Equipment Insurance

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B Lo

Contributor
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Location
Florida
I had a terrible dream last night that my equipment ended up lost at sea. That said, I am very interested in securing insurance for it. However, a lot of the stuff I've come across has had high deductibles and requires a large minimum premium. All of my equipment may be worth around $2500. For me, if the basic premium covers equipment up to $5000, for instance, I would be paying for coverage I'd never use. Does anyone know of insurance which is geared more towards the diver without tons of money in their equipment?
 
How about a rider on your homeowner's policy? Like extra insurance for a wedding ring or high dollar piece of art that your regular insurance won't cover.
 
State Farm Insurance Personal Property policy. No deductable, covers every event except "Ops, I dropped it over the side!", and it is very reasonable. Ask Dandy Don.
 
DAN has a $2500. gear replacement in the event of an accident, I know it is not "full" coverage but you might want to check it out.
 
State Farm Insurance Personal Property policy. No deductable, covers every event except "Ops, I dropped it over the side!", and it is very reasonable. Ask Dandy Don.

+1 on these guys, if you really want to be covered. I was quite disappointed that USAA would not cover us.
 
I'm posting this on the different insurance threads (in various forums) I've seen recently, so if you see this in various places, my apologies, but I think it's an important issue for those who are shopping for insurance and reading this thread as a result.

Below is the text of an email announcement I received from DEPP concerning changes to my equipment insurance coverage. While I can recognize the validity of the arguments the company has put forth, I'm upset that they are apparently changing the policy that I only paid for last month rather than instituting changes when renewals are due.

I may be in the market for a different insurance company.

TO OUR VALUED D.E.P.P. MEMBERS

As we have been indicating to you the past few months, the changing trends
and demographics in the dive industry have affected the results of the D.E.P.P.
Program. The average claim cost has gone up noticeably, the number of enrollments
has not increased at the same rate as in previous years, and divers are becoming
more selective in the items they wish to insure. The economic downturn has caused
a reduction in recreational diving, and the TSA regulations have made security of
dive and camera equipment on airlines extremely tenuous.

Underwriters’ first solution to these situations is always to increase the rates.
We have successfully argued that a rate increase penalizes all members, and unfairly
places the burden on those customers that have not incurred losses. However,
certain changes had to be made, and the following will become effective 1st
September, 2010.

A deductible of ten percent (10%) of the claim will be implemented on all
non-flood claims. The deductible applicable to flood will be increased to twenty
percent (20%) of the loss amount, up from the current deductible of 10%. Any
airline loss will now be limited to a maximum of USD $1,000 per trip. As previously
indicated, additional information on claims will also be required.

Finally, schedules of equipment including high-valued items, such as
rebreathers and certain photographic equipment, may be subject to added
underwriting criteria. If you wish to add such items to your schedule, please request
such additions at least two (2) weeks prior to taking a dive trip, so we have time to
complete any additional underwriting prerequisites required by our carrier.

We appreciate your business and your understanding as we take these steps
to improve the overall D.E.P.P. results. Hopefully, by avoiding an across-the-board
rate increase, we have maintained our competitive position in the marketplace and
still have taken the necessary steps to continue the viability of the program. Thank
you.
 
Can't speak for h2o but depp charged me around $40 for an entire year. I think I insured around $2000 worth of equip, no camera.

I think both cost around $20 a month or so and the deductibles are around $250. You could also use your home owners but they have a tendency to go up whenever you actually use it.
 
https://www.shearwater.com/products/swift/

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