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I Was Robbed!!
Old 2 weeks ago
  #31
Gear Addict
Horrid experience, hope you find some of your original gear.

What happens if it arrives back at your door in the future? Do you get to keep all the replaced gear as well?

Also, when you take an inventory and valuations for insurance purposes, is the value brand new replacement cost? Or re-sellable value?
Old 2 weeks ago
  #32
Lives for gear
 
doncaparker's Avatar
 

The answers to all of those questions are normally in the body of the insurance policy. Some of us could guess as to what is customary in such insurance policies, but policies vary, so the only right answer is to look at the insurance policy in question.
Old 2 weeks ago
  #33
Lives for gear
 
rumleymusic's Avatar
 

Thread Starter
Quote:
Originally Posted by dontsimon View Post
Horrid experience, hope you find some of your original gear.

What happens if it arrives back at your door in the future? Do you get to keep all the replaced gear as well?

Also, when you take an inventory and valuations for insurance purposes, is the value brand new replacement cost? Or re-sellable value?

The insurance company is essentially buying the equipment. That means they own it if it is recovered. Imagine the amount of potential fraud if people thought they could double their gear by faking an insurance claim. They will give you the option to buy it back of course at the amount they paid out to replace it.

Your premium is dependent on how much you claim your equipment is worth. Your payout will be whatever they determine it will cost to replace your equipment, or the maximum of your claimed value, whatever is less. They use a 3rd party auditor to research your gear and determine a replacement cost. So it is better to over estimate the replacement cost as long as it does not increase your premium. The auditor I discovered was rather accurate, as was I.
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