Re: Insurance Question

[Michael Leitheiser <flyh2o@worldnet.att.net>]

Gentlemen:
Note that a "Form 5" homeowners policy is available in many parts of the
country from several insurance carriers....the coverage includes misplacing,
losing and breakage among other perils BUT, is subject to the same
deductible that other homeowner losses are.  The big difference is that the
loss adjustment is on a Replacement cost basis., (new for old) and you do
not specifically need to schedule the items.  If you actually read the
coverage form for scheduled cameras, you will find that the loss is adjusted
on an actual cash value basis (translate as current market value in most
states) subject to a maximum of the amount scheduled.  An M6 purchased and
scheduled for say $1,500 if destroyed will bring a maximum of
$1,500...hopefully you are tough enough to explain to your friendly adjuster
why it hasn't depreciated.  My M6, not scheduled, but covered on my form 5
will be replaced by a new M6.  Amazingly enough, many insurance
professionals and customer service people in agencies do not understand
these coverages as well as they should....as evidenced by the wrong answers
given in class discussions and problem solving exercise when I was teaching
continuing ed. courses for Insurance Licensing.  Thinke about your trusty M4
that you bought 10 years ago and have scheduled for $600.  You have had it
CLAd a couple of times and would rather sell your eldest child than quit
using it.....wanna a $600 settlement?

Note, actual "collections" may be subjected to other policy provisions that
are not terribly favorable...I am referencing here only user (regardless of
condition) photographic items. 



At 06:39 PM 7/16/97 +0000, you wrote:
>Richard Clompus wrote: 
>
>Dr. Richard Clompus wondered about camera insurance:
>
>Richard:  I simply add the cameras and lenses to my home-owners policy, 
>and pay the additional premium.  Never a problem.  I just send them the 
>bill of sale, or my local dealer makes out an approximate valuation.  I 
>think the cost is about what you paid. 
>
>Now, after my posting gaffe, I'm thinking of taking out internet insurance 
>to pay for the shrink that I'll have to see after learning what I did 
>yesterday!
>
>All the best,
>
>Elliot
>
Mike Leitheiser

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