Insurance question for equipment

[sactomags]

I just realized that I have not yet gotten coverage for my underwater video equipment. My question is this: do I also purchase coverage for the housing? I am looking at DEPP for the video cam and strobe, but not sure that I need to also include the housing. I have a Gates PC 110 housing so there are no electronics to worry about. I just want to make sure I include flood insurance for the cam/strobe.

I am already talking to my insurance rep about a rider on my homeowners' policy for the replacement value of housing, camera and strobe.

Any assistance, thoughts appreciated. Our trip is in a little over three weeks, so I want to be sure I've got things covered BEFORE.

Margaret
Sacramento, CA

 

[joewr]

Margaret,

I do not think that there is one correct answer when it comes to insurance...any kind of insurance. Basically, the question you have to ask yourself is, "How much do I want to self insure?"

I think DEPP insurance is pricey. But I also think it is such for good reasons:

(1) When a flood occurs it will be a costly event,
(2) There is nearly no competition for the business.

Number (2) is particullarly important!

I have added a rider to my "umbrella" policy that covers home, auto, liability, etc. And it was much, much, much cheaper than DEPP. However, I was self-insured for many years because I was willing to take the $600-$1,500 risk associated with flooding my Nikonos and 15mm lens combo. But when I found that my "umbrella" could cover it for such a small addition, I added the rider. Thus, I would encourage you to pursue the "homeowner's" route if that is an option.

Finally, the best insurance against flooding is care when it comes to o-rings and closing the camera. Inspect and lubricate the rings regularly. Make certain, when you close the camera, that there is nothing "on" the o-ring. I have been told that a cat hair or eyelash can ruin the seal. I change my o-rings once a year because it is a relatively cheap form of "insurance". But that is probably overkill.

I hope this helps...

Joewr...munching on a Big Hunk that was left over in the Halloween candy basket...

 

[Dee]

My camera doesn't even get to smell the water if it's not covered! I don't know anything about Gates' housings but more can happen to your housing than just flooding. Dials can break, a tank can bang it and break something, it can get lost/stolen. I'd cover it and if you're absolutely sure that flooding it won't hurt anything, just don't get the flood coverage for it.

I've made several claims on my DEPP coverage and things have been handled quickly with no hassles at all.

 

[joewr]

Dee,

I hate to dissent, but I would never say to anyone, "Get insurance," for anything. I would say what I did: "It all depends on how much you want to self-insure." I.e., what can you comfortably afford...

Now (as your fellow Texan, Ross Perot, used to say), DEPP has limits on flood insurance, as I remember; I do not have a policy in front of me, but I think that there was a 10% deductable(thus, you are self-insuring for 10%); and I think that one had to pay a 4 or 5% additional premium for the flood provision (since my home owners covers theft, breakage, etc., I really only "needed" the flood provisions; however, DEPP would not issue a "flood only" policy.).

So, my conclusion was cover, if possible, with home owners. If it were not possible, I decided that I could afford to self-insure for the catastrophic event of Nikonos + 15mm lens flooding. Now, if we were talking about a Nikon F5 + Nikkor 60mm macro lens + Subal housing, I would not come to the same conclusion. In that case, I would not be willing to self-insure. Bill Gates, though, for example, would probably not come to that conclusion. It all depends on how much financial risk you are willing and able to take.

Joewr...boy, sometimes he can sound real serious...must be the left over Halloween candy...

 

[Dee]

Are we gonna fight?

I understand what you're saying and agree about the "self-insurance". In my mind that was a given since she had already decided on insurance for the camera/sytobe. She was asking opinions an whether or not to cover the housing itself. I gave her my thoughts on that subject, not which insurance was cheaper or the better deal or whether to insure or not....that wasn't the question as I understood it.

You're correct about DEPP's coverage. In my case, my homeowners policy was real fuzzy on claims for 'instances' that took place out of the country. It is worth the cost for the piece of mind it provides. As I mentioned, I've made 3 claims within the last two years and the savings more than paid for the policy and deductibles. My personal decision was also based on personal financial risk.

 

[sactomags]

Okay you two, I've admired you from your postings ... you both have so much to share, so both insights are appreciated. I think making an informed decision is the most important thing. You have both given me good information and now its time to show I can think too (well, perhaps others would argue if that is actually possible for me, but you get the drift).

I REALLY do appreciate the info. Dee, you've provided me with lots of camera info in the past (which was before I decided to go the video route).

Joewr, you've also give me good info in the past -- plus the fact you are a fellow NoCal-ite ...

Hopefully I'll have some pics to share after we return as I am taking both the camera and the video on this trip --

23 days until we'll be in the warm waters ...

Thanks, again, you two
Margaret
Sacramento, CA

 

[Dee]

Can't we even wrestle a little bit?

Where are you going? We'll look forward to your report and photos.

 

[sactomags]

Hey, Dee. Perhaps if you and joewr want to battle we could sell tickets -- however, I think it should be underwater, don't you?

Anyhow, we're off to St. Maarten, Saba and Key West. Think that should give us a variety in our diving ... but all I can think about is warm water. Our last dive in Monterey was 52.

Margaret

 

[joewr]

Ladies,

I was off babysitting my granddaughter, the charming Lindsey, and you have me in a tiff with Dee! Underwater pugilistics are even suggested! Gads! I am a peace loving man!

Well, in the event, Maggie, have a great time on your journey! And if you are diving with Saba Deep, pass on our regards to Little Mike and Big Mike! Just say Barbara and Joe said, "Hello"! You can stop by their shop even if you are not diving with them: it is just below In 2 Deep, the restaurant by the dock.

A dive to consider on Saba: Man of War Shoals. My dive log says, "Veritable aquarium...hundreds of fish!"

Joewr...

 

[sactomags]

Thanks for the info on Saba. We'll stop by the shop and give your regards. We;re staying at Scout's Place and right now I can't remember the name of their dive shop ...

Three weeks until warm waters ...

Margaret