What to Know about Owned Equipment Coverage

What's Covered by this Policy?

Cameras, camera equipment, sound, lighting and grip equipment, communications equipment, portable electric equipment, editing and projection equipment, office personal property, generator, mechanical effects equipment, props, sets, wardrobes, dance equipment and similar personal property and related production equipment.

Covered Causes of Loss
Theft, Fire, Earthquake, Flood, Acts of Terrorism, Smoke, Water Damage, Falling Objects, Equipment in Transit, Lightning, Explosion, Windstorm, Hail, Accidental Damages (scratches, dropping, etc.), Theft from an unattended locked vehicle


Policy Exclusions
If your equipment is damaged or lost due to any of the situations below, this policy will not provide coverage.
Acts or decisions, Consequential Loss, Dampness, Dryness, or Extremes of Temperature, Dishonesty, False Pretense (voluntary parting), Governmental Action, Hidden or Latent Defect, Mechanical Breakdown, Insects, Vermin, Negligent Work, Nuclear Hazard, Pollutants, Rust, Oxidation, Corrosion or Discoloration, Unauthorized Transfer, War or Military Action, Wear and Tear, Theft from a Vehicle over $100,000.


Optional Coverage
When you purchase an owned equipment policy, the primary purpose of the policy will be to cover your owned equipment (up to the limit you set). You can also add this coverage to your policy:
1.Rented Equipment coverage. Rent from third parties and issue certificates of insurance by adding this coverage to your policy
2.'Water Use' coverage endorsement. This will cover your equipment while it's used for underwater filming (in proper underwater housing), and while afloat on a boat, barge, cruise ship, dingy, etc. Without this coverage added, your equipment will not be covered while afloat.
3.'Theft From Unlocked Vehicle' coverage. Add this coverage if you ever plan leave your equipment in an unlocked vehicle (although, you really, really shouldn't!)
4.Increased Coverage while in Mexico. The owned equipment policy has a max limit of $25,000 worth of equipment while in Mexico, unless you purchase an increase above that limit.


Deductibles

The deductible applies per claim. The deductible is the amount that the policyholder is required to pay before the insurance carrier steps in. If your loss or repair amount is below the deductible, you should not submit a claim.
•Policy limits up to $50,000: $500 deductible
•Policy limits up to $100,000: $750 deductible
•Policy limits over $100,000: $1,000 deductible
•Policy limits over $200,000: $1,500 deductible
•Policy limits over $350,000: $2,500 deductible
The deductibles above apply to domestic standard claims. However international claims have an increased deductible, which you can select while applying. Theft from Vehicle claims also have an increased deductible which you can select while applying.


Scheduled Equipment vs. Unscheduled Equipment

Owned equipment individually valued above $2,000 must be scheduled. Scheduling is when you  list each of those items in your policy dashboard with the make, model, serial number and replacement cost. Equipment that you file a claim under must be properly scheduled if they value above $2K.
All items valued below that amount can be covered under the unscheduled limit without entering the item's make, model, serial number and replacement cost.
If you acquire a new piece of equipment valued above $2,000, you have up to 90 days to enter that item onto your policy schedule or no coverage will apply.
For Example: You are purchasing an Owned Equipment policy and you own two cameras valued at $5,000 each. You also own three  older cameras each worth about $1,000. You also have about $2,000 worth of smaller items like memory cards, kits, speakers, etc. In this case, you would enter a TOTAL limit of $15,000. Of that, $10,000 would be scheduled and $5,000 would be unscheduled.
When you enter your total equipment limit, and then schedule items, whatever amount is left over will automatically be applied to your unscheduled limit.


International Travel
Worldwide coverage applies in countries not currently being sanctioned by the US OFAC. Find a list periodically updated here: https://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx
Equipment must originate within the United States and be brought abroad for coverage to apply.
Unfortunately we cannot insure individuals living outside of the United States for a majority of the calendar year.


Payments and Price

Annual policy prices start at $470. 6 Month policy prices start at $320.