe from big increases.

 

Going with the specialty carriers may not protect you from rate increases on your homeowners. Just like health insurance, these companies share information. Just because you don't submit a claim to your homeowners company doesn't mean they don't know about it eventually. And they treat a claim with another carrier the same as a claim with them when figuring your rating.

 

Don't know yet if reimbursement is based on depreciated value or replacement value. Either way, this seems like a better way to go.

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