Non-stop improvement: Replacement cost coverage for Photographers

We recently published a post about the photographer claims we’ve encountered since we started.  A claim is the true test of the quality of a small business policy – it may be cheap, service may be great, but if your insurance company / agent come up short in the claims process, when you need them most, none of that counts.

With this in mind, we are always thinking about how to give customers better coverage in areas where they need it the most.  One improvement we are very proud of and want to share is moving from Actual Cash Value to Replacement Cost Value in our photographer equipment policies.

What do these terms mean?

  • Actual Cash Value is the most common coverage encountered in equipment insurance. With this coverage, should the equipment be damaged beyond repair, the insurance would reimburse for the cost of the equipment – minus depreciation. So, if a camera cost $5,000 3 years ago, the cost would be reduced by roughly 5% for each year of use
  • Replacement Cost Value is similar, except that depreciation is not taken into account. Even if the camera is a few years old, you would be reimbursed for the cost of replacing it at today’s price

We believe that, for a small photographer who is often strapped for cash, losing access to a key piece of photography equipment can threaten the livelihood of the business.  The fact that the camera was a few years old doesn’t mean you have extra cash on hand to make up for depreciation.  This is why we worked with our partner, Munich Re, to begin providing Replacement Cost Value coverage on our photographer equipment policies starting this month.  

This is one example of how we continue striving to improve the coverage we provide to customers – in ways that impact their business the most.  If you haven’t considered us as the insurance provider for your photography / videography business, now is the time.

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