Archived posting to the Leica Users Group, 1996/10/06

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To: leica-users@mejac.palo-alto.ca.us
Subject: Re: Value of Lost Equip.
From: "joe b." <joe-b@dircon.co.uk>
Date: Sun, 6 Oct 1996 22:07:04 +0100

In article <v01530500ae7d99863f22@[205.218.86.6]>, Ken Wilcox
<wilcox@umcc.umich.edu> writes
>Replacement value was calculated (at my insurance company's instruction) by
>adding together the value of NEW, not similarly used, equipment. Anything
>that was no longer available was replaced with the nearest NEW equivilant.
>kw
>
>>I've gone blind reading Shutterbug ads looking for equipment similar to that
>>which I've lost. I'm faced with calculating a replacement value for each
>>item.  My method has been to take all examples and calculate an average
>>price. Does this fly with insurance companies? Anyone ever have such an
>>experience? Any suggetions for finding more prices (the larger the sample
>>the better the numbers)?
>>ben.holmes

You need to be clear about your insurance policy; you need to know
whether you are insured for replacement by new items or by used items or
whether it will be a mixture of both in this instance. 

For example, I don't use my household policy but have the camera
equipment insured separately elsewhere and the company usually insures
for replacement by new items- I asked if that could be changed in my
case since almost all my stuff was bought used and much of it is no
longer made- I asked if it could be insured for replacement by used
items and they said yes. So if mine got stolen that's what I'd be
looking for. With the exception of a couple of things like my Minilux,
which is insured for its new replacement value. I had to submit a list
with all serial numbers on it and the insured replacement value of each
item (this needs to be updated periodically!) so in my case the sum in
question would be pre-determined by whatever got stolen. 

My previous insurance experience was with a burglary of household stuff,
computer and hifi equipment, and that was insured for its new
replacement value. So that was what I had to find out and tell them. I
also had to tell them where I'd bought these things. They followed my
trail pretty closely and even ferreted out that I'd got a particular
(new) tape deck at a large reduction and when I added everything up and
looked at my receipts I saw they in effect had only offered what I'd
paid for it, although I had to deduce that from the lump sum offered.
Actually I bought a book (for the general public) on domestic insurance
and read up on it before I returned my claim form; it helped me to
understand what was happening, and how to deal with it.
-- 
joe b.

In reply to: Message from wilcox@umcc.umich.edu (Ken Wilcox) (Re: Value of Lost Equip.)