Technologies are constantly miniaturizing quality value audio visual equipment; as equipment is becoming smaller and smaller, it’s got moved from the studio and in to the field, making a serious and quite often undetected risk. Compounding the chance, much of the apparatus is critical in generating income and is hard to replace quickly. – Audio Conference
Most insurance coverage is not designed to provide adequate coverage for the unique exposures associated with quality value AV equipment. While standard policies do provide coverage for equipment whilst it resides about the named premises, after the equipment leaves the premises coverage is not provided.
A standard solution to this coverage challenge is scheduling the apparatus on an inland marine floater. Scheduling equipment requires a description with the equipment plus a value for each and every piece of covered equipment. Meeting the criterion requires regular updating with the schedule. Normally equipment unpublished will not be covered.
Another challenge referenced within the first paragraph is the wealth creation potential of the equipment. This is an especially critical gripe for AV equipment rental dealer. Equipment that’s damaged or stolen can not be rented and if it’s not rented it’s not making money. An unmodified insurance plan can leave the insured with a large uncovered damages, normally a business ending event.
Many companies that work well with good value equipment think it is required to work overseas. Most coverage, if supplied by unmodified insurance plans, ends when the equipment leaves the United States.
Should you own high valued equipment that you apply in sound/video production or you own high value that’s rented to others, you should look for several extensions of coverage in order to fill the gaps in the above list:
– Coverage for equipment way from the insured’s premise
– Loss of income due to damage or theft of covered equipment
– Coverage overseas – Audio Conference