Gear Insurance

After reading with interest the Scubakat's discussion on dry suits, I once again thought about the investment that we make toward obtaining the gear needed to get the most out of our beloved sport.

And then I thought how disastrous it would be if a major part got stolen, damaged beyond repair, or totally destroyed.

I know my homeowners insurance will cover some of my personal possesions, but I haven't checked about scuba gear.

Anyone else have information about this? Or is there an insurer that will sell a policy to cover gear? (I know about DAN's, but I think this is only on a trip or if something is messed up helping you during an emergency, like cutting open your wetsuit).

Now that you asked, I am going to find out for sure if my equipment is covered under my homeowners policy. In the interim, I found this on an insurance web site:

Where and when is my personal property covered?

Coverage C, the named perils coverage, applies to all your personal property (except property specifically excluded) anywhere in the world. For example, suppose that while traveling, you purchased a dresser and you wanted to ship it home. Your homeowners policy would provide coverage while the dresser is in transit - even though the dresser has never been in your home before

Now the trick is, is SCUBA equipment included?? --Starfish

You can put some, but usually not all your scuba equipment on your homeowner's policy. However, if there is a lot of it they will require you to schedule it out and put a separate rider on it. Also, it usually is not covered if you are out of the US/North America.

Because we have so much dive gear (teaching & personal) we got a policy through DEPP. They cover our gear at a reasonable rate, give you optional flood coverage (also at a very good rate) and have wonderful customer service.

Here's their link:

http://www.equipmentprotection.com/

DSDO,

~SubMariner~

You can purchase Travel Guard Insurance. It will cover up to $1000.00 dollars in lost, stolen, or damaged equipment. It also covers borrowed or rented property. You'll need to show reciepts. And it will have to be the fault of the airlines.
Their number is 1 800-826-1300.
:sunny:

DEPP looks like the answer to my question. Here is a quick cut and paste from their site:

Divers Equipment Protection Program

Underwater Photography and Diving Equipment is constantly being dropped, stolen, flooded and damaged. It needs protection, but how? Adding coverage to your homeowners policy is expensive, and only gives you limited protection. It will usually only pay the depreciated value of your insured items. Plus, most homeowners policies will not cover a flooded camera. Not to mention the days or weeks it takes to process a claim. So what else can you do?

DEPP is The Answer

This program is underwritten by one of the world's foremost insurance companies through Innovative Programs Group, Inc.


EXTREMELY BROAD COVERAGE
This innovative program covers theft, loss, and damage to your photography and diving equipment and provides you with fast repair or replacement. The coverage is good worldwide, no matter what country in which you live!

OPTIONAL FLOOD COVERAGE
This option provides coverage for your underwater photographic equipment in the event of an accidental flood. This includes all types of water damage .

EQUIPMENT COVERED
All Scuba Diving related items are eligible under the policy. Including ALL Photo & Video Equipment, Housings and all Accessories. You have INVESTED A LOT OF MONEY into your equipment, make sure you have it properly protected! You must enroll your dive gear in order for photo / video equipment to be eligible.

TRAVEL COVERAGE
If your equipment is "misplaced or lost" by the airlines or any other mode of commercial transportation, you are covered. As an added bonus your enrollment also includes up to $150 of reimbursement for rental gear due to this type of loss.

DEDUCTIBLE
The deductible on the basic policy including airline loss, theft and accidental damage is $25 per occurrence, not per piece. The deductible for the optional flood coverage is $25 or 10% of the total repair/replacement of the piece not to exceed $250.


From their Rates page:

$2,000 Limit = $30 annually
$3,500 Limit = $65 annually
$5,000 Limit = $95 annually
$7,500 Limit = $125 annually
$10,000 Limit = $150 annually
$12,500 Limit = $180 annually
$15,000 Limit = $210 annually
$17,500 Limit = $240 annually
$20,000 Limit = $270 annually


So far this looks like what I'm looking for.