Olympus-OM
[Top] [All Lists]

Re: [OM] A true story

Subject: Re: [OM] A true story
From: "Ken Norton" <image66@xxxxxxx>
Date: Fri, 30 Oct 1998 06:52:08 -0600
>I have always wondered what my 'new for old' insurance policy would do
about
>my Olympus kit and whether I should be devastated or ecstatic if it was
ever
>stolen.


Havin been through the insurance "replacement value" situation a couple
times in the past several years...  Having a camera, lens, flash equipment,
etc., stolen is no picnic.

First of all, there is the hassles of "proof of ownership."  Make sure you
have your equipment documented.

Secondly is the hassle of "proving worth."  For current items like an
OM-4Ti, this is no problem, but for a long out-of-production item such as an
OM-1 this can be a problem.  The insurance company may try to say that the
origional price of the OM-1 was $279 and current resale value is $150.  Do
NOT volunteer when you bought the camera or for how much.  If asked you must
tell, but the insurance company will assume "purchased new" and will most
likely offer a new replacement (which in the case of the OM-1 would be
either the 3t of 4t).

Thirdly, when/where/how was it stolen/lost/destroyed?  Unless you have an
Inland-Marine policy on your equipment it will just be covered by your
renters/homeowners or auto insurance.  Having your equipment stolen at the
local zoo might not be covered!!!!  If you shoot professionally, you must
have an additional rider on your equipment.  Inland-Marine policies don't
cost too much and cover your equipment in any situation as long as you are
not in a war zone.  I never cashed in on my I-M policy in the one loss that
I had at the time because...

Forthly, one word--Deductable.  Ouch!  Early this year I had over $1000
worth of camera equipment stolen along with some power tools.  My IS-1 was
replaced with an IS-3, but I still didn't come out ahead because of the $250
deductable.  Granted, spread out over the rest of the purchases it wasn't
bad, but since cash has been tight this year, I never did get a replacement
Vivitar 285 or battery pack or Cokin filter set (dozen filters).

The deductable is what eats you up.  Unless you have a major loss, you won't
do very well.  An OM-10 will get replaced with an OM-2000.  Let's see, with
a $250 deductable how much will the insurance company reimburse you?

Ken N.


< This message was delivered via the Olympus Mailing List >
< For questions, mailto:owner-olympus@xxxxxxxxxxxxxxx >
< Web Page: http://Zuiko.sls.bc.ca/swright/olympuslist.html >


<Prev in Thread] Current Thread [Next in Thread>
Sponsored by Tako
Impressum | Datenschutz