Owned Equipment Limit
The ‘Owned Equipment’ policy limit is made up of two sub-limits: scheduled and unscheduled equipment.
‘Unscheduled’ equipment is considered to be all items you own that are individually valued below $2,000. Your ‘Unscheduled’ limit is a blanket limit which covers all of your smaller items that are not individually listed on your policy.
‘Scheduled’ equipment is considered to be all items you own that are individually valued above $2,000. Scheduled equipment must be added to your policy’s ‘Scheduled Equipment List’ for coverage to apply (with the make, model, serial number and replacement cost).
- Your Owned Equipment Limit is made up of your scheduled items (items valued above $2,000) and your unscheduled limit. When you select a limit, the value of the scheduled items are subtracted from your overall limit and remainder is your blanket unscheduled limit.
- For example:
- You have purchased an Owned Equipment policy with a $50,000 limit. You add two cameras to the policy, one valued at $5,000 and another valued at $15,000. Your ‘Scheduled’ equipment limit is $20,000. Your ‘Unscheduled’ equipment is $30,000.
- A few months later you purchase another camera valued at $3,000 and add it to your ‘Scheduled’ equipment list. Your new ‘Scheduled’ equipment limit is $23,000. Your new ‘Unscheduled Equipment limit is $27,000.
- When you add a ‘Scheduled’ item to your policy, the value will be subtracted from your ‘Unscheduled’ equipment limit.
- You will not need to submit a list of your unscheduled equipment to us. However, you will need to provide a list of any equipment involved in any potential claim, at the time the claim is submitted. Because of this, we do recommend that you keep a list of all equipment you own handy (make, model, serial number and replacement cost).
- All other items valued below $2,000 are grouped together under the ‘Unscheduled Equipment’ limit.
- You have up to 90 days after acquiring new ‘Scheduled’ equipment to add it to your ‘Scheduled Equipment List’ online.
- You will not be required to “schedule” rented equipment unless the item you are renting is valued above $150,000
- Download your scheduled equipment list from your dashboard by clicking ‘Download Policy Documents’ then ‘Download Equipment List’.
Add Scheduled Equipment to your Policy
- Prepare a list of the make, model, serial number and replacement cost for all items you own that are valued above $2,000
- When applying for a policy, you will be prompted to list your scheduled items before completing payment
- If you already have a policy, log in at InsureMyEquipment.com and click on your Dashboard
- Click ‘Update Scheduled Equipment List’
- Add or Edit item
- Note: the value of the item added to the scheduled equipment list will be subtracted from your ‘Unscheduled’ limit. If you do not have enough limit to transfer, you must first increase your overall equipment limit from your Dashboard.