Re: What will insurance pay?

[P3D Ronald J Beck <rbeck@xxxxxxxxxxxxxxxxxx>]

>From someone who had some camera equipment, the insurance company will 
review your loss and pay you based on the depreciated value of the item.  
Then, if you purchase the exact same item new, they will reimburse you the 
difference of what they already paid (the depreciated value) and the 
actual cost of the new item.

So, if your Realist is stolen, they'll pay the depreciated value of the 
camera  ($50.00?).  If you then head out to California and buy that $400 
Realist from an unnamed camera store, the insurance company will reimburse 
you $400.00 - $50.00 = $350.00.

Of course if you purchase a Belplasca to replace the Realist, you're hosed 
as you'll only get the $50.00 from the Realist!

And, to add insult to injury, you better have some proof that you actually 
owned the item(s) that was stolen.  For example, owner manuals (with the 
reciept stapled to the manual) would really be good! (yeah, right!)

Ron


photo-3d@xxxxxxxxxxxxxxx said:
> > VALUE.  (Try telling your insurance company that you paid $5,000 
> for the stereo Realist you lost in a fire, and watch them laugh at 
> you when you expect to be reimbursed in kind.)  That's why there are 
> such things as appraisers, who determine the VALUE of something, 
> irrespective of its cost to you.  They look at a large number of 
> transactions, and transactions involving similar items, not a single, 
> possibly aberrent sale.

> You only have to document as to why the particular one that you lost 
> was worth $5,000 and why it'll cost that to replace it.  Most 
> insurance is at best "replacement cost", not the value of what was 
> lost.  If for  instance, the one you lost was one that was worth $5K 
> because it's the  one the Realist's designer built and used himself 
> -- you'd be unhappy  with a $150 one that looks the same.



------------------------------