Insure My Equipment

InsureMyEquipment.com is your quick and easy portal to get coverage for production equipment.

Valuation

Understanding Valuation

Valuation is the financial assessment of the worth of an item. In insurance, it involves assigning a dollar value to assets for coverage purposes.

Policy Valuation Basis

Your policy values equipment on a Replacement Cost basis. This means coverage extends to the cost of repairing, rebuilding, or replacing lost or damaged property with items of similar kind and quality.

Claim Settlement

In case of a claim requiring repair or replacement, reimbursement is made only after the property is repaired or replaced.

For personal gear claims, you have the option to settle on an Actual Cash Value basis instead of Replacement Cost. Under this, you receive 80% of the repair or replacement cost initially. Upon providing proof of repair or replacement, the remaining 20% is reimbursed.

How to Value Equipment

Assess the current market rate of the item you own or rent, considering the same make and model. The claims adjuster may adjust your declared replacement cost accordingly. For instance, if you bought a camera in 2018 for $4,000 and its current market value (same make and model) is $2,500, the replacement cost value would be $2,500. If you are making a claim for rented equipment, the rental house will be able to provide you with the value of the gear upon request.

For further clarification or assistance regarding valuation, please feel free to contact our support team.