listing all items on insurance?

[Jerry Franck]

Hi all,

 

I'm about to get a policy with Walter P. Dolle.

And I was wondering about one thing:

do you guys list all items you own? even small and low value items like cables, adapters, screws etc?

Although a cable is a few hundred bucks most of them don't go over 500 or 1000.

So, if a few small items in you package get stolen do you even report that? because if it's below the deductible you wouldn't get it paid by Dolle. right? You'd have to pay out of your own pocket right?

The reason I'm asking about these items is because if you take all this small AKS off the list your quote will be a bit cheaper...

 

 

Hope the question is not too confusing...

 

Would love to hear some inputs!

 

Thanks,

Jerry

[Charles Papert]

But if you suffered a total loss by theft or damage (like the camera truck burned up--it's happened), you wouldn't be covered for all of those little cables that add up to thousands (and thousands) to replace. Don't think you'd want that.

 

Insurance sucks but it's one of those dirty little realities we just have to deal with. Not the best place to skimp.

[Jens Piotrowski SOC]

on the camera truck? - that means it's rented by the production and under their insurance.....

[Charles Papert]

Yes of course--although not everyone knows to ask for an insurance certificate on every job. I forgot on a pilot years ago; my rig flew off an ATV on a particularly tight turn and crashed. The UPM delighted in pointing out that the company wasn't liable because I hadn't asked for a cert (for whatever reason, probably got booked last minute or something) and I had to activate my insurance.

 

And there have been situations where studios have refused to pay on certain claims for no other reason than they don't feel like it and practically threaten you to sue them if you don't like it (good luck with that).

[Jens Piotrowski SOC]

mine doubles as a safety.....you never know.....

[Jerry Franck]

But if you suffered a total loss by theft or damage (like the camera truck burned up--it's happened), you wouldn't be covered for all of those little cables that add up to thousands (and thousands) to replace. Don't think you'd want that.

 

Insurance sucks but it's one of those dirty little realities we just have to deal with. Not the best place to skimp.

 

 

good point charles!

 

mine doubles as a safety.....you never know.....

 

what doubles, Jens?

 

 

btw, what rental expense reimbursement coverage do you guys have?

the 5K or 10K one? and what made you chose one over the other?

 

thanks for your replies so far guys...

[Robert Starling SOC]

Hey Jerry,

 

I have pretty much every business item I own on the policy. With items like cables etc I have them listed as "Misc Steadicam Cables" and use one lump sum, not individually. I have a database I keep with a full inventory and there are some items I choose not to insure but that list is small.

 

For about 15 years my insurance was through Marshall Entertainment Insurance. With Marshall, we broke everything down by location; as in it travels with me or it stays at the office. There were two different rates per thousand for obvious reasons. It also included a small Producer's policy that covered Errors & Omissions, faulty film / lab, General Liability, Rented Equipment etc..

 

I'm on my second year with WP Dolle. Under the special Steadicam group they do not offer a different rate for office items versus location items but all together my yearly premium went from around $8400 down to $3200... a substantial difference. Most of the savings came from the GL side of the policy where I pay <$500 year compared to nearly $2800 year for the same coverage GL policy through Marshall. The only difference is that with Marshall I could go online and send a COI 24/7 versus with Dolle I have to call, email or fax to get one sent out... a minor inconvenience after-hours. All the coverages are apples-to-apples comparisons.

 

Good luck!

 

Robert

[Eric Fletcher S.O.C.]

do you guys list all items you own? even small and low value items like cables, adapters, screws etc?

Although a cable is a few hundred bucks most of them don't go over 500 or 1000.

So, if a few small items in you package get stolen do you even report that? because if it's below the deductible you wouldn't get it paid by Dolle. right? You'd have to pay out of your own pocket right?

The reason I'm asking about these items is because if you take all this small AKS off the list your quote will be a bit cheaper

 

 

Every Item I have is on an Excel spreadsheet, It goes on the spreadsheet before it goes into the kit. That spreadsheet becomes the master inventory list and loading manifest. It good for you, it's good for the insurance company, it's good for production and it's excellent for your AC so he knows what's where and how to pack it back up.

 

Insurance is one of the cost's of doing biz, and it's what separates you as a pro (it's also a tax deduction)

[Jason Torbitt]

I always send an updated inventory every year to my insurers to keep up-to-date. Everything I own is stickered, and each item has a part # ID on the label. All of this goes onto my spreadsheet, which keeps things organised and tidy for insurance purposes, and lets me see what is where and when!

[Emre Tufekci]

Every Item I have is on an Excel spreadsheet, It goes on the spreadsheet before it goes into the kit. That spreadsheet becomes the master inventory list and loading manifest. It good for you, it's good for the insurance company, it's good for production and it's excellent for your AC so he knows what's where and how to pack it back up.

 

Insurance is one of the cost's of doing biz, and it's what separates you as a pro (it's also a tax deduction)

 

In addition to Eric's excellent advice I keep receipts, credit card slips and pictures of every item every purchased (in digital format as well) incase the insurance company should feel the need to challenge "if" I had ever actually owned the listed item.

 

It only takes few seconds to do if you do it when you receive the item but it's another piece of mind.

[Sam Morgan Moore]

Of course it is important to back up your spreadsheet/pics - they can be lost too !

 

Even photographs of receipts if you are really keen

 

e-mailing them to yourself with a Gmail account is a good start it you dont have more formal BU procedures in place

 

S

[Mike McGowan SOC]

I have all my invoices either as a pdf or a scanned jpg on a hard drive and on a second backed up hard drive in my fire safe. I have been with Walter Doll for 4 or 5 years now and though I've never had a claim to test their services, Ive been very happy with them in general.

 

I have the 5k rental expense but I also use Russell Todd as my agent so I never do a job without insurance.

[Mark Karavite]

Dear Jerry,

 

As others have explained, having a detailed spreadsheet of every item owned is a great idea. It could be dangerous not to include lower cost items like cables on your insurance. What if someone walked off with your cable case? I know I own close to $7,000 worth of cables alone. It's not the one item that grows feet your protecting against, it's the catastrophic loss that you need to protect yourself against.

 

In addition to insuring my equipment at replacement value, I carry $50K of rental insurance (in case I need to sub rent something), and liability insurance. Of course, the gear doesn't leave my shop unless it's covered under production's insurance, but I like the fact that I have secondary insurance, plus everything I own is completely covered while in storage.

 

Another consideration, even when under production's insurance, is the deductable. I now include language in my agent's deal memo that specifies that production is liable for both covering all equipment, but also any deductables incurred in a claim. I heard of one operator who had significant damage on a show, and the producer stuck him with the deductable, which was $25K.

 

CYA!

[Brant S. Fagan SOC]

Mark's point about the deductible is perhaps the most important aspect of understanding what the Producer's policy is actually covering. I am modifying my Deal Memo after placing this post!

 

Keep in mind that the COI (Certificate of Insurance) does not give you ANY legal rights or privileges as it just announces to the bearer that the listed parties have a policy in place. If you have any doubts just call the agent or carrier to confirm. What's a five minute phone call against replacing your gear either on your plan or theirs?

 

Pictures speak volumes as we all well know. I am in fact taking photos of all the cases and contents to place "faces with names" for the unknown that may never happen. Keeping those current and in at least two different locations helps spread the odds.

 

You can never have enough backup! I think Ted used to say that.