----- Original Message -----
From: "Jan Steinman" <Jan@xxxxxxxxxxxxxx>
To: <olympus@xxxxxxxxxxxxxxx>
Sent: Sunday, 19 January, 2003 05:10 PM
Subject: [OM] Re: Camera Insurance? Pictures of your camera?
> >From: "John Hudson" <13874@xxxxxxxxxx>
> >
> >From: "Jan Steinman" <Jan@xxxxxxxxxxxxxx>
> > >
> >> Sort of on-topic info: I have an $80 ($64 after rebate) home business
> >> rider with Amica that covers all my computer, camera, and art stuff up
to
> > > $5,000...
>
> >If you have $50,000 of gear, insure for $5,000 and then have a claim for
a
> >loss, the insurer will pay only 5,000 / 50,000 of your claim. In
insurance
> >talk it is called "averaging".
>
> I don't think that is how this policy works. For one thing, they didn't
make me declare value on anything -- the have no idea of what the numerator
is, so they can't "average" by using a ratio.
>
> If I made a claim for $5,000, what would they do, say, "How much WASN'T
stolen?" :-)
I definitely think they would ask that question. If I was the insurance
adjuster I would.
Unless you have specially enumerated the items that comprise the $5,000 I
think you will find that the insurance company will look to average. From
their point of view the pool of items from which the lost items can be drawn
is your entire pool of items. From your point of view anything within the
entire pool is covered but without you being able identify which items in
advance other than to say it is only up to $5,000. In otherwords, how many
combinations of those $5,000 items can be made out of a total pool of
$50,000 of items? If you had a total loss of the entire $50,000 you could
only claim $5,000. If you had a partial total loss of say $20,000 or any
other amount no insurance company is going to pay you out the same $5,000
simply because you have chosen to self insure for a portion of the total
pool. If I was in your place I would have the insurance company put into
writing that they do not average when you are knowingly self insuring for a
portion of what could be a total loss. I bet that you will have no such
luck but good luck anyway :-)
jh
>
> --
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>
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